OSC staff seek to suspend Omega
Allegations of ‘serious … breaches’
Staff of the Ontario Securities Commission is seeking an order to temporarily suspend the operations of Omega Securities Inc., an alternative trading platform that captured about four per cent of trading volume in Canada in the past four quarters.
In an application filed Monday and made public Tuesday afternoon, the regulator’s staff alleges “serious and ongoing potential breaches of Ontario securities law,” and requests that the OSC temporarily suspend Omega’s registration and cease any trading by Omega “for such period as is specified by the Commission.”
A hearing into the matter is to take place Nov. 17 at 10 a.m. in Toronto.
Omega issued a statement late Tuesday saying it will “vigorously oppose” the OSC’s temporary order.
“Omega firmly believes that its trading systems operate with integrity and have offered a valuable service to the market for approximately 10 years, and that its market data is distributed in a fair and orderly fashion,” said Sean Debotte, chief executive of Omega Securities Inc. “None of Omega’s market participants are being disadvantaged or treated unfairly in any way whatsoever.”
In the document filed by OSC staff, signed by litigation counsel Keir Wilmut, four alleged breaches of the policies that govern the platform are cited as the reason for seeking the application for a temporary suspension.