INT'L CONVENTION 2007
Annual Convention & Trade Show March 4-7 Toronto
Financial Sense's "Roving Reporter" Rob Kirby Daily Report
"TSX TEAMS WITH ISE" Tuesday, March 6
The TSX Group chose the PDAC Media Room on Monday, March 5 to announce the kick off of a new promotional campaign designed to enhance the international [U.S.] profile of the TSX as "THE PLACE" for companies to list.
Pictured above are TSX CEO, Richard Nesbitt [sitting-L], along with Randall Oliphant - current CEO of Rockcliff Group, Chairman of Western Goldfields and former CEO of Barrick Gold Corp. [sitting-R]. At podium making introductions is Steve Kee, Director, Media & Marketing TSX Group.
The thrust of this promotional campaign kicks off in New York City on April 11, 2007 - and will involve a 10 city road show throughout the U.S.
In conjunction with this promotional junket, the TSX also announced a new strategic partnership with International Securities Exchange Holdings Inc. [ISE] to create a Canadian derivatives exchange to be known as DEX.
"This venture with TSX Group will create a new platform to expand the trading alternatives available for investors in Canadian securities," said ISE president and chief executive Mr. Krell, in a statement."
This development - once implemented - represents a departure from custom since the Montreal Stock Exchange has historically handled all equity futures and options trade in Canada.
How this new arrangement ultimately stacks up will be interesting to follow - to say the least. It is interesting to note that the TSX brought out a "highly recognizable figure" in Canadian mining circles to make their announcement - Mr. Randall Oliphant.
Mr. Oliphant, as former CFO and then President and CEO of Barrick Gold Corporation [until 2003], oversaw the build up of Barrick Gold's Hedge Book to some 16 million ounces [at one point this represented approximately 5 years worth of Barrick's annual production] at its height.
Of course, and maybe even ironically, this would make Mr. Oliphant the "perfect poster child" for the TSX's journey into the realm of derivatives trading - wouldn't it?
Rob
Kirby
Your Roving Reporter for Financial Sense at PDAC 2007
Tuesday, March 6, 2007
