CSA Re-Write: Foreign Exchange Derivative Reporting in Canada

This is a recording of a live webinar held on June 17, 2025 @ 3:00PM EST.

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Panelists

Tara Manuel is a globally recognized expert on derivative trade reporting and Chief Compliance Officer at KOR; a licensed CSA Trade Repository and trade reporting platform. 

Noah Billick is a prominent regulatory lawyer in Canada with deep knowledge across the financial spectrum and operating experience in a variety of compliance roles.

Adam Katz (moderator) is the founder and CEO at Kooltra

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Topics Covered

Reporting Entities - What is considered a reportable activity and what businesses are deemed derivative dealers

Critical Data Elements (CDE) - Globally standardized fields that need to be reported on each derivative trade

Unique Product Identifiers (UPI) - A unique product identifier assigned to each derivative type by AnnaDSB

Unique Transaction Identifier (UTI) - A unique trade identifier created by the originator of the transaction that must be used to report the trade by all counterparties

Harmonization - The goal of G20 members to standardize how reporting works in all jurisdictions and getting all reporting entities to use consistent UPIs and UTIs

Reporting Timelines - Canada shifting from 15 mins to up to T+1 to increase quality and allow time for accurate UPIs and UTIs - As Soon As Technologically Practicable

Collateral Reporting - A new requirement to report on collateral held against derivative positions

Reconciliation Requirement - Reporting entities are expected to reconcile to ensure their trades have been reported accurately to the trade repository

ISO20022 Requirement - Moving to the ISO standard is not in scope for this CSA re-write but expected to come in the future

Crypto Derivatives - Have the same treatment as any derivative but there is limited activity in Canada

Errors & Omissions Reporting - Deemed Dealers now have the responsibility to report to the relevant securities commissions any lapses in reporting above a certain threshold (CSA FAQ)