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From time to time, Hillsdale is in the news. Our partners often speak at conferences or other events, and our accomplishments are covered in the financial media.

Hillsdale’s Director of Trading to Serve Second Term on OSC’s Market Structure Advisory Committee

On September 9, 2015, the Ontario Securities Commission (OSC) announced the Market Structure Advisory Committee (MSAC) for the 2015 – 2017 term. 

The MSAC serves as a forum to discuss issues associated with market structure and marketplace operations in the Canadian markets.  The committee also provides OSC Staff with meaningful feedback regarding the development of policy and rule-making initiatives that promote investor protection, fair and efficient capital markets and confidence in those markets. 

“Given the pace of change in the marketplace, it is critically important that we continue to consult and receive feedback from industry,” said Susan Greenglass, Director, Market Regulation. “The Market Structure Advisory Committee is a source of valuable feedback and we look forward to benefitting from their experience and expertise.” 

The MSAC will meet four or more times a year, with members serving two-year terms.  Effective November 1st, 2015, the MSAC members are: 

Stephen Bain, RBC Capital Markets
Ricardo DaCosta, IRESS Market Technology Canada
Deana Djurdjevic, TMX Group
Craig Hurl, Ontario Teachers’ Pension Plan
Dan Kessous, Chi-X Canada
Heather Killian, CIBC World Markets
Patrick McEntyre, National Bank Financial
Andrew O’Hara, Tradebot Systems
David Panko, TD Securities
Andreas Park, University of Toronto
Cindy Petlock, Aequitas NEO Exchange
Kelly Reynolds, Hillsdale Investment Management
Vidis Vaiciunas, Independent
Paul Whitehead, BlackRock
Evan Young, Scotia Capital

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in the capital markets. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at

Ms. Reynolds has held leadership positions in many industry associations including Chair of the Canadian Security Traders Association, Co-Chair of the Trading Issues Committee of the Canadian Security Traders Association and President of the Montreal Institutional Equity Traders Association. Kelly is also a member of the IIROC Market Rules Advisory Committee which provides advice regarding proposed amendments to Universal Market Integrity Rules (UMIR), draft guidance on the interpretation of application of UMIR and other policy matters related to market regulation.