Proceedings

IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, C. S.5, AS AMENDED
AND
IN THE MATTER OF INVESTMENT DEALERS
ASSOCIATION OF CANADA, REGULATION 2100.4
AND
IN THE MATTER OF A HEARING AND REVIEW OF THE
IDA'S DECISION RE: THE REUTERS INFORMATION SERVICES
(CANADA) LIMITED APPLICATION FOR RECOGNITION
AS A MARKET TRANSPARENCY ORGANIZATION

DECISION

1. The hearing and review by the Commission of the decision of the Investment Dealers Association of Canada ("IDA") with respect to an application by ReutersInformation Services (Canada) Limited ("Reuters") for recognition as a market transparency organization is neither an appeal nor a hearing de novo. The hearingand review will be on the record that was before the IDA Board, supplemented by such evidence, written and oral, as IDA, Reuters or Commission staff maywish to present, and the panel of the Commission admit, with respect to the question that was before the IDA Board on the application, whether Reuters canperform the relevant transparency-related services as effectively as CanPX Corporation.

2. At least 10 days before the commencement of the hearing and review, each of IDA, Reuters and staff shall advise the others, and the entities given "Torstar-type" standing below, as to the substance of the evidence it proposes to adduce, and shall deliver to the others and those entities copies of all new documents tobe relied on by it at the hearing and review.

3. The Commission will not, as a result of the hearing and review, set aside the IDA Board's decision unless it is established at the hearing and review that:

(i) the IDA Board proceeded on some incorrect principle;

(ii) the IDA Board erred in law;

(iii) the IDA Board overlooked material evidence;

(iv) new and compelling evidence is presented to the Commission, that was not presented to the IDA Board; or

(v) the IDA Board's perception of the public interest conflicts with that of the Commission.

4. Cantor Fitzgerald, L.P. ("Cantor") is not "directly affected by, or by the administration of," the decision of the IDA Board under review within the meaning ofsubsection 21.7(1) of the Securities Act. Accordingly, it is not entitled to apply to the Commission for a hearing and review. Reuters is directly affected and hasso applied.

5. Each of Cantor, Star Data Systems Inc. and the Inter-Dealer Broker Association of Canada will have "Torstar-type" status at the hearing and review. Theywill not be entitled to lead evidence or cross-examine witnesses, but will be permitted to make submissions during the closing arguments. If there is relevantevidence which any of them wish to have presented, arrangements to do so can no doubt be made by them with IDA, Reuters or staff, all of which will be entitledto present evidence to the extent permitted under 1 above.

6. If any other participant in the IDA proceedings wishes to have "Torstar-type" status at the hearing and review, an application can be made at thecommencement of the hearing and review.

7. Reasons for this Decision will be issued in due course.

March 24, 1997.

"J. A. Geller"

"Morley P. Carscallen"