The Toronto Futures Exchange Seeks Court Direction With Respect To The TFE Contingency Fund

At a recent meeting of the Board of Directors (the "Board") of The Toronto Futures Exchange ("TFE"), the Board made a decision with respect to the TFE Contingency Fund (the "Fund"). In December 1999, the Board retained an "independent person", namely, Stanley M. Beck, Q.C., to seek his views and recommendations with respect to the wind-up and distribution of the Fund. Mr. Beck delivered his report to the Board in early February, and the Board subsequently met to review the Beck Report and to make a decision with respect to the Fund. After considering the Beck Report and such other factors as the Board considered relevant, the Board concluded that the appropriate course of action in the circumstances would be to bring an interpleader application to the Ontario Superior Court of Justice, to seek to pay the monies contained into the Fund into Court, and to ask the Court to determine the manner in which the monies comprising the Fund should be allocated and distributed among various competing claimants. Details of the Board's decision, including the reasons for the decision and a copy of the Beck Report are being sent today to all TFE members, seatholders and lessees.