April 21, 2008 

Dear M. St. Gelais,

Please find attached a submission dated December 14th, 2007 from the Canadian Security Traders Association, Inc. (CSTA) in regards to our request from Canadian regulators to “grant traders exemption from any trade-through violations”.

This issue is still relevant as many of our members are receiving “potential” trade-through notices from Market Regulation Services.  The required technology (i.e. order routers) for Market Participants to gain access to the Alternative Trading Systems has not kept pace with the number of new entrants in the Canadian marketplace.

Our association is questioning what the status is, if any, of Regulators addressing the issue of amending the outdated trade-through rules and if any thought has been given to our request for exemption of such violations until the required technology is in place.

Additionally, the CSTA is questioning if Canadian regulators have made any progress in their discussions with the Securities Exchange Commission in regards to a “mutual recognition agreement”, similar to the arrangement negotiated recently by Australian regulators that is expected to close by the end of this year.  (Please see attached).

The Canadian Security Traders Association, Inc. would be pleased to discuss these matters in greater length.

Sincerely,

 

Spencer MacCosham	Sonny (George) Lennon	Colin Fraser
Chairperson, CSTA	President, CSTA	Chair, Trading Issues Committee
604-654-1151	705-924-1877	416-861-8383
spencer.maccosham@raymondjames.ca	cstapres@xplornet.com	cfraser@salmanpartners.com