(December 15 – 15:15 ET) – The Toronto Stock Exchange moved a step closer to becoming a for-profit entity today. The proposal that would allow the Exchange to demutualize passed third reading by the Ontario Legislature, as part of its Budget Bill, and has now received Royal Assent from the Lieutenant Governor of Ontario.

The TSE will now file documentation with the Ontario Securities Commission, which must approve the change, and subsequently will seek final approval from the Minister of Finance. The demutualization process is expected to be completed in early 2000.
-IE Staff