Collateral Infrastructure and Market Practices Advisory Group

The Collateral Infrastructure and Market Practices Advisory Group (CIMPA) is a working group created under the Canadian Fixed-Income Forum (CFIF) to provide guidance and support changes to Canadian financing and collateral infrastructure, and develop market practices that support the safe and efficient movement of securities in the cash, collateral and securities financing markets. Find out what we do, how we’re organized, related market notices, meetings and members.

What we do

The Collateral Infrastructure and Market Practices Advisory Group (CIMPA) is an industry-wide working group created under CFIF to promote the well-functioning of the Canadian securities and financing markets through improved operational efficiency, reduced market segmentation and industry coordination on related issues and initiatives. The goals of the working group are to:

• improve interconnectedness, standardization, and automation of securities flows;
• support market functioning through promotion of best practices for clearing, settlement, margining and risk management;
• facilitate broad adoption of the recently introduced Canadian Collateral Management Service (CCMS), Canada’s first tri-party service launched by TMX and Clearstream;
• provide an information hub on Canadian collateral developments;
• build consensus on relevant issues.

CIMPA’s recommendations and deliverables will highlight the importance of the various financial infrastructure and process improvements in collateral and securities financing markets to market participants and help coordinate industry efforts and investments. The work is expected to benefit the Canadian fixed income market as a whole by supporting uninterrupted, efficient functioning of cash trading, securities lending, and financing markets.

Any recommendations made by CIMPA will be tabled to CFIF for final approval. Substantiative changes will be subject to a broader public consultation.

How we’re organized

CIMPA will be co-chaired by senior representatives from the Bank of Canada and industry members from CFIF. Membership will be comprised of senior market participants from across the various types of relevant stakeholders in the Canadian financial industry, including buy- and sell-side firms, custodians, prime brokers and infrastructure providers. Other types of stakeholders may be invited to be observers.

CIMPA will meet approximately quarterly, with agendas and minutes being made available on this webpage.

Subgroups of subject matter experts may be formed to discuss specific issues or areas of focus. The membership of these subgroups can be outside of CIMPA member institutions. These subgroups will report their assessments and/or recommendations to CIMPA on a regular basis for discussion and approval.

For more information, consult CIMPA’s Terms of Reference.

Key documents

• Canadian Repo Market Fact Sheet

Membership

Co-chairs

Market representatives

Contact us