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CDS Window Closure

July 20, 2020

In light of the states of emergency currently in effect for several Canadian provincial jurisdictions in response to COVID-19, please note that CDS's window services in Toronto, Montreal, Calgary, and Vancouver remain closed.

CDS business remains fully operational. Participants are able to enter deposit and withdrawal requests into CDSX. Participants must work directly with the appropriate transfer agent(s) to determine specific arrangements for the delivery and receipt of certificates.

During the COVID pandemic situation, the CDS Window service, where envelopes are delivered by brokers/custodians to CDS and subsequently forwarded by CDS to Transfer Agents, has temporarily been closed due to the pandemic situation and to ensure the safety of our people.

The closure of our window service does not in any way prevent participants from accepting and processing their clients request for deposits or withdrawals. During this time, CDS is working directly with our clients to provide flexibility and help meet their needs. Deposits and withdrawals can be input directly into the CDSX system for processing, as per normal procedures. CDS is working closely with the Transfer Agents as they are open and accepting requests. Participants can make arrangements and deliver/pick up directly to/from the agents any envelopes or request for deposit or withdrawal.

CDS continues to advise our participants and their clients that Courier/Deliveries can be arranged directly between the client/broker/custodian with theTransfer Agents independently of CDS.

As always, we remain committed to providing critical, systemically important services and infrastructure to Canada's securities industry.

Our goal is to deliver consistent and exceptional value to all market participants.

Thank you for your patience and understanding as we all work through these unprecedented times.


May 26, 2020

In light of the states of emergency currently in effect for several Canadian provincial jurisdictions in response to COVID-19, please note that CDS's window services in Toronto, Montreal, Calgary, and Vancouver remain closed.

TMX continues to closely monitor the situation around COVID-19 with the highest priority given to the health and safety of our people, our clients and the entire capital markets community.

As Provincial jurisdictions begin to ease restrictions around business operations, TMX will review and provide an update on the status of our Window service as more information becomes available.

CDS business remains fully operational. Participants are able to enter deposit and withdrawal requests into CDSX. Participants must work directly with the appropriate transfer agent(s) to determine specific arrangements for the delivery and receipt of certificates.

In the event either that a CDS Participant, an Issuer (or their respective Agent) (Collectively "Issuers"), or CDS, implements Business Continuity Plans ("BCP"), or variations thereof, with the result that either the Issuers are unable to provide original signed documents, CDS will, at our sole discretion, accept a PDF copy of the executed global debenture/note (including, for present purposes, such documents executed via electronic means) for the purpose of facilitating and accommodating new issues (instant deposits) settlements, provided that that the original global debenture/note will be delivered to CDS as soon as normal delivery operations resume for both parties (CDS and Issuers). If there is a failed delivery of the required global debenture/note, CDS retains the right to reverse the deposit (credit).

CDS is unable to accept any physical US deposits and withdrawals during this closure. However, please refer to CDS bulletin # 2020-00033C published on March 26, 2020 for deposit and withdrawal guidelines for NY and DTC Direct Link Participants. Participants may also refer to CDS bulletin # 2020-00030C published on March 20, 2020.

As always, we remain committed to providing critical, systemically important services and infrastructure to Canada's securities industry. Our goal is to deliver consistent and exceptional value to all market participants.

Thank you for your patience and understanding as we all work through these unprecedented times.


March 18, 2020

In light of the states of emergency declared by several Canadian provincial jurisdictions in response to COVID-19, be advised that CDS's window services in Toronto, Montreal, Calgary, and Vancouver will be closed, effective Thursday March 19th at 5:00 p.m, local time, in each location. The window services will remain closed until further notice.

The following services will not be offered during the period in which the windows will be closed.

  • Deposits (Regular and Instant)
  • Withdrawals (Regular and Rush)
  • Physical transfers via CDS
  • Courier services where envelopes are dropped off at CDS

Notwithstanding the above, Participants may still enter deposit and withdrawal requests into CDSX; Participants must, however, contact the appropriate transfer agent(s) to determine specific arrangements for the delivery and receipt of certificates.

CDS will not be accepting any US deposits and withdrawal during this closure

Further to CDS Bulletins 2020-00021C and 2020-00024C, published on March 11th, and March 13th 2020 respectively, CDS wishes to confirm our position with respect to delivery and receipt of executed documents for the issuance of securities for which CDS is the custodian.

In the event either that a CDS Participant, an Issuer (or their respective Agent) (Collectively "Issuers"), or CDS, implements Business Continuity Plans ("BCP"), or variations thereof, with the result that either the Issuers are unable to provide original signed documents, or that the CDS Clearing Window Service is closed, CDS will, at our sole discretion, accept a PDF copy of the executed global debenture/note (including, for present purposes, such documents executed via electronic means) for the purpose of facilitating and accommodating new issue (instant deposits) settlements, provided that that the original global debenture/note will be delivered to CDS as soon as normal delivery operations resume for both parties (CDS and Issuers). If there is a failed delivery of the required global debenture/note, CDS retains the right to reverse the deposit (credit).


If you require further information, please contact your CDS Relationship Manager, CDSRelationshipMgmt@TMX.com.