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(May 10, 2007) The TSX is hoping an expansion into new markets will help the company thrive in an era of growing global competition, according to Rik Parkhill, president of TSX Markets.

“We at TSX operate in a very competitive global environment and we see competition in our listings, trading and data business everyday,” Parkhill said in a speech at the DeGroote School of Business in Burlington, Ont. “We provide neutral, central marketplaces of superior technological construction and of the highest possible integrity.”

The exchange has long been seen as having a technological advantage, but such an edge does not come cheap.

“In each of the last three years, TSX Group’s technology budget has been approximately $50 million including $6.6 million in the recently reported Q1 07,” he said. “At the same time, we continue to provide trading fees that are competitive on a North American basis.”

To respond to this competition, Parkhill says that the TSX is considering using its market position to expand in the area of the clean technology listings.

“We are working hard at TSX Group, to make our markets support new, innovative companies emerging in the cleantech sector,” Parkhill says. “While we don’t have a strict definition of cleantech on our markets yet, we do have a number of issuers in the business of improving the environment.”

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IDA reject appeals from Jory and its CEO

(May 10, 2007) A panel of the Investment Dealers Association of Canada has rejected an appeal brought by Manitoba-based Jory Capital and its CEO and director, Patrick Michael Cooney.

The IDA had ruled against Cooney twice already, once in 2005 and again in January, 2006, for withdrawing money from Jory, while the company was in a loss situation and under early warning restrictions.

In the second decision, Jory and Cooney were each fined $25,000 and he was prohibited for five years from working in any capacity where he would have influence on or responsibility for compliance, making it very difficult for him to continue running Jory.

Cooney argued that the initial decision should be set aside because the alleged violations were not intentional, he and Jory were entitled to rely on the defence of due diligence, and the IDA had no authority to restrict payments to him. He also argued the sanctions imposed were too excessive.

The IDA said that Cooney and Jory intended to support their arguments with “fresh evidence” that showed their financial projections when the violations occurred. However, the Appeal Panel found that the projections reinforced their previous sanctions since they showed no measure of caution.

The hearing panel also found that the due diligence defence was not applicable because no steps had been taken to confirm whether the payment was authorized by the IDA nor had any basis to believe it would be. In addition the IDA ruled that the sanctions imposed were reasonable because of the company’s repeated violations.

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IDA dismisses case against Ernest En Lin

(May 10, 2007) The Investment Dealer Association of Canada has withdrawn its allegations against Ernest En Lin, an options advisor with the Calgary branch of Union Securities.

Lin had been accused in a May 4th IDA notice of failing to ensure the suitability of two clients to participate in options trading strategies; churning of two client investment accounts; making unsuitable trade recommendations; and using the client’s money to engage in high risk equity and option trading that was unsuitable for their investment profile.

After reassessing the case, the hearing panel agreed with the IDA to withdraw allegations against Lin.

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(05/10/07)