Andrew Grovestine is Vice President, Clearing & Settlement at the Canadian Securities Exchange (CSE). In this role, Andrew serves as an officer of the CSE and is a member of its Senior Management Team. Andrew’s mandate is to introduce digital security tokens as the new median for public issuers to list, by way of prospectus, on the CSE. These security token issuers will follow existing listing requirements as set fourth by the CSA and the Exchange.
With the introduction of publicly traded security tokens, Andrew is designing, along with several other regulated entities in Canada, a bi-lateral clearing & settlement programme to support same day token clearing and T+1 net cash settlement. The new programme will connect the CSE, other trading marketplaces, transfer agents, depositories, IIROC members, custodians, securities lending providers and a regulated clearing corporation together on distributed ledger technology (blockchain). The result of the tokenization programme will allow for the modernization of clearing and settlement in Canada by: providing all parties with a single source of true data, provide greater utilization of dealer Risk Adjusted Capital, significantly reduce the manual reconciliation efforts performed by dealers and, allow issuers much more flexibility in the design of their equity characteristics (e.g., fractionalization and royalty streaming).
Mr. Grovestine has over twenty years experience in capital markets. Most recently, he was Country Head and UDP of an IIROC Member. Prior to that, he headed up Canaccord Genuity’s carrying broker business, served as TMX’s business development lead in the USA, and has ten years of experience working at three custodians in Canada where he led customer facing technology design and servicing.
Andrew served on the IIROC Ontario District Council for two consecutive terms (2015-2018). He currently sits on the IIROC Crypto Asset Working Group.