Market Regulation Services Inc.

Market Regulation Services Inc.

November 16, 2006 17:22 ET

W. Scott Wardle Agrees to Suspension and Fines of $40,000 Plus $35,000 in Costs for Contravening UMIR Rules

TORONTO, ONTARIO--(CCNMatthews - Nov. 16, 2006) - On Tuesday, November 14, 2006, a Market Regulation Services Inc. Hearing Panel constituted under the Universal Market Integrity Rules approved a settlement between Market Regulation Services Inc. and W. Scott Wardle. In the settlement, Wardle agrees that, between October 2004 and March 2005, he contravened UMIR Rules involving frontrunning, just and equitable principles of trade, client priority, order marking, exposure of client orders and audit trail. Wardle was fined $40,000 plus $35,000 in costs and suspended from access to all marketplaces regulated by RS for one (1) month.

"This case illustrates that traders must take their client responsibilities seriously and never use their knowledge of a client order to their own advantage. This activity was detected thanks to the diligent work by RS staff," says Maureen Jensen, VP, Market Regulation, Eastern Region.

The details of the Settlement Agreement may be accessed at www.rs.ca.

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 (including its "Pure Trading" facility), Bloomberg Tradebook Canada Company, Liquidnet Canada Inc., Perimeter Markets Inc. (BlockBook), and Shorcan ATS Limited. RS is recognized by the securities commissions of British Columbia, Alberta, Manitoba, Ontario 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

  • Acting Chief Enforcement Counsel, Eastern Region
    Melissa MacKewn
    416-646-7229
    416-646-7285 (FAX)
    melissa.mackewn@rs.ca