Securities regulators order TSX to release daily insider-trading data: Knowledge Driven Revolution

The Toronto Stock Exchange and TSX Venture Exchange have been ordered to issue daily data on trading by insiders of every listed company - a move which securities regulators say will provide "further transparency" to capital markets.

The Ontario, Alberta and British Columbia Securities Commissions said Friday that a public end-of-day summary of insider activity will give retail investors "better access to trading information that they may consider material."

The commissions are requiring exchange operator TSX Group Inc. (TSX:X) to "use reasonable commercial efforts" to provide this information for each security on the Toronto Stock Exchange and TSX Venture Exchange.

TSX spokesman Steve Kee said he could not predict how soon that would happen.

Kee said the exchange had been aware the commission action was coming and the TSX Datalinx market information unit is determining how the insider tally will be handled.

"What the form is and what exactly will be available, it's too early to tell."

At present, purchases or sales of a company's stock by its executives and other insiders are identified, but these markers are available only for regulatory use and are not publicly disclosed.

The commissions now say it is in the public interest for TSX to publish a daily end-of-session summary of trades with an insider-trading marker.

The move arises from a 2003 task force report on how to combat illegal insider trading - buying and selling by insiders motivated by corporate information that is not publicly known.

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