TSX Inc. - Section 21(5) of the Act

Decision

IN THE MATTER OF

THE SECURITIES ACT, R.S.O. 1990,

CHAPTER S.5, AS AMENDED (Act)

AND

IN THE MATTER OF

TSX INC.

 

DECISION

Section 21(5) of the Act

1. In September 2002, a task force was established by the Ontario, British Columbia and Alberta Securities Commissions, the Commission des valeurs mobilières du Quebec, the Investment Dealers Association of Canada, the Bourse de Montréal and Market Regulation Services Inc. to evaluate how best to address illegal insider trading in the Canadian capital markets (Insider Trading Task Force).

2. The Insider Trading Task Force released a report in November 2003 outlining a series of recommendations. One recommendation dealt with the disclosure to the public of trades that are marked for the account of an insider of an issuer of a security (insider trading marker). Currently, the insider trading marker is available for regulatory purposes but is not disclosed to the public.

3. To implement this recommendation, the Insider Trading Task Force members asked TSX Inc. (TSX) to consolidate on a per security basis all trades on Toronto Stock Exchange that have an insider trading marker and publicly disseminate the information in summary form at the end of the day.

4. The Commission believes it is in the public interest for TSX to publish an end of day summary of trades with an insider trading marker.

IT IS THE DECISION of the Commission, pursuant to subsection 21(5) of the Act, that TSX shall use reasonable commercial efforts to consolidate on a per security basis all trades on Toronto Stock Exchange that have an insider trading marker and publicly disseminate the information in summary form at the end of the day.

DATED this 8th day of September, 2006.

"Paul M. Moore"

"Suresh Thakrar"