Some thought-provoking information from Richard Boulay . . .
"Subject:
Surveillance
Date:
Wed, 5 Jan 2000 11:29:45 -0700
From:
"Richard Boulay" <boulay@canuck.com>
To:
"Stewart Murray" <smurray@videon.wave.ca>
For your information there was an interesting, although incorrect, set of
observations posted on the SI thread regarding surveillance matters
connected with the migration of ASE and VSE companies to the new CDNX
exchange. Here are the facts:
Surveillance matters for former ASE companies continue to be handled under
the old ASE rules by the old ASE surveillance department. This will
continue
until the end of February when the new CDNX rules will take effect. There
is
will not be any significant change in surveillance compliance. Frankly,
none
that I know of.
Under the CDNX computer system (actually the old VSE system, an extremely
stable system and a tribute to the best of late-1970's computer technology)
surveillance is greatly diminished, compared to the ASE computer system.
The ASE system was discontinued in September, a month or so before the
official change to the CDNX. Surveillance-wise, the CDNX system is
significantly degraded since the ASE system, using mid-1990's software
technology, allowed surveilance officials and manager of public companies
to
obtain live data on trading statistics, including running tallies of
pro-trades during the day, plus a lot of other forensic data.
Overall the surveillance scene is unchanged in terms of regulatory
requirements but significantly reduced in terms of our ability to see what
is happening in real time.
Feel free to post this providing you attribute it directly to me.
Regards, Rick Boulay
" |
