CIBC Global Asset Management introduces new trade instruction deadlines

On April 1, 2007, National Instrument 24-101-Institutional Trade Matching and Settlement ("NI 24-101") came into force. NI 24-101 was developed by the CSA to ensure more efficient and timely settlement processing of trades in securities. "Matching" is the process by which the details and settlement instructions of an executed trade are reported, verified, confirmed and affirmed or otherwise agreed to among the trade-matching parties, i.e., the various participants involved in the processing of the trade. NI 24-101 requires industry participants to adapt their policies and procedures to meet the certain progressive trade-matching milestones.

Progressive trade-matching milestones begin on October 1, 2007 when 80 per cent of institutional trades are to be matched by noon on T+1, and end on January 1, 2010 when 95 per cent of trades are to be matched by 11:59 p.m. on T.

Institutional investors whose investment decisions are made from a geographical region outside of the western hemisphere are given an additional 24 hours to match their trades.

To comply with NI 24-101, CIBC Global Asset Management Inc. has revised its trade instruction deadlines for Canadian trades that settle on a T+3 basis. As a result, the following trade instruction deadlines are in effect as of April 1, 2007:

Trade instruction transmission mode	Trade instruction deadlines for western hemisphere clients/managers	Trade instruction deadlines for non-western hemisphere clients/managers
Electronic	11:00 a.m. ET on T+1	11:00 a.m. ET on T+2
Fax	10:00 a.m. ET on T+1	10:00 a.m. ET on T+2

CIBC Global Asset Management will continue to adjust its trade instruction deadlines to comply with NI 24-101's progressive trade-matching milestones.