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Navigating National Instrument 24-101: Opportunities and Challenges for Buy-Side Firms

The introduction of National Instrument 24-101 presents crucial opportunities and challenges for buy-side firms. Emphasizing key components like effective policies, efficient procedures, and performance measurement is essential. Firms must focus on enhancing trade matching and streamlining processes from T+1 to T, utilizing written acknowledgments and identifying transitional targets. Mutual dependency among trade-related parties—including brokers, custodians, and investment managers—is vital for operational success. Embrace this change to enhance trading efficiency and implement more straight-through processing (STP) for improved effectiveness.

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Navigating National Instrument 24-101: Opportunities and Challenges for Buy-Side Firms

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  1. National Instrument 24-101Opportunities and Challenges Buy-Side FirmsJane Depraitere, LL.B.,CGA, MBADirector OperationsMawer Investment Management Ltd.

  2. Key Components • Focus on policies and procedures • Written acknowledgement of capabilities • Trade matching statement/agreement • Phased implementation • Transitional performance targets • Performance measurement • Exception reporting • Analysis and plans • Mutual Dependency among trade-related parties

  3. Policies and Procedures • Accelerate processing from T+1 to T • Determine delays in processing • Enhanced electronic transmission

  4. Acknowledgement • Written acknowledgement • Trade matching statement • Alternatively a trade matching agreement

  5. Transitional Targets • The key to accelerating trade matching is accelerating the transmission of trade allocation information • Acceleration of trade detail allocations to the custodian and broker involves: • Data availability and integrity • Frequency and timing of trade transmission • Late day systems, operations and information availability

  6. Performance Measurement • Trade-matching performance measurement • Data sources • Accuracy • Consistency • Development of new reporting • Analysis of results

  7. Mutual Dependency • Required by all trade-related parties • Broker/Dealers • Custodians • Investment Managers • Standard Data Elements

  8. Next Steps • Assess daily internal processes for trade transmission (front & back office) • Review current timelines • Evaluate the level of automation required • Analyze current applications in place • Collaborate with other trade-related parties • Identify potential changes • Data availability • Access options available • Develop and implement plans

  9. Conclusions • View this change positively • Use this opportunity to make your trading operation more efficient • Use this opportunity to bring more STP into your operations to enhance overall efficiency

  10. National Instrument 24-101Opportunities and Challenges Buy-Side FirmsJane Depraitere, LL.B.,CGA, MBADirector OperationsMawer Investment Management Ltd.

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