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Gold/Mining/Energy : Microforum (MCF:TSE)
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To: James R. who wrote (3077)7/17/1999 8:24:00 AM
From: James R.  Read Replies (1) of 3896
 


By SARAH GREEN -- Toronto Sun
The way CEO Thomas Caldwell sees it, yesterday was "a day of business lost."
The phones were out at Caldwell Securities, sending his firm scrambling to keep up with business on the Toronto Stock Exchange. "It was a very frustrating day for anybody in the security business. You cut off your phone lines, you cut off your quotes -- you're shooting blind."
CELL-PHONE LINK
Caldwell sent a trader with a cell phone to the stock exchange and managed to make some bigger trades through New York. Despite these efforts, he estimated the cost of the disruption was "massive."
"At the end of the day, it all comes down to phone lines," he said, adding it's "incredible" it wasn't prevented by "a backup system."
Other member firms also lost their communications links with the TSE.
Trading continued but the options and futures trading floor closed for three hours until 2 p.m.
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