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TSE MEMBERS VOTE IN FAVOR OF A FULLY AUTOMATED EQUITY TRADING SYSTEM

 TSE MEMBERS VOTE IN FAVOR OF A FULLY AUTOMATED EQUITY TRADING SYSTEM
 TORONTO, Feb. 12 /PRNewswire/ -- The chairman of the board of governors of the Toronto Stock Exchange today announced that members of the exchange have voted strongly in favor of the board's recommendation for a fully automated equity trading system.
 The TSE's board and members arrived at this decision after a thorough examination and discussion of the benefits and costs of maintaining both floor and electronic trading systems. Michael Edwards, chairman of the board, stated: "We believe that a fully electronic trading environment will substantially increase productivity for the member firms while significantly reducing the cost of trading. The cost of operating the equity trading floor has been estimated at 98 million dollars annually. The members' vote to move to full automation will result in the closure of the equity trading floor commencing in the first quarter of 1993."
 Pearce Bunting, president and CEO of the exchange said, "To ensure that the move to full automation is accomplished without a reduction in services to the membership, the exchange will be pursuing a number of initiatives, including:
 a) Over the coming year, we will be redesigning and fully testing
 the equity trading network, as well as a new trading
 workstation, custom-designed to members' requirements;
 b) We will be substantially increasing the capacity of our
 equity trading system;
 c) We will be working with the membership to assist them in
 planning for and implementing an orderly transition of equity
 trading to a fully automated environment.''
 The registered trader system is being retained. Edwards emphasized, "We strongly believe in the benefits of the Registered Trader system, therefore registered traders will continue in their traditional role operating from member firms' offices. In addition, the exchange will be retaining a floor-based operation for its derivative market."
 Bunting commented, "It is too soon to tell how many jobs will be affected as a result of the move to fully automate the TSE's equity trading system. Regrettably, some jobs will be lost but we are committed to doing everything possible over the balance of the year and to the end of the transition period to assist all staff affected by this change.
 "By making the important decision to fully automate equity trading, the exchange and our members will be in a stronger position to compete in an increasingly global industry. With the effective and efficient use of technology, we will continue to pursue our long-range plan to be the preferred market worldwide for trading Canadian securities," he concluded.
 -0- 2/12/92
 /CONTACT: K. Michael Edwards, chairman of the board, 416-860-3454; Pearce Bunting, president and CEO, 416-947-4500, both of the Toronto Stock Exchange/ CO: Toronto Stock Exchange ST: IN: FIN SU:


PS -- NY101 -- 9510 02/12/92 22:45 EST
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Publication:PR Newswire
Date:Feb 12, 1992
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