TSX Markets Introduces “Multiple Give-Up” In Canada - Latest In A Series Of Market Features To Build U.S. Order Flow

In a continuing effort to provide enhancements to facilitate cross border trading, TSX Markets today launched “Multiple Give-Up” – a feature whereby Toronto Stock Exchange and TSX Venture Exchange investors now have greater choice in clearing and settlement decisions. This function allows firms the ability to direct large or multiple orders to their choice of Participating Organizations for execution, yet have the various trades tagged for clearing by a single clearing firm.

“Simply put, we are leveling the playing field for our participants,” said Rik Parkhill, Senior Vice-President, Trading, TSX Markets. “It is a very competitive marketplace. Our customers have told us that introduction of this capability should lead to more competitive pricing for this part of the trading process, which we believe will lead to more order flow.”

Multiple Give-Up is the latest in a series of market initiatives – aimed at making the Canadian marketplace a more attractive alternative for all investors and of particular note, for U.S. traders of Canadian based issuers. It’s a feature already available in U.S. marketplaces. So far in 2004, TSX Markets has launched a Market on Close facility, aimed at creating a fair and transparent process for setting closing market prices. The U.S. dollar book, launched earlier this year, has helped TSX and the industry resolve inefficiencies in dual-currency trading of TSX stocks. When these features are packaged together with today’s announcement of Multiple Give-Up, TSX Markets provides participants greater choice and flexibility for trading decisions, trade execution options and now, settlement decisions.

Advantages of “Multiple Give-Up”:

• Investors can more efficiently select the most competitive or most efficient clearing options independent of their choice of executing Participating Organization.

• Creates the potential for reduced business costs and reduced margin requirements.

• Investors can more effectively distribute their trading relationships among multiple PO’s, without complicating the settlement process.

Participating Organizations with questions on the new feature are asked to contact their TSX Account Manager.

About TSX Group Inc. (TSX-X)
TSX Group operates Canada's two national stock exchanges serving the senior equity and public venture equity markets as well as NGX, a leading North American exchange for the trading and clearing of natural gas and electricity contracts. TSX are the initials attached to the core equity operations of the TSX Group (www.tsx.com): Toronto Stock Exchange, TSX Venture Exchange, TSX Markets, TSX Datalinx, TSX Technologies. TSX Group is headquartered in Toronto and maintains offices in Montreal, Winnipeg, Calgary and Vancouver.