Mr. Nesbitt said, "Canadians deserve strong, national rules contained in a modern, competitive regulatory system. They deserve timely and effective enforcement of these rules. They also deserve rules that generate benefits for investor protection that exceed costs of the rules themselves. International investors deserve the same when they choose to invest in Canadian companies. Our reputation as a market depends on it."
He told a University of New Brunswick luncheon today in Fredericton there has been great progress made. He cited the recent appointments of new business focused Chairs for the Alberta and Ontario Securities Commissions, that the head of Quebec’s Autorité de marchés financiers has shown a strong desire to work innovatively and cooperatively with TSX, among others, and B.C. has recently decided to throw its support behind national harmonization of regulation through the passport system.
Competition is something the TSX faces everyday. There are currently some 200 Canadian issues inter-listed on U.S. exchanges as well as on Toronto Stock Exchange. TSX Group exchanges are global leaders for the listing and trading of resource and energy issues. TSX Group exchanges have also become leading exchanges for facilitating financing. According to the World Federation of Exchanges, our combined exchanges are third in the world in terms of financing – behind NYSE and London.
Mr. Nesbitt’s remarks were at a luncheon to celebrate TSX Group Inc. making a $100,000 donation to UNB’s “Forging Our Futures” campaign. The gift will support UNB Fredericton’s award-winning Centre for Financial Studies, Canada’s leading university undergraduate-level financial services education program.
Click here for a copy of Mr. Nesbitt’s remarks.
