TORONTO (Reuters) - Canada’s biggest securities regulator on Friday adjourned a decision on whether Omega Securities Inc, which runs two alternative trading systems, must halt operations after its enforcement staff said it had failed to follow securities law.
The enforcement arm of the Ontario Securities Commission (OSC) has called for Omega, which runs the Omega and Lynx alternative trading systems, to shut temporarily.
It has also issued a detailed statement of allegation against Omega relating to its handling of trading data, seeking administrative penalties of up to C$1 million ($784,190) per breach.
In its complaint, OSC staff say Omega had corrected errors in the identification of brokers in specific trades but was still not in compliance with rules around the time-stamping of trades, had content discrepancies between various data feeds, and was disseminating data to some brokers prior to it being shared more broadly.
The hearing will resume on Monday afternoon.
Reporting by Alastair Sharp; Editing by Cynthia Osterman