IIROC announced this week that the requirement to report "trade-for-trade" extended failed trades will be implemented on April 15, 2013.
As we've previously discussed, the requirement for Participants and Access Persons to report trade variations and cancellations, as well as extended failed trades with respect to trades executed on a marketplace that settle through the continuous net settlement facilities of CDS, took effect on June 1, 2011. The requirement to file extended failed trade reports did not initially extend to trades using the trade-for-trade settlement facility of CDS. As such, such trades will now also be captured by the requirement to report failed trades that are unresolved for more than 10 days after the settlement date.
IIROC's notice also provides a set of questions and answers regarding the new requirement. For more information, see IIROC Notice 13-0014.