(March 31 – 17:45 ET) – The Toronto Stock Exchange has received all necessary regulatory and ministerial consents to proceed with demutualization, effective April 3, 2000.
On that date, the TSE will become a for-profit corporation known as “The Toronto Stock Exchange Inc.” in English and “Bourse de Toronto Inc.” in French. The TSE is the first stock exchange in North America to take this step.
“This is an exciting and important event for the TSE and for all participants in Canada’s capital markets,” says Daniel Sullivan, chairman of the Board of Governors of the TSE. “Demutualization will usher in a governance structure that is aligned with our competitive business model and strategy. As we succeed, so will all our stakeholders – the trading community, listed companies and investors, including investors in TSE Inc.”
The TSE decision to demutualize was announced and supported by both its Board and Member seatholders at its AGM in June 1999. At that meeting members authorized the TSE to demutualize and continue operations as a for-profit company under the Ontario Business Corporations Act.
-IE Staff