TSX Congratulates Canada-EU Governments Framework For Trade And Investment Enhancement Agreement - Furthers Proposal For Mutual Recognition Of Stock Exchanges

The prospect of Canadian and European exchanges recognizing each others' rules took a major step forward today. International Trade Minister Jim Peterson and European Union Trade Commissioner Pascal Lamy have agreed on a framework for negotiation of the Canada-EU Trade and Investment Enhancement Agreement made public at a summit today in Ottawa. The deal will set the stage to remove non-tariff barriers to trade by allowing mutual recognition of professional qualifications and quality standards.

"We have been discussing this concept across Europe for more than a year," said Richard Nesbitt, President TSX Markets. "We congratulate the governments, especially Minister Peterson and Commissioner Lamy, on reaching this agreement and we will work closely with them, and with European exchanges, to help conclude an early agreement."

In speeches given in 2003, TSX Group CEO Barbara Stymiest said she favoured seeing company's that meet criteria set by the participating exchanges only need to list on their home markets to allow them to be accessible from other markets. Such a system, she said, would promote freer trade in securities and broaden the choice for investors by opening new sources for capital.

Discussions with the TSX and European exchanges, and with respective regulators in the home markets, have been ongoing and will continue throughout 2004.