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Conflict of interest policies

CMC Markets Canada Inc. ("CMC Markets") may engage in activities as an investment dealer in respect of securities of related issuers but will do so only in compliance with Part XIII of the Regulation under the Securities Act (Ontario). It is the duty and policy of CMC Markets to deal fairly, honestly and in good faith with its clients. It is also the policy of CMC Markets to comply fully with all applicable securities laws and to make all required disclosure.

The securities laws of certain provinces require securities dealers and advisers, when they trade in or advise with respect to their own securities or securities in certain other issuers to which they, or certain other parties related to them, are related or connected, to do so only in accordance with particular disclosure and other rules. These rules require dealers and advisers, prior to trading with or advising their customers or clients, to inform them of the relevant relationship and connections with the issuer of the securities. Clients and customers should refer to the applicable provisions of these securities laws for the particulars of these rules and their rights or consult with a legal adviser.

CMC Markets is an investment dealer in Ontario.

In performing its services, CMC Markets may from time to time advise on or trade in securities of one of its related, connected or associated issuers.

"Related issuer" means, in respect of CMC Markets, an issuer of securities over which CMC Markets exercises a controlling influence (for example, through the ownership of, or direction or control over voting securities) or an issuer of securities that exercises a controlling influence over CMC Markets. In this context, the term "influence" means having the power, directly or indirectly, to exercise a controlling influence over the management and policies of the company, whether alone or in combination with one or more other persons or companies.

"Connected issuer" means, in respect of CMC Markets, an issuer that has, or any related issuer of which has, any indebtedness to, or other relationship with, (i) CMC Markets, (ii) related issuer of CMC Markets, (iii) director, officer or partner of CMC Markets or (iv) director, officer or partner of a related issuer of CMC Markets, that, in connection with a distribution of securities of the issuer, is material to a prospective purchaser of the securities. Accordingly, an issuer is "connected" to CMC Markets if, due to indebtedness or other relationships, a prospective purchaser of securities of the connected issuer might question CMC Markets’ independence from the issuer.

CMC Markets is an affiliate of CMC Markets UK plc ("CMC UK"). Consequently, CMC UK is a "connected issuer" and a "related issuer" of CMC Markets within the meaning of the securities legislation of each of the provinces of Canada in connection with the offering of contracts for difference.

Goldman Sachs Strategic Investments (U.K.) Limited owns 10% of the ultimate parent company of CMC Markets and CMC UK, CMC Markets plc. The ultimate shareholder of Goldman Sachs Strategic Investments (U.K.) Limited, The Goldman Sachs Group Inc. (GS) is a "connected issuer" and a "related issuer" of CMC Markets within the meaning of the securities legislation of each of the provinces of Canada in connection with the offering of contracts for difference. GS is a publicly traded company on the New York Stock Exchange (NYSE; Ticker: GS) and as of December 14, 2007 CMC UK removed GS as a tradeable instrument via CFDs from CMC’s online trading platform (Marketmaker™.).

In addition, CMC Markets or other related parties may act as principal or agent in respect of securities purchased or sold by or to clients of CMC Markets.

Statement of Related Registrants

Ontario securities legislation also requires securities dealers and advisers to inform their clients if the dealer or adviser has a principal shareholder, director or officer that is a principal shareholder, director or officer of another dealer or adviser (a "Related Registrant") and of the policies and procedures adopted by the dealer or adviser to minimize the potential for conflicts of interest that may result from this relationship.

CMC Markets UK plc ("CMC UK") is a dealer in the category of international dealer in Ontario. CMC Asia Pacific Pty Ltd. ("CMC Australia") is a dealer in the category of international dealer in Ontario. CMC UK, CMC Australia and CMC Markets share the same ultimate parent company being CMC Markets plc.

Due to the fact that Goldman Sachs Strategic Investments (U.K.) Limited is a 10% shareholder in CMC Markets’ ultimate parent company (CMC Markets plc), the following Goldman Sachs group entities (the "Goldman Sachs Entities") would be considered to be Related Registrants:

  • Goldman Sachs Canada Inc. is an investment dealer in Ontario and in an equivalent category in the provinces of Alberta, British Columbia and Quebec. Goldman Sachs Canada Inc. is also a member of the Investment Dealers Association of Canada (the "IDA").
  • Goldman Sachs Asset Management, L.P. is a non-Canadian adviser and commodity trading manager in Ontario and in an equivalent category in the provinces of Alberta, British Columbia, Manitoba and Saskatchewan.
  • Goldman Sachs Execution & Clearing, L.P. is a limited market dealer and international dealer in Ontario.
  • Goldman Sachs Hedge Fund Strategies LLC is an international adviser in Ontario.
  • Goldman Sachs International is an international dealer in Ontario.
  • Goldman, Sachs & Co is registered as an international adviser and international dealer in Ontario and in an equivalent category in the provinces of Alberta, British Columbia, Manitoba, Prince Edward Island, Quebec and Saskatchewan.

Please be advised that CMC Markets has adopted policies and procedures to minimize the potential for conflicts of interest that may result from these relationships. The day-to-day administration and operation of CMC Markets will remain completely separate from any of the Goldman Sachs Entities and CMC Markets does not anticipate making any changes to their operations as a result of this relationship.

CMC Markets as a Related Registrant of the Goldman Sachs Entities complies with Part 2 of OSC Rule 31-501 Registrant Relationships in respect of the new registrant relationships. Please be advised that no registered individuals (including any salespeople, officer or directors) of CMC Markets are dually registered with any Goldman Sachs Entities.

CMC Markets also complies with any applicable provisions of part 3 of National Instrument 33- 102 Regulation of Certain Registrant Activities with respect to holding all information about a retail client confidential.

If there is any change in this information, we will update our clients forthwith.