Briefly:

(July 27, 2007) This week’s market volatility has proven to be quite profitable for some, and not just the short-sellers. The TSX announced a one-day trading record was hit on Thursday, with 636,327 trades being filled.

That tops the previous record set on February 27, 2007, of 615,066 trades. Total volume for the day was 414,673,366 shares, with a combined value of $9,307,011,958.

The Montreal Exchange also posted record volume in options contracts, with 1,450,099 changing hands. The previous record of 1,215,517 contracts was hit on May 24, 2007.

OSFI amends terror/laundering rules

(July 27, 2007) The Office of the Superintendent of Financial Institutions has announced new amendments to anti-money laundering legislation have now come into force.

The new amendment reads: “Financial institutions must take prescribed measures before entering into a correspondent banking relationship with a prescribed foreign entity, including: obtaining prescribed information; ensuring the entity is not a shell bank; obtaining the approval of senior management for the relationship; and setting out in writing the obligations of the parties in respect of the correspondent banking services.”

Further amendments will come into force on June 23, 2008, which will require the reporting of suspicious transactions and identifying those attempting to make such transations. The complete list is available by clicking here.

CSA streamlines cease-trade order revocation

(July 27, 2007) The Canadian Securities Administrators have announced the adoption of National Policy 12-202 Revocation of a Compliance-related Cease Trade Order, which harmonizes the process to revoke or vary a cease trade order.

“This policy addresses the confusion market participants experienced in having to deal with different revocation policies and practices in various jurisdictions,” said Jean St-Gelais, chair of the CSA and president and CEO of Quebec’s provincial regulator. “Now issuers across Canada have a more comprehensive guidance to follow when applying for a partial or full revocation of a cease trade order.”

(07/27/07)

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.