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Strategies & Market Trends : Sharck Soup -- Ignore unavailable to you. Want to Upgrade?

To: Frederick Langford who wrote (35183)	9/12/2001 3:37:01 PM
From: Softechie	Respond to of 37746

Toronto Stock Exchange to resume trading Thursday (UPDATE: Recasts first paragraph to include reopening of markets, adds TSE quotes, background) By Scott Anderson TORONTO, Sept 12 (Reuters) - The Toronto Stock Exchange said on Wednesday it plans to resume trading on Thursday after a two-day halt in tandem with the crisis-hit United States. ADVERTISEMENT ``There was a meeting early this afternoon and then we consulted with our board and with some of the brokerage firms, and we thought that we could operate a fair and orderly market,'' said TSE spokesman Steve Kee. The TSE remained closed on Wednesday, along with other North American markets, after hijacked airliners were used as flying bombs on Tuesday to attack the World Trade Center in New York and the Pentagon outside Washington. TSE senior management decided at an early morning meeting on Wednesday to keep the market closed for a second day. The Montreal and Canadian Venture exchanges also opted to halt operations, but bond and money markets opened. All markets have since said they will be open for business on Thursday. Although Toronto and New York are hundreds of miles apart, the devastating results of the U.S. attacks illustrated the close links between the two financial centers, especially in the age of electronic trading. The TSE sees an average daily trading volume of about 145 million shares worth nearly C$3 billion ($2 billion) and handles about 53 percent of the trading value of the interlisted stocks. This pales in comparison to the New York Stock Exchange's daily volume of more than one billion shares worth $43 billion, the latest figures for August provided by the NYSE's Web site. Many of Canada's biggest stocks such as BCE Inc. (Toronto:BCE.TO - news) (NYSE:BCE - news), Nortel Networks Corp. (Toronto:NT.TO - news) (NYSE:NT - news) and Royal Bank of Canada (Toronto:RY.TO - news) (NYSE:RY - news) are cross listed in New York and many of the large brokerages maintain offices in both cities. Some Canadian institutions also operate trading floors, market-making activities and computer systems on Wall Street, but it is not known whether any of the companies was affected by the New York attack. NEED FOR A FAIR MARKET Canadian traders supported the TSE's decision to halt operations noting that it was the only way to maintain a sense of calm in turbulent times. ``The key is to have sufficient time to make sure our complete fabric is restored. If you don't do that, the risk of increasing what will already be a volatile period is heightened,'' said Paul Bates, president and chief executive at Charles Schwab Canada. ``There is no market that stands alone. They are all interrelated and I think the key is that there is a co-ordinated effort between them.'' Fred Ketchen, director of equities trading at ScotiaMcLeod in Toronto, also supported the TSE's decision to suspend trading (on Wednesday) noting that a period of calm was needed to co-ordinate activity between the two centers. ``There is a great interrelation of our markets. There is also a significant interrelationship of our economies,'' he said. ``If you are going to try to keep things to the calmest level you can, it is wise that these two markets co-ordinate.'' The Bank of Canada also attempted to restore market confidence on Wednesday by providing C$1 billion of liquidity to support stability in financial markets, matching the amount made available on Tuesday. The central bank said it wanted to assure the public that it will ``provide the liquidity necessary to support the stability of the Canadian financial system and the continued functioning of financial markets.'' ($1 equals $1.56 Canadian)

To: Frederick Langford who wrote (35183)	9/12/2001 3:43:16 PM
From: GHOST TRADER	Read Replies (1) \| Respond to of 37746

Freddy I totally agree with you but you must respect the fact that this market is controlled by greed. I do beleive those who make there money from others grief will pay the piper one day perhaps not today but someday. I think we should just do what we think is right and let those others do there thing. Remember when there children ask them how they made the money they can explain that when the biggest one day mass murder terrorism happened they shorted the market for some short term gains. They can live with that guilt. I personnally could not. Gary

To: Frederick Langford who wrote (35183)	9/12/2001 4:06:56 PM
From: Mike M	Read Replies (1) \| Respond to of 37746

Fred, I could not agree with you more. Shorting to turn a profit in these circumstances border on the heinous. I hope brokerage firms will limit this activity. Some firms will not allow shorting for the foreseeable future. Perhaps boxing to protect a vulnerable long position would be sensible in lieu of outright selling. Of course, no one can legislate greed. It can only be dealt with in the heart of each person. Sadly all of us are made poorer in the process.

To: Frederick Langford who wrote (35183)	9/12/2001 4:20:23 PM
From: golfnut777	Respond to of 37746

Fred, I agree with you. It's indisputable that shorting on any significant scale will further exacerbate the decline. Why not buy gold or oil stocks or do nothing if shorting seems the only option. It's easy to think "everyone else will be doing it and I want my piece of the action" but doing anything to profit from this tragedy is shameful and I would put shorting under these circumstances as no different than price gouging at the pump or trying to sell WTC memorabilia on Ebay (which has been stopped).