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CNQ’s Application to Become a Stock Exchange

For immediate release: Monday, November 24, 2003

CNQ’s Application to Become a Stock Exchange Published by OSC

Request for comments open to December 22, 2003

TORONTO, Ontario – The Canadian Trading and Quotation System Inc. (CNQ), announced today that its application to the Ontario Securities Commission (OSC) to be recognized as a stock exchange has been published in the OSC Bulletin.

“The publication is a significant milestone in the development of Canada’s newest stock market. It is the result of a full dialogue with public companies, investment dealers and OSC staff,” said CNQ’s President and CEO, Robert Cook.

CNQ’s market, with an electronic central limit order book, regulatory oversight of issuers, and comprehensive market surveillance by Market Regulation Services Inc. is already effectively the same as an exchange and formal recognition as one will eliminate the confusion caused by CNQ’s current status as a Quotation and Trade Reporting System. It will also make the process of becoming a reporting issuer in Ontario more straightforward for companies that are already public in other jurisdictions.

“Issuers trading on CNQ will benefit from the enhanced profile that comes with being listed on an exchange that is nationwide in scope and outlook, and the many benefits that flow from our innovative market model and streamlined regulation,” said Mr. Cook. Currently issuers from Ontario, British Columbia, Alberta and Quebec may trade on CNQ without making separate application to the OSC and they will all be deemed to be reporting issuers in Ontario if CNQ is recognized as an exchange.

The application by CNQ as published for public comment in the OSC Bulletin is available at The comment period is open until December 22, 2003 following which the OSC will consider the application for approval. A change in recognition will not require any material changes to CNQ’s current trading rules or issuer policies.

About CNQ

Canadian Trading and Quotation System Inc. (CNQ) has created an innovative stock market that matches enhanced disclosure and streamlined regulation with leading edge trading technology to meet the needs of small cap Canadian companies. Combined with comprehensive regulatory oversight, this provides an efficient new equity market that fosters integrity, transparency and liquidity for investors, issuers, and investment dealers. A recent survey of public companies available at highlights the attractiveness of CNQ’s market model.

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For more information please contact:

Timothy Baikie

General Counsel

Canadian Trading and Quotation System Inc.

416-572-2000 Ext. 2478

Erica Belling

NATIONAL Public Relations




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