CGI to modernize IT systems of Canadian capital markets regulator
CGI has won a three-year contract to upgrade the IT system of the Canadian Securities Administrators. CGI will be tasked with creating an IT system that offers integrated workflows, supports data quality, and ensures faster information sharing and regulatory updates – across all of Canada’s provincial and territorial securities commissions.
Unlike most countries, which tend to manage their capital markets regulation centrally, Canada utilizes a decentralized approach whereby its 10 provinces and 3 territories are responsible for their own securities regulations and enforcement. In a bid to create some sort of harmony between the various provinces and territories, the Canadian Securities Administrators (CSA) was established in 2003. The umbrella organization’s objective is to improve, coordinate, and harmonize regulation of Canada’s capital markets. For example, the organization has developed a passport system in which participants have access to markets in all passport jurisdictions, dealing only with a principal regulator and complying with one set of harmonized laws.
The CSA Office operates a central IT backend to administer its various operations – including its Cease-Trade Order Database, National Registration Database, National Registration Search, and Disciplined List. Unfortunately, the CSA’s current IT system also operates on aging legacy hardware and software. As such, the CSA recently launched a tender to find a provider for a replacement system that will modernize the service provision of the CSA.
It was recently announced that Montreal-based IT consulting firm CGI had won the tender, and will support the CSA in the development of a new registry system. The new system will be built on a modern digital platform and will improve information management across stakeholders. The new system, which utilizes Foster Moore software products, will offer integrated workflows, support data quality, and ensure faster information sharing across all of Canada’s provincial and territorial securities commissions. The forthcoming IT system will also be capable of evolving to meet future data management and advanced data analytics requirements.
Mark Boyajian, President of CGI Canada Operations, commented, “We are delighted to help the CSA in their modernization journey by applying our in-depth knowledge of the current Canadian regulatory systems, workflows, and processes with our global expertise in successful digital transformation.”
The contract has a delivery period of three years, and involves teams from both CGI and the CSA. The value of the contract was not disclosed.
