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THE TORONTO STOCK EXCHANGETHE TORONTO STOCK EXCHANGE
A summary
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TSE triviaTSE trivia
Incorporated in 1878
Largest computer-only exchange in North America
Monthly trading: over $100 billion
Lower costs of going public than NYSE and NASDAQ
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Listing Requirements:
Profitable Companies• Net tangible assets of $2,000,000• Net earnings from on-going operations of at least $200,000• Pre-tax cash flow of $500,000 • Sufficient working capital and appropriate capital structure
Companies forecasting profitability• Net tangible assets of $7,500,000• Sufficient support of the company’s forecast of the earnings • Evidence of pre-tax cash flow for the current or next year of at least $500,000
• Adequate working capital and appropriate capital structure to carry on the business
Public Distribution Requirements• At least 100,000 freely traded shares having a market value of $4,000,000
Other requirements
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DemutualizationDemutualization
Before: Members owned the TSE
Now: TSE inc. is a public company owned by shareholders (former members) and governed by a board of directors
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CATSCATS
The world’s first Computer Assisted Trading System
Requirements:• Users must be approved traders
• All trades are executed through terminals located on the floor or in a traders office
• Orders are received by registered representatives and then transmitted to the trader
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Orders: CATSOrders: CATS
Limit order • Enter a queue according to price and time specifications• If there is a match between a buy order price and a sell order price, the the order
is filled
Hit-the-market order• CATS automatically assigns a price equal to the opposite side of the market
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TOREXTOREX
Updated version of CATS
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Benefits of Fully Electronic TradingBenefits of Fully Electronic Trading
• Access to a wide range of markets• View news and corporate development• See the size and depth of the market• Access to all Canadian Exchanges• Greater efficiency