The Canadian Capital Markets Association

What The Canadian Capital Markets Association does

The Canadian Capital Markets Association (CCMA) / Association canadienne des marchés des capitaux (ACMC) is a federally incorporated not-for-profit industry coordination body, founded in 1999 and headquartered in Toronto, Ontario. It is the successor to Canada's G-30 Working Group and was established to coordinate cross-industry initiatives affecting multiple segments of Canada's capital markets, including dealers, custodians, asset managers, exchanges (TMX Group), clearing and settlement infrastructure (The Canadian Depository for Securities / CDS, Fundserv), industry associations (Canadian Bankers Association), self-regulatory organizations (CIRO), and regulators (CSA/ACVM). CCMA operates through a Board of Directors chaired by CIRO's Chief Policy Advisor and staffed by an Executive Director (Keith Evans), with no proprietary technology platform or commercial product line.

CCMA's core deliverables are coordination services rather than technology products. Its principal offerings are project-based coordination programs (most notably the T+3-to-T+2 settlement transition completed September 5, 2017, and the T+2-to-T+1 settlement transition implemented May 27, 2024), the Post-Trade Modernization Advisory Council (established December 2017), industry committees and working groups (T+1 Steering Committee, Operations Working Group, Mutual Funds Working Group, Legal & Regulatory Working Group, Communications & Education Working Group), and publications including white papers, FAQs, statistics, and the T+1 Post-Implementation Report. CCMA also partners with North American counterparts — SIFMA, ICI, and DTCC — to align settlement standards across Canada, the United States, Mexico, Argentina, Jamaica, and Peru.

CCMA does not generate commercial revenue and is funded through industry participant contributions and volunteer support. The organization's GTM motion is community-led: it convenes industry participants through committee structures, working groups, newsletters, and media releases rather than through a sales force or pricing model. Following successful completion of the T+1 project and a five-month post-implementation stabilization period, the CCMA Board of Directors agreed effective October 31, 2024 to discontinue active operations, while preserving the organization to be re-activated for the next cross-industry project.

Name

The Canadian Capital Markets Association

Legal name

The Canadian Capital Markets Association (CCMA) / Association canadienne des marchés des capitaux (ACMC)

Website

https://ccma-acmc.ca

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

1–10 employees

Short description

The Canadian Capital Markets Association (CCMA) is a federally incorporated not-for-profit that coordinates cross-industry capital markets initiatives in Canada, including the 2024 T+1 settlement transition, serving dealers, custodians, asset managers, infrastructure providers, and regulators.

Ownership category

akta.pro rank

Product category

Capital Markets Industry Coordination

NAICS

Securities and Commodity Exchanges (52321), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro industry

PRIMARYFSACAHAC

Clearing Houses / Central Counterparties (CCPs)

Financial & Insurance/Capital Markets & Securities/Securities Clearing, Settlement & Custody

SECONDARYFSACAHAA

Central Securities Depositories (CSDs) & Settlement Systems

Financial & Insurance/Capital Markets & Securities/Securities Clearing, Settlement & Custody

Keywords

• Capital markets coordination
• Securities settlement cycles
• Post-trade modernization
• Industry working groups
• Financial industry association

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. No commercial revenue: CCMA is a federally incorporated not-for-profit organization launched in 1999. It does not generate commercial revenue from products or services. The organization coordinates cross-industry initiatives on projects spanning multiple parts of Canada's capital markets, with participation from dealers, custodians, asset managers, industry associations, and securities infrastructure entities.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

The Canadian Capital Markets Association (CCMA) is a federally incorporated not-for-profit industry coordination body that brings together Canadian capital markets participants to execute cross-industry initiatives. Its core offering is project-based coordination of major market structure changes, including the T+3 to T+2 settlement transition (2017) and the T+2 to T+1 settlement transition (May 2024), delivered through Board-approved committees, steering committees, and working groups covering operations, mutual funds, legal/regulatory, and communications functions.

Product overview

The Canadian Capital Markets Association (CCMA) is a federally incorporated not-for-profit organization that serves as a national coordinating body for Canadian capital markets. Rather than offering a unified technology product, CCMA provides coordination services through committees and working groups that facilitate industry-wide initiatives. The primary offerings include T+1 and T+2 transition coordination programs, the Post-Trade Modernization Advisory Council, and various industry committees (Steering Committee, Operations Working Group, Mutual Funds Working Group, Legal & Regulatory Working Group, Communications & Education Working Group). Additionally, CCMA offers publications and resources including white papers, best practices, FAQs, and the T+1 Post-Implementation Report. Note: CCMA operations were paused as of October 31, 2024.

Differentiator

Problem solved

Functional benefit

Products and services

• T+1 Settlement Cycle Transition Coordination Industry coordination initiative for Canadian capital markets participants (dealers, custodians, asset managers, CDS, Fundserv, TMX, SROs, and regulators) to transition settlement from T+2 to T+1, executed via the T+1 Steering Committee and Operations, Mutual Funds, Legal & Regulatory, and Communications & Education Working Groups.
• T+2 Settlement Cycle Transition Coordination Completed industry coordination initiative (2015-2017) that successfully transitioned Canadian capital markets from T+3 to T+2 settlement cycle in alignment with U.S. markets.
• Post-Trade Modernization Advisory Council Standing CCMA advisory body providing input to the TMX Post-Trade Modernization Oversight Committee and consultative work streams overseeing modernization of clearing, settlement, entitlement, and corporate action systems.

Quantifiable outcome

• Successfully coordinated transition from T+3 to T+2 settlement in September 2017
• +2 more outcomes

Named customers8 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Nine partnerships are on record, tiered core.

• Securities Industry and Financial Markets Association (SIFMA)coreStrategic or Co-development Partner · 27 May 2021U.S. industry counterpart coordinating North American T+1 transition efforts. CCMA worked with SIFMA alongside ICI and DTCC to prepare to halve the number of days for clearing and settlement, continuing the shared history of common North-American standards.
• Investment Company Institute (ICI)coreStrategic or Co-development Partner · 27 May 2021U.S. industry counterpart for mutual funds working group coordination on T+1 transition. ICI managed efforts south of the border for fund settlement cycle changes.
• Depository Trust & Clearing Corporation (DTCC)coreTechnology or Integration · 27 May 2021U.S. clearing and settlement infrastructure counterpart. DTCC managed U.S. infrastructure changes for T+1 implementation and coordinated cross-border testing with Canadian market participants.
• CCMA Advisory Council (Post-Trade Modernization)coreStrategic or Co-development Partner · 5 December 2017Established to support the investment industry in working with TMX/CDS to modernize clearing and settlement systems, as well as entitlement and corporate action systems for the Post-Trade Modernization Project.
• The Canadian Depository of Securities (CDS)coreTechnology or Integration · 1 January 1999Key Canadian securities infrastructure, part of TMX Group. CDS is the hub connecting investment dealers, custodians, exchanges, and other parts of Canada's clearing and settlement infrastructure.
• FundservcoreTechnology or Integration · 1 January 1999Key Canadian financial industry infrastructure for mutual fund processing. Over 85% of funds cleared through Fundserv voluntarily adopted T+1 cycle for purchases/redemptions.
• TMX Group (Exchanges)coreTechnology or Integration · 1 January 1999Parent of CDS and CDCC, operating Canadian exchanges. CCMA coordinated with TMX on post-trade modernization and settlement cycle transitions.
• Canadian Bankers Association (CBA)coreStrategic or Co-development Partner · 1 January 1999Industry association representing banks participating in Canadian capital markets and CCMA initiatives.
• Investment Industry Regulatory Organization of Canada (IIROC/CIRO)coreStrategic or Co-development Partner · 1 January 1999Self-regulatory organization for investment dealers. IIROC participated in CCMA committees including Board representation from CIRO.

Scale indicators4 records

Recent moves6 records

Expansion highlights3 records

Direct peers

• Investment Company Institute (ICI): U.S. trade association for registered investment companies that coordinated the U.S. mutual fund side of the T+1 transition alongside CCMA's Mutual Funds Working Group. ICI and CCMA operated as coordinated North American counterparts on fund settlement cycle change.
• Securities Industry and Financial Markets Association (SIFMA): U.S. industry trade association that coordinates cross-firm capital markets initiatives. SIFMA is the most direct functional peer to CCMA — they jointly coordinated the North American T+1 transition in May 2024, and both serve as neutral coordinating bodies for dealers, asset managers, and infrastructure providers.
• Asia Securities Industry and Financial Markets Association (ASIFMA): Asian regional industry association coordinating capital markets initiatives across dealers, asset managers, and infrastructure providers. ASIFMA's coordinating role for cross-firm and cross-jurisdiction projects in Asia is functionally analogous to CCMA's role in Canada.
• Association for Financial Markets in Europe (AFME): European industry association coordinating cross-industry capital markets initiatives across dealers, asset managers, and infrastructure providers. AFME plays a structurally analogous role to CCMA in Europe and is a natural international peer for cross-jurisdictional coordination work.
• Japan Securities Dealers Association (JSDA): Japanese self-regulatory organization and industry association for securities dealers. JSDA operates as a coordinating body for Japanese capital markets participants, with a comparable mandate around market standards, settlement, and cross-industry alignment.
• Investment Industry Association of Canada (IIAC): Canadian national trade association representing the investment industry and dealers. IIAC is a domestic peer focusing on dealer advocacy and policy, overlapping with CCMA's industry representation in the Canadian capital markets ecosystem.

Regional players

• Canadian Investment Regulatory Organization (CIRO): Canadian SRO for investment dealers formed by the merger of IIROC and MFDA. CIRO has Board representation on CCMA and overlaps on regulatory and operational coordination of dealer activity in Canadian capital markets.

Broad incumbents

• TMX Group: Parent of CDS, CDCC, and Canadian exchanges. TMX is a key CCMA partner and partial peer — it operates core capital markets infrastructure that CCMA coordinates around, and could in principle assume broader coordination responsibility.
• Depository Trust & Clearing Corporation (DTCC): U.S. post-trade infrastructure operator that coordinated U.S.-side T+1 changes with CCMA. DTCC is both a strategic counterpart and a broader incumbent that operates core settlement infrastructure underpinning the market CCMA coordinates.

Emerging players

• Canadian Bankers Association (CBA): Canadian industry association representing banks. CBA is both a CCMA Board participant and a partial peer — it coordinates bank-related capital markets initiatives domestically, overlapping with CCMA on cross-bank settlement and post-trade modernization work.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/canadian-capital-markets-association

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Canadian Capital Markets Association