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CIRO authorises Wealthsimple to facilitate limited event-contract trading

Regulation

The Canadian Investment Regulatory Organization (CIRO) said it authorised Wealthsimple to facilitate event-contract trading, alongside Interactive Brokers Canada. The firms may offer a limited set of contracts through certain US-regulated exchanges and clearinghouses, subject to conditions. CIRO said political-event and unlawful-activity contracts are prohibited, and permitted contracts must have maturities of at least 30 days.

The authorisation allows Wealthsimple to offer a restricted form of event-contract trading in Canada.

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Regulation

CSA and CIRO reiterate Canadian rules for prediction-market contracts

The Canadian Securities Administrators and the Canadian Investment Regulatory Organization reminded investors and businesses that event contracts classed as securities or derivatives must meet applicable requirements. They said non-compliance could lead to enforcement action and noted that some jurisdictions prohibit trading binary options with terms under 30 days to individuals.

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