(April 4 – 15:30 ET) – The Ontario Securities Commission has signed the “recognition order” establishing the terms and conditions for the operation of a demutualized Toronto Stock Exchange.
Today, as part of its demutualization process, TSE Inc. became a for-profit corporation under the Business Corporations Act, having received all regulatory and governmental consents. The OSC’s recognition order was developed in consultation with the TSE.
The recognition order includes annual independent reviews of the TSE’s computer systems operations. The OSC indicated that the TSE is commencing the first such annual review immediately and that it will be completed in late spring. The review will ensure TSE Inc. has in place and is following appropriate documented processes in respect of the operation of its key trading related systems.
“The OSC acknowledges the vital role that exchange systems play in the Canadian market and wants to ensure that all market participants continue to be well served,” says Randee Pavalow, manager of market regulation for the OSC.
-IE Staff