Perimeter Financial, a small Toronto-based operator of alternative securities markets, will on Wednesday seek to circumvent the restructuring of Canada’s troubled asset-backed commercial paper (ABCP) sector by setting up a market for paper issued by 22 frozen ABCP trusts.

Perimeter’s shareholders include Goldman Sachs and several of Canada’s biggest pension funds. But its initiative has drawn strong criticism from participants in the so-called Montreal Accord, which aims to stabilise the ABCP market by converting outstanding securities into longer-term floating-rate notes.