TSE facing global and technological change, says Stymiest

Barb Stymiest, president and CEO of TSE, stressed that it is focusing on the evolutionary forces of technology, globalization, and consolidation. “These challenges could threaten the future value of your investment in the TSE,” she told TSE shareholders. “And, they raise hard questions concerning the long-term viability of a strong, central capital market in Canada.”

The TSE says it has a number of new initiatives planned for 2000, including the improved market quality through price-time priority, a volume weighted average price feature, and more anonymous trading features. TSE Listings will launch TSE Edge.com, a password-protected website offering investor analytics.

The TSE will also continue to repair its technical competence credibility. “We have dedicated substantial resources to identifying and correcting problems with our trading systems,” said Stymiest. She noted that the migration of all trading access to the STAMP Gateway is critical to technical reliability. This will allow the TSE to shut old systems, simplfy its systems, and make it easier to link with other exchanges and alternative trading systems.

For 1999 TSE recorded a $4.8 million loss, primarily thanks to a $32.1 million one-time charge involving the restructuring of Canadian markets, including a $22 million payment to the Montreal Exchange.

Stymiest says the TSE is considering all its options, including a possible IPO. “We recognize the critical importance of building and sustaining shareholder confidence in this next phase of our growth as a company. That is why demonstrating competitive value is the objective and focus behind our aggressive business agenda for 2000 and beyond.”