Canadian regulators have approved the creation of a new stock exchange that will go head-to-head with Toronto Stock Exchange owner TMX Group this spring. But if Aequitas succeeds, it will have to penetrate the domain of a bigger, stronger rival that has fended off other challenges by dominating market for listings, trading, and clearing and settlement of trades.
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New approach to high-frequency trading gains regulator approval.
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On November 13, 2014, the Commission recognized each of
Aequitas Innovations Inc. (Aequitas Innovations) and Aequitas Neo Exchange Inc. (Aequitas Neo Exchange) as
an exchange. The recognition
is effective as at March 1, 2015.
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Good corporate governance is booming business for powerful proxy advisory firms - companies like RiskMetrics/Institutional Shareholder Services (ISS), and Glass, Lewis & Co., who influence key shareholder votes with their governance ratings on companies and recommendations on how shareholders should vote at annual meetings or on special issues such as takeover bids. But for public companies and investors who follow their recommendations, new research suggests the advice may not be as useful as the advisors' reputation might suggest.
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In our previous article, we introduced mini-tenders and discussed the factors that should be considered before launching a mini-tender offer. In this article, we discuss mini-tenders from the perspective of issuers and shareholders.
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The "revolving-door" phenomenon whereby analysts are hired by firms that they cover poses a threat to their independence. This paper documents this phenomenon and assess the extent to which it is associated with analysts' issuance of biased research reports during the year prior to their employment with the covered firms.
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Institutional Shareholder Services ("ISS") and Glass, Lewis & Co., LLC ("Glass Lewis"), two
leading proxy advisory firms, recently released updated guidelines for the 2015 Canadian proxy season. The revisions reflect a continued focus on advance notice bylaws along with other defensive measures relied on by management and incumbent boards. Given the influence that ISS and Glass Lewis have on voting, understanding these guidelines could be critical for issuers in advance of the upcoming 2015 proxy season.
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Mini-tenders have a bad reputation, which may explain why they are used infrequently. This is the first in a trilogy of articles about mini-tender offers from the perspectives of offerors, issuers and shareholders. It reviews factors that an offeror should consider before launching a mini-tender offer.
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An overview of the Glass Lewis Approach to Proxy Advice
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