Market Regulation Services Inc.

Market Regulation Services Inc.

July 11, 2005 10:55 ET

RS Hearing Panels to consider Settlement Agreements between RS and Glen Grossmith, Zoltan Horcsok and W. Scott Leckie

TORONTO, ONTARIO--(CCNMatthews - July 11, 2005) - At 10 a.m. on Monday, July 18 an RS Hearing Panel will convene at RS, 9th floor, 145 King Street West, Toronto to consider settlement agreements between RS and Glen Grossmith and Zoltan Horcsok, both formerly of UBS Securities Canada Inc., for alleged violations of the Universal Market Integrity Rules (UMIR). At the time, Grossmith was Executive Director, Equity Sales Trading and Horcsok was Executive Director, Head of Sales Trading at UBS. At 1 p.m. on Tuesday, July 19 a separate RS Hearing Panel will convene at RS to consider a settlement agreement between RS and W. Scott Leckie, a senior officer of MMI Group Inc. (now Aquilon Capital Corp.). Both hearings will be open to the public.

The settlement with Grossmith relates to just and equitable principles of trade (UMIR 2.1(1)(a)) and audit trail requirements (UMIR 10.11(1)).

The settlement with Horcsok relates to trading supervision obligations (UMIR 7.1 (4)) and audit trail requirements (UMIR 10.11(1) and 10.12(1)).

The settlement with Leckie relates to wash trading (UMIR 2.2(2)(b)).

The Universal Market Integrity Rules can be accessed from the RS website at:

No details of the settlement agreements will be released prior to the respective hearings.

The RS Hearing Panels may accept or reject the settlement agreements. In the event a settlement agreement is accepted, the matter becomes final and there can be no appeal of the matter. In the event a settlement agreement is rejected, RS may proceed with a hearing of the matter before a differently constituted Hearing Panel.

The terms of the settlements, if accepted and approved by the Hearing Panels, and the disposition of the matters by the Hearing Panels will be published by RS as Disciplinary Notices and in news releases.

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 Inc. upon commencement of its operations. 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
    Cell: 416-627-3900