Proceedings

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IN THE MATTER OF THE SECURITIES ACT
R.S.O. 1990, c. S.5, AS AMENDED

– AND –

IN THE MATTER OF
SAXON FINANCIAL SERVICES, SAXON CONSULTANTS LTD., INTERNATIONAL
MONETARY SERVICES, FXBRIDGE TECHNOLOGIES, INC., MEISNER
CORPORATION, MERCHANT CAPITAL MARKETS, S.A., MERCHANT CAPITAL
MARKETS, MERCHANTMARX, SIMON BACHUS, JOSEPH CUNNINGHAM,
RICHARD CLIFFORD, RYAN CASON, JOHN HALL, DONNY HILL, JEREMY
JONES, MARK KAUFMANN, CONRAD PRAAMSMA, JUSTIN PRAAMSMA, SCOTT
SANDERS, JACK SINNI, MARC THIBAULT, SEAN WILSON and TODD YOUNG

ORDER
Section 127(8)


      WHEREAS on July 26, 2007, the Ontario Securities Commission (the “Commission”) ordered pursuant to clause 2 of subsection 127(1) of the Securities Act, R.S.O. 1990, c.S.5, as amended (the “Act”) that the Respondents, their officers, directors, employees and/or agents cease trading in all securities immediately (the “Temporary Order”);

      AND WHEREAS the Commission further ordered that pursuant to subsection 127(6) of the Act the Temporary Order shall take effect immediately and shall expire on the fifteenth day after its making unless extended by the Commission.;

      AND WHEREAS on July 26, 2007 the Commission issued a Notice of Hearing to consider, among other things, the extension of the Temporary Order, to be held on August 9, 2007 at 10:00 a.m.;

      AND WHEREAS pursuant to subsections 127(1) and 127(8) of the Act, a hearing was held on August 9, 2007 where the Respondents, FxBridge Technologies, Inc., International Monetary Services, Simon Bachus and Joseph Cunningham, were in attendance and the hearing was adjourned to October 10, 2007 and the Temporary Order was extended on consent of all parties present during the period of the adjournment;

      AND WHEREAS on October 10, 2007 a hearing was held and the Commission was advised that the Respondents, FxBridge Technologies, Inc. and Joseph Cunningham requested an adjournment of the hearing and a further extension of the Temporary Order during the period of the adjournment and the Respondents, International Monetary Services and Simon Bachus consented to the adjournment and further extension of the Temporary Order during the period of the adjournment;

      AND WHEREAS on December 14, 2007 a hearing was held and the Commission was advised that the Respondents, International Monetary Services and Simon Bachus requested an adjournment of the hearing and a further extension of the Temporary Order during the period of the adjournment and the Respondents, FxBridge Technologies, Inc. and Joseph Cunningham consented to the adjournment and further extension of the Temporary Order during the period of the adjournment;

      AND WHEREAS the Commission is of the opinion that the time required to conclude a hearing could be prejudicial to the public interest;

      AND WHEREAS the Commission is of the opinion that it is in the public interest to make this order;

      AND WHEREAS pursuant to section 127(8) of the Act, satisfactory information has not been provided to the Commission by any of the Respondents;

      IT IS ORDERED pursuant to subsection 127(8) of the Act that:
  1. the hearing is adjourned to March 28, 2008 at 11:00 a.m., or as soon thereafter as the hearing can be held; and
  2. the Temporary Order be extended during the period of the adjournment, subject to the following:
    1. Bachus and Cunningham are permitted to trade in securities for their own accounts or for the account of a registered retirement savings plan or registered retirement income fund (as defined in the Income Tax Act (Canada)) in which they have sole legal and beneficial ownership and interest, provided that:
      1. the securities are listed and posted for trading on a prescribed stock exchange (as defined in Regulation 3200 to the Income Tax Act (Canada)) or are issued by a mutual fund which is a reporting issuer;
      2. in the case of securities listed and posted for trading on a prescribed stock exchange (as defined in Regulation 3200 to the Income Tax Act (Canada)), Bachus and Cunningham do not own legally or beneficially more than one per cent of the outstanding securities of the class or series of the class in question; and
      3. Bachus and Cunningham must carry out permitted trading through a registered dealer and through accounts opened in their name only and must close any accounts in Ontario in which they have any legal or beneficial ownership or interest that were not opened in their name only.

Dated at Toronto this 14th day of December, 2007.

James E.A. Turner

James E.A. Turner
 
Carol S. Perry

Carol S. Perry