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 VANCOUVER, British Columbia, Jan. 7 /PRNewswire/ -- The Vancouver Stock Exchange experienced a strong 1993, breaking a series of long- standing trading records throughout the year. Trading activity reached the highest volume and value levels in the exchange's 86-year history and several other VSE market indicators also recorded new highs.
 In 1993, VSE volume hit 5.7 billion shares representing a 47 percent increase over the previous year's 3.9 billion and surpassing the 1987 record of 4.80 billion. Value climbed to $6.8 billion from $3.6 billion in 1992, representing a 90 percent increase and breaking the 1987 $6.65 billion record.
 The VSE Composite Index, which recorded a 66 percent gain in 1993, reached a five-year high of 1064.80 on Dec. 31. It also outperformed many other indices in North America including the TSE 300 Composite (up 29 percent over 1992), the NASDAQ 100 Composite (up 15 percent over 1992) and the Dow Jones Industrial Average (up 14 percent over 1992).
 The average price per share, at $1.18, was at its highest level since 1987 (when it reached $1.39).
 Value of Trans Canada Options trading doubled over last year to $24.3 million.
 Financings at $1.1 billion, reached their highest level in five years, more than doubling 1992's figures.
 The Vancouver Stock Exchange's year was marked by several other highlights and events:
 -- Wide ranging rule and policy changes endorsed by VSE Board
 In May, the VSE Board of Governors endorsed a series of wide-ranging rule and policy changes affecting the exchange's Member brokerage firms and other market participants. These rules were recommended by a special committee of the board after six months of deliberations. Although many of the reforms have been implemented, others are under further review.
 -- VCT completes a sixth international sale
 The National Stock Exchange of India became Vancouver Computerized Trading's (VCT) sixth customer in December when it purchased a money- market system based on the VSE's award-winning trading system. Previous sales were made to customers in Venezuela, Mexico, London and Turkey.
 -- Pilot arbitration project introduced
 A pilot arbitration project established by the VSE, the Investment Dealers Association of Canada and the British Columbia International Commercial Arbitration Centre completed its first year of operation in 1993. The project, which is expected to continue through 1994, was designed to adjudicate disputes between investors and Member firms.
 -- VSE pursues links in Asia
 In late November, the VSE announced the creation of a new trading section designed exclusively for the listing of substantial Asian companies. Trading on the "Asian Board(TM)" is expected to commence in early 1994 with several companies, most of which are involved in joint- ventures in the region.
 -- 1993 marked by several membership changes
 Four new Members joined the VSE in 1993: Marleau Lemire Securities Inc., Sprott Securities Ltd., Toronto-Dominion Securities Inc. and BBN James Capel Inc. This brings the total number of VSE Member brokerage firms to 49. In 1993, the VSE also introduced the concept of Associate Membership to the Exchange which is designed for offshore brokerage firms.
 -- VSE launches Long-term Equity AnticiPation Securities
 The VSE began trading Long-term Equity AnticiPation Securities or LEAPSTM in January. LEAPS are long-term options on shares that provide the owner the right to purchase or sell shares at a specific price for up to two years. At year-end the VSE was trading LEAPS on the shares of the Canadian Imperial Bank of Commerce and TransCanada PipeLines Ltd.
 Annual Statistical Summary
 The VSE's record-setting trading volume of 5.7 billion shares was 47 percent higher than the 1992 level, as trading volumes increased in all of the exchange's sections. The Resource section led with a 53 percent gain, while the Venture and Commercial/Industrial sections followed with 48 percent and 30 percent increases, respectively.
 The value of shares traded jumped 90 percent to $6.8 billion. The largest gains came from the Resource and Venture sections, which more than doubled their respective 1992 figures. The Commercial/Industrial section followed with a 32 percent gain. Both volume and value figures surpassed the previous highs established in 1987.
 A number of other trading records fell during the year, including highest monthly volume (613 million shares in April) and highest quarterly volume (1.7 billion in the second quarter).
 The Composite Index reached a five-year high of 1064.80 on Dec. 31. All of the exchange's sub-indices contributed to the Composite Index's 66 percent gain during 1993. The Resource Index led with a 140 percent gain, while the Venture and Commercial/Industrial Indices added 55 percent and 35 percent to their respective values during the year. Each of the sub-indices reached a record high since their introduction in 1990 with the Commercial/Industrial Index closing at 1202.33 on Nov. 17, the Resource Index reaching 1650.59 on Dec. 17 and the Venture Index closing at 844.26 on July 6.
 The VSE Composite Index gain of 66 percent doubled the gain made by the TSE 300 Composite during the year (the TSE up 29 percent over last year) and quadrupled the gains by the NASDAQ 100 Composite (up 15 percent) and the Dow Jones Industrial Average (up 14 percent).
 The exchange's Senior Board maintained its 16 percent share of total volume during 1993, but its share of total value dropped from 41 percent last year to 34 percent. The decline in value was due in part to the large increase in trading in the Venture section, and an increase in the average price per share in the Venture section from $0.65 in 1992 to $0.93 during 1993.
 The VSE's share of the total value of shares traded on all Canadian exchanges increased fractionally at 4 percent as the other Exchanges also posted record trading levels. The VSE's share of the total volume of Canadian shares traded dropped to 23 percent, from 28 percent last year.
 Financings soared during 1993, more than doubling last year's figures at $1.1 billion, the highest since 1988. The largest increase was in private placements, which jumped 210 percent over 1992, accounting for 89 percent of the money raised on the VSE during the year. Resource-based issues increased their share of funds raised through the exchange to 66 percent, up from 53 percent in 1992.
 There were 43 new listings during 1993, up from 39 during the previous year. Non-resource companies accounted for 40 percent of new listings during the year, up from 36 percent in 1992.
 Thirty-five companies utilized reverse take-overs as a means of listing during 1993, the same number as 1993. Resource companies accounted for 17 percent during 1993, up from 9 percent in 1992.
 Quarterly Summary
 The volume for the fourth quarter was 1.4 billion shares, up 30 percent over the same quarter of 1992, and up 2 percent the previous quarter. The year's fourth quarter value, at $1.6 billion, was up 94 percent over its corresponding quarter of 1992, but down marginally from the third quarter.
 December Summary
 Volume during December was up 12 percent from last December but slipped slightly from November's figures to 435.6 million shares. The value of shares was up over 59 percent from last year, but eased by 16 percent from last month to $502.5 million.
 The Senior Board increased its share of total VSE value to 31 percent from November and marginally increased its share of total volume to 15 percent.
 Financings for December slipped 32 percent from November figures to $79.7 million where a substantial rise in Initial Distributions from last month was not enough to offset the decrease in public offerings and private placements.
 The Composite reached a five-year high on the last trading day of the month, closing at 1064.80, up marginally from November's close of 1022.02. The Resource Index increased 9 percent over last month, soaring to a new high for the year of 1650.59 on Dec. 17, but easing somewhat at month-end to 1643.14. The moderate gain in the Venture index was not enough to combat the 5 percent drop in the Commercial/Industrial Index allowing the VSE Composite Index to increase by a marginal 1 percent.
 By month-end the market capitalization of the 1,233 stocks included in the Composite Index was $7.3 billion.
 Of the 1,642 issues listed on the exchange during the month of December, 159 posted new highs and 137 posted new lows. The most active stocks by volume included: Commonwealth Gold (Resource), Auriga Resources (Venture), Mill City Gold Mining (Venture), Adrian Resources (Resource) and Curlew Lake Resources (Venture).
 The VSE maintained its share of trading on all Canadian exchanges at 20 percent of total volume and 3 percent of total value.
 -0- 1/7/94
 /CONTACT: David A. Laundy, 604-689-3334/

CO: Vancouver Stock Exchange ST: British Columbia IN: FIN SU:

JL -- LA021 -- 0334 01/07/94 19:50 EST
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Publication:PR Newswire
Date:Jan 7, 1994

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