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In Depth

Federal Budget 2007

Securities regulation

Ottawa ready to consolidate stock exchanges

March 19, 2007

CBC News

Apparently tired of the delays in forming one giant Canadian stock exchange — presumably an offshoot of the TSX — federal Finance Minister Jim Flaherty is telling provinces that Ottawa may go it alone in bringing all four of the country's exchanges under one roof.

In his budget, Flaherty unveiled a four-point plan to consolidate what the budget papers called Canada's "current, fragmented structure of securities regulation."

The plan to enhance regulatory efficiency and strengthen securities integrity will be difficult to achieve under the current system, Ottawa says. It is planning to talk to its provincial counterparts in the weeks ahead and hopefully establish a firm timetable for a smoother system.

There are currently four securities regulators in Canada, all provincially overseen. The largest by far is the Toronto Stock Exchange or TSX, which is the 7th largest in the world and an acknowledged powerhouse in certain fields. The others are the Montreal Exchange (which specializes in high-tech stocks), the Winnipeg Commodity Exchange and the NGX, an energy market based in Calgary.

In the past, the biggest opponent to consolidation has been the Montreal business community, which has fought vigorously to maintain its own securities regulator and the many business spin offs that come with it.

The Conservative plan envisions a much tougher, what it calls "principle-based" regulatory system that would engage in securities trading with other G-7 countries and have common standards.

The government also wants to improve investor information on a wider front, in particular by helping develop financial literacy courses in schools.

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