Market Rules Advisory Committee (MRAC)

Specific Responsibilities

The committee reviews and makes recommendations to CIRO regarding policy initiatives related to the trading of securities. The reviews take place early in the development process and prior to submission to the Board. The reviews will consider whether the initiatives adequately address market integrity concerns and are practicable and cost-efficient from the perspective of Dealers, marketplaces and persons engaged in the trading of securities.


Membership in MRAC consists of:

  • Marketplace Representatives – A representative of each marketplace that has retained CIRO to be a regulation services provider. Where more than one marketplace operates within an affiliated group, only one representative of the group will sit on MRAC.
  • Trading Representatives - Dealer Members employees (with particular emphasis on persons with trading supervisory responsibility or experience and at least one with a background in the trading of derivatives). The number of Trading Representatives may be equal to the number of Marketplace Representatives.
  • Institutional/Subscriber Representatives (maximum of 2) - Representatives of institutional investors, including clients with "direct market access" or subscribers to an alternative trading system.
  • Legal/Compliance Representatives (maximum of 3) - Representatives with experience or expertise in securities trading compliance matters (including: legal professionals with experience in advising dealers on regulatory compliance, professional advisers in securities regulatory compliance of accounting firms, dealer employees with senior compliance responsibilities and former employees of securities regulatory authorities or self-regulatory organizations).
  • Independent Representatives (at least 1; maximum of 3) - Individual who, while not a director, officer or employee of a Dealer Member has experience or expertise that would benefit the Committee.

Standing Members

  • President (or another officer of CIRO designated by the President);
  • A representative of the interests of retail investors; and Chair of the Board (or another member of the Board designated by the Chair of the Board)


Two (2) year term with no limit on the number of terms

Nominating Process

  • Marketplace Representatives - Each marketplace that has retained CIRO to be a regulation services provider may nominate one (1) member. Where more than one marketplace operates within an affiliated group, the affiliated group may nominate one (1) member.
  • Trading Representatives and Legal/Compliance Representatives – Each Dealer Member may nominate one (1) person in each category.
  • Institutional/Subscriber Representatives - Nominated by the Senior Vice-President, Market Regulation Policy or their designate.
  • Independent Representatives – Nominated by the Senior Vice-President, Market Regulation Policy or their designate

Appointment Process

The Vice-President, Market Regulation Policy will review all nominees and recommend appointments. The Senior Vice-President, Market Regulation will approve the appointments to the committee.

Chair and Vice-Chair

The Chair and Vice-Chair term is two years. Selection is made by the committee.

Meeting Schedule

MRAC will meet six times per year. All meetings will be at the call of the Vice-President, Market Regulation Policy. Special meetings may be called at the request of the Senior Vice-President, Market Regulation, the committee Chair, or the President and CEO.

Market Rules Advisory Committee

Wayne Groom, ChairTellico Group Ltd.
Laflèche Montreuil, Vice ChairDesjardins Securities Inc.
Bryan Blake, Committee MemberCBOE
Erica Young, Committee MemberFAIR Canada
Doug Clark, Committee MemberTMX Group
Nicholas Comtois, Committee MemberNational Bank Financial Inc.
Celeste Evancio, Committee MemberRichardson Wealth
Laura Garzon, Committee MemberCIBC Capital Markets, Prime Services Group
Andrew Jappy, Committee MemberIRESS
Tara Kennedy, Committee MemberWealthsimple
Dan Kessous, Committee MemberNasdaq CXC Limited
Patrick McEntyre, Committee MemberNational Bank Financial Inc.
Alexander Perel, Committee MemberScotia Capital Inc.
Kelly Reynolds, Committee MemberHillsdale Investment Management Inc
Stuart Schady, Committee MemberCanadian Securities Exchange
Jonathan Sherwin, Committee MemberInstinet Canada Limited
Andrew Smith, Committee MemberVirtu Financial Canada, ULC
Jonathan Sylvestre, Committee MemberTradelogiq
Kari Tavener, Committee MemberLiquidnet Canada
Mark Wilkinson, Committee MemberCitadel Securities Canada ULC
Evan Young, Committee

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