CANADA GRAPPLES ON THE BORDER The emerging trend towards trans-border
M&As has regulators everywhere concerned about their wide
implications. While others ponder future difficulties, policing
off-shore trading is already an everyday concern for the Ontario
Securities Commission (OSC).
"Trans-border markets are the most significatn focus of
securities regulations today," commented OSC chairman Stanley Beck.
"The Toronto Stock Exchange, like US exchanges, has had real
problems tracking down insider trading when it takes place
offshore."
The buoyant Canadian M&A scene features a high degree of US
trading in Canadian stocks. One hundred and ten companies listed on the
Toronto Stock Exchange (TSE) are now interlisted on US markets, up from
84 in 1981. Of this total--which includes over half of two dozen major
Canadian companies and accounts for 40% of TSE volume -- 24 are listed
on the NYSE, 35 on the Amex, and 51 on NASDAQ.
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