Market Regulation Services Inc.

Market Regulation Services Inc.

October 05, 2005 09:41 ET

RS Hearing Panel Dismisses Charges Against Jason Fediuk; RS Will Not Appeal

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 5, 2005) - The RS Hearing Panel that convened in Vancouver on August 29 and 30, 2005 to determine whether Jason Fediuk, an institutional equity trader with Salman Partners Inc., committed a frontrunning violation when he traded TVX Gold Inc. shares ahead of the client on April 26, 2002 has dismissed all charges against him. RS has decided not to appeal the Panel's decision.

The Panel decided that it did not have clear and convincing proof that Fediuk knew of the client order when he entered a non-client order prior to the entry of the client's order to purchase 3.5 million shares of TVX.

"Frontrunning is ranked by the securities industry as one of the top risks to market integrity," said Gerry Halischuk, RS's Vice President, Market Regulation, Western Region. "RS will always vigorously prosecute anyone we suspect of frontrunning. While this was not the decision we were hoping for, I am satisfied that the Panel demonstrated a clear understanding of the allegations and weighed the evidence fairly."

For the complete text of the Panel's decision, go to:
Decision 2005-002 Jason Fediuk October 5, 2005 (http://docs.rs.ca/ArticleFile.asp?Instance=100&ID=637FDA4042DD4DCABC9E10A0BED941F8)

About Market Regulation Services Inc. (RS)

RS is the independent regulation services provider for Canadian equity marketplaces, including TSX, TSX Venture Exchange, Canadian Trading and Quotation System, Bloomberg Tradebook Canada Company, Liquidnet Canada Inc. and Markets Securities Inc. RS is recognized by the securities commissions of Ontario, British Columbia, Alberta and Manitoba and by the Autorite des marches financiers in Quebec to regulate the trading of securities on these marketplaces by participant firms and their trading and sales staff. RS helps protect investors and ensure market integrity by ensuring all equities transactions are executed properly, fairly and in compliance with trading rules.

Contact Information

  • Market Regulation Services Inc.
    Doug Maybee
    Director of Communications & Public Affairs
    (416) 646-7253
    (416) 627-3900 (Cell)
    doug.maybee@rs.ca