CIBC World Markets Inc. and Dundee Securities Corp. have been disciplined by the Toronto Stock Exchange for allowing unapproved traders to trade.

Under the terms of a settlement, CIBC World Markets admits that between March 8 and Aug. 9, 2000, CIBC World Markets failed to ensure that several of its employees were approved as traders prior to entering orders on the exchange.

An institutional trader in the Montreal office of CIBC World Markets was allowed to enter orders without having received exchange approval. As Well, CIBC World Markets permitted three traders in its Toronto office to enter orders before they were approved.

CIBC World Markets is required to pay a fine of $10,000; and $2,500 towards the cost of the investigation.

Also, Dundee Securities admits that between the periods of Dec. 21, 1998 to Jan. 12, 1999 and Feb. 16, 2000 to Mar. 15, 2000, Dundee failed to ensure that two of its employees were approved as traders prior to entering orders. It also failed to keep proper records of an order.

Dundee permitted a trader in its Toronto office to enter orders without having received approval, and it permitted another trader in its Montreal office to do the same. Dundee failed to ensure that a trade ticket was properly filled out and time stamped at the time of entry, which hindered a trading investigation.

Under its settlement, Dundee is required to pay a fine of $10,000; and $3,000 towards the cost of the exchange’s investigation.