OSC staff seek to sus­pend Omega

Al­le­ga­tions of ‘se­ri­ous … breaches’

National Post (National Edition) - - FINANCIAL POST - BAR­BARA SHECTER

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.

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