Cable Viewer

Currently released so far... 16061 / 251,287

### Articles

Brazil Sri Lanka United Kingdom Sweden 00. Editorial United States Latin America Egypt Jordan Yemen Thailand

### Browse latest releases

2010/11 2010/12 2011/01 2011/02 2011/03 2011/04 2011/05 2011/06 2011/07
2010/11/28 2010/11/29 2010/11/30
2010/12/01 2010/12/02 2010/12/03 2010/12/04 2010/12/05 2010/12/06 2010/12/07 2010/12/08 2010/12/09 2010/12/10 2010/12/11 2010/12/12 2010/12/13 2010/12/14 2010/12/15 2010/12/16 2010/12/17 2010/12/18 2010/12/19 2010/12/20 2010/12/21 2010/12/22 2010/12/23 2010/12/24 2010/12/25 2010/12/26 2010/12/27 2010/12/28 2010/12/29 2010/12/30
2011/01/01 2011/01/02 2011/01/04 2011/01/05 2011/01/07 2011/01/09 2011/01/10 2011/01/11 2011/01/12 2011/01/13 2011/01/14 2011/01/15 2011/01/16 2011/01/17 2011/01/18 2011/01/19 2011/01/20 2011/01/21 2011/01/22 2011/01/23 2011/01/24 2011/01/25 2011/01/26 2011/01/27 2011/01/28 2011/01/29 2011/01/30 2011/01/31
2011/02/01 2011/02/02 2011/02/03 2011/02/04 2011/02/05 2011/02/06 2011/02/07 2011/02/08 2011/02/09 2011/02/10 2011/02/11 2011/02/12 2011/02/13 2011/02/14 2011/02/15 2011/02/16 2011/02/17 2011/02/18 2011/02/19 2011/02/20 2011/02/21 2011/02/22 2011/02/23 2011/02/24 2011/02/25 2011/02/26 2011/02/27 2011/02/28
2011/03/01 2011/03/02 2011/03/03 2011/03/04 2011/03/05 2011/03/06 2011/03/07 2011/03/08 2011/03/09 2011/03/10 2011/03/11 2011/03/13 2011/03/14 2011/03/15 2011/03/16 2011/03/17 2011/03/18 2011/03/19 2011/03/20 2011/03/21 2011/03/22 2011/03/23 2011/03/24 2011/03/25 2011/03/26 2011/03/27 2011/03/28 2011/03/29 2011/03/30 2011/03/31
2011/04/01 2011/04/02 2011/04/03 2011/04/04 2011/04/05 2011/04/06 2011/04/07 2011/04/08 2011/04/09 2011/04/10 2011/04/11 2011/04/12 2011/04/13 2011/04/14 2011/04/15 2011/04/16 2011/04/17 2011/04/18 2011/04/19 2011/04/20 2011/04/21 2011/04/22 2011/04/23 2011/04/24 2011/04/25 2011/04/26 2011/04/27 2011/04/28 2011/04/29 2011/04/30
2011/05/01 2011/05/02 2011/05/03 2011/05/04 2011/05/05 2011/05/06 2011/05/07 2011/05/08 2011/05/09 2011/05/10 2011/05/11 2011/05/12 2011/05/13 2011/05/14 2011/05/15 2011/05/16 2011/05/17 2011/05/18 2011/05/19 2011/05/20 2011/05/21 2011/05/22 2011/05/23 2011/05/24 2011/05/25 2011/05/26 2011/05/27 2011/05/28 2011/05/29 2011/05/30 2011/05/31
2011/06/01 2011/06/02 2011/06/03 2011/06/04 2011/06/05 2011/06/06 2011/06/07 2011/06/08 2011/06/09 2011/06/10 2011/06/11 2011/06/12 2011/06/13 2011/06/14 2011/06/15 2011/06/16 2011/06/17 2011/06/18 2011/06/19 2011/06/20 2011/06/21 2011/06/22 2011/06/23 2011/06/24 2011/06/25 2011/06/26 2011/06/27 2011/06/28 2011/06/29 2011/06/30
2011/07/01 2011/07/02 2011/07/04 2011/07/05 2011/07/06 2011/07/07 2011/07/08 2011/07/10

### Browse by creation date

66 72 73 75 79 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10
1966/12
1972/02 1972/08
1973/04
1975/03
1979/08
1985/03 1985/05 1985/06
1986/05 1986/08 1986/12
1987/06
1988/01 1988/03 1988/04 1988/07 1988/08 1988/12
1989/12
1990/01 1990/07 1990/08 1990/10
1991/05 1991/07 1991/11
1992/01 1992/03 1992/06 1992/09 1992/12
1993/01 1993/10
1994/11 1994/12
1995/01 1995/04
1996/07 1996/09 1996/11
1997/02 1997/03 1997/05 1997/06 1997/08 1997/10 1997/12
1998/05
1999/01 1999/09
2000/05 2000/06 2000/09 2000/11
2001/02 2001/03 2001/04 2001/05 2001/06 2001/07 2001/09 2001/10 2001/11 2001/12
2002/01 2002/02 2002/03 2002/04 2002/07 2002/08 2002/09 2002/11 2002/12
2003/01 2003/02 2003/03 2003/04 2003/05 2003/06 2003/07 2003/08 2003/09 2003/10 2003/11 2003/12
2004/01 2004/02 2004/03 2004/04 2004/05 2004/06 2004/07 2004/08 2004/09 2004/10 2004/11 2004/12
2005/01 2005/02 2005/03 2005/04 2005/05 2005/06 2005/07 2005/08 2005/09 2005/10 2005/11 2005/12
2006/01 2006/02 2006/03 2006/04 2006/05 2006/06 2006/07 2006/08 2006/09 2006/10 2006/11 2006/12
2007/01 2007/02 2007/03 2007/04 2007/05 2007/06 2007/07 2007/08 2007/09 2007/10 2007/11 2007/12
2008/01 2008/02 2008/03 2008/04 2008/05 2008/06 2008/07 2008/08 2008/09 2008/10 2008/11 2008/12
2009/01 2009/02 2009/03 2009/04 2009/05 2009/06 2009/07 2009/08 2009/09 2009/10 2009/11 2009/12
2010/01 2010/02

### Browse by origin

A B C D F G H I J K L M N O P Q R S T U V W Y Z
Embassy Athens Embassy Asuncion Embassy Astana Embassy Asmara Embassy Ashgabat Embassy Apia Embassy Ankara Embassy Amman Embassy Algiers Embassy Addis Ababa Embassy Accra Embassy Abuja Embassy Abu Dhabi Embassy Abidjan Consulate Auckland Consulate Amsterdam Consulate Adana American Institute Taiwan, Taipei
Embassy Bujumbura Embassy Buenos Aires Embassy Budapest Embassy Bucharest Embassy Brussels Embassy Bridgetown Embassy Bratislava Embassy Brasilia Embassy Bogota Embassy Bishkek Embassy Bern Embassy Berlin Embassy Belmopan Embassy Belgrade Embassy Beirut Embassy Beijing Embassy Banjul Embassy Bangkok Embassy Bandar Seri Begawan Embassy Bamako Embassy Baku Embassy Baghdad Consulate Belfast Consulate Barcelona
Embassy Copenhagen Embassy Conakry Embassy Colombo Embassy Chisinau Embassy Caracas Embassy Canberra Embassy Cairo Consulate Curacao Consulate Ciudad Juarez Consulate Chiang Mai Consulate Chennai Consulate Casablanca Consulate Cape Town Consulate Calgary
Embassy Dushanbe Embassy Dublin Embassy Doha Embassy Djibouti Embassy Dili Embassy Dhaka Embassy Dar Es Salaam Embassy Damascus Embassy Dakar Consulate Dubai Consulate Dhahran
Embassy Freetown Consulate Fukuoka
Embassy Guatemala Embassy Gaborone Consulate Guayaquil Consulate Guangzhou Consulate Guadalajara
Embassy Helsinki Embassy Harare Embassy Hanoi Consulate Hong Kong Consulate Ho Chi Minh City Consulate Hermosillo Consulate Hamilton Consulate Hamburg Consulate Halifax
Iran RPO Dubai Embassy Islamabad Consulate Istanbul
Embassy Jakarta Consulate Jerusalem Consulate Jeddah
Embassy Kyiv Embassy Kuwait Embassy Kuala Lumpur Embassy Kinshasa Embassy Kingston Embassy Kigali Embassy Khartoum Embassy Kathmandu Embassy Kampala Embassy Kabul Consulate Kolkata Consulate Karachi
Embassy Luxembourg Embassy Luanda Embassy London Embassy Ljubljana Embassy Lisbon Embassy Lima Embassy Lilongwe Embassy La Paz Consulate Lahore Consulate Lagos
Mission USOSCE Mission USNATO Mission UNESCO Mission Geneva Embassy Muscat Embassy Moscow Embassy Montevideo Embassy Monrovia Embassy Minsk Embassy Mexico Embassy Mbabane Embassy Maputo Embassy Manila Embassy Manama Embassy Managua Embassy Malabo Embassy Madrid Consulate Munich Consulate Mumbai Consulate Montreal Consulate Monterrey Consulate Milan Consulate Melbourne Consulate Matamoros
Embassy Nicosia Embassy Niamey Embassy New Delhi Embassy Ndjamena Embassy Nassau Embassy Nairobi Consulate Nuevo Laredo Consulate Naples Consulate Naha
Embassy Ouagadougou Embassy Ottawa Embassy Oslo
Embassy Pristina Embassy Pretoria Embassy Prague Embassy Port Of Spain Embassy Port Louis Embassy Port Au Prince Embassy Phnom Penh Embassy Paris Embassy Paramaribo Embassy Panama Consulate Peshawar
Embassy Quito Consulate Quebec
REO Basrah Embassy Rome Embassy Riyadh Embassy Riga Embassy Reykjavik Embassy Rangoon Embassy Rabat Consulate Rio De Janeiro Consulate Recife
Secretary of State Embassy Suva Embassy Stockholm Embassy Sofia Embassy Skopje Embassy Singapore Embassy Seoul Embassy Sarajevo Embassy Santo Domingo Embassy Santiago Embassy Sanaa Embassy San Salvador Embassy San Jose Consulate Strasbourg Consulate St Petersburg Consulate Shenyang Consulate Shanghai Consulate Sapporo Consulate Sao Paulo
Embassy Tunis Embassy Tripoli Embassy Tokyo Embassy The Hague Embassy Tel Aviv Embassy Tehran Embassy Tegucigalpa Embassy Tbilisi Embassy Tashkent Embassy Tallinn Consulate Toronto Consulate Tijuana Consulate Thessaloniki
USUN New York USEU Brussels US Office Almaty US Mission Geneva US Interests Section Havana US Delegation, Secretary UNVIE UN Rome Embassy Ulaanbaatar
Embassy Vilnius Embassy Vientiane Embassy Vienna Embassy Vatican Embassy Valletta Consulate Vladivostok Consulate Vancouver
Embassy Windhoek Embassy Wellington Embassy Warsaw
Embassy Yerevan Embassy Yaounde
Embassy Zagreb

### Browse by tag

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
ASEC AEMR AMGT AR APECO AU AORC AJ AF AFIN AS AM ABLD AFFAIRS AMB APER AA AG AE ADM AL ALOW ACOA AID ATRN AND ABUD ADPM ADANA APEC ARABL ADCO ANARCHISTS AADP AO AGRICULTURE ANET AGAO AROC AMED AY AORG ASEAN ACABQ AINF AODE APCS ARF AX AMEX AZ ASUP ARM AQ ATFN AMBASSADOR ACBAQ AFSI AFSN AC AOPR AREP ASIG ASEX AER AVERY ASCH AFU AMG ATPDEA ASECKFRDCVISKIRFPHUMSMIGEG AORL AN AIT AGMT ACS AGR AMCHAMS AECL AUC AFGHANISTAN ACAO
BR BB BG BEXP BY BA BRUSSELS BU BD BK BL BM BO BE BH BTIO BILAT BMGT BC BX BIDEN BP BBG BF BBSR BT BWC BEXPC BN BTIU
CPAS CA CASC CS CBW CIDA CO CODEL CI CROS CU CH CWC CMGT CVIS CDG CG CF CHIEF CJAN CBSA CE CY CD CT CW CM CONS CDC CR CB CN COUNTRY CONDOLEEZZA CZ COM CICTE CYPRUS CARICOM CTR CBE CACS COE CIVS CARSON CAPC CFED COUNTER COPUOS CV CKGR CHR CVR CLINTON COUNTERTERRORISM CITEL CLEARANCE CSW CIC CITT CARIB CAFTA CACM CDB CJUS CTM CAN CONSULAR CLMT CBC CIA CNARC CIS CEUDA CHINA CAC CL
DR DJ DHS DAO DCM DO DEFENSE DA DE DOMESTIC DISENGAGEMENT DK DOD DOT DPRK DEPT DEA DOE DTRA DS DEAX
ECON ETTC EFIS ETRD EC EMIN EAGR EAID EU EFIN EUN ECIN EG EWWT EINV ENRG ELAB EPET EN EAIR EUMEM ECPS ELTN EIND EZ EI ER ET EINT ECONOMIC ENIV EFTA ES ECONOMY ENGR ELECTIONS ECIP ERNG EXIM ENERG EREL EK EDEV ETRAD ETRC EPA EUREM ENVI EXTERNAL ELN ECOSOC EAIDS ENGY ETRDEINVECINPGOVCS EINVEFIN EPREL ECA EDU EFINECONCS ETC ENVR EAP EINN EXBS ECONOMICS EIAR EINDETRD ECONEFIN EURN ETRDEINVTINTCS EFIM EINVETC ECONCS EBRD ETRA ESA EAIG EUR EUC ERD ETRN EINVECONSENVCSJA EEPET EUNCH ESENV ENNP ECINECONCS ETRO ETRDECONWTOCS ECUN
FI FR FAS FOREIGN FTAA FREEDOM FBI FINANCE FAO FAA FJ FTA FARC FK FAC FINR FDA FM FOR FOI FO FMLN FISO
GM GG GERARD GT GA GR GTIP GY GLOBAL GCC GC GV GAZA GL GOV GOI GF GH GE GANGS GTMO GAERC GZ GUILLERMO GASPAR
HR HO HA HYMPSK HK HUMAN HN HU HURI HILLARY HI HUM HSTC HEBRON HUMOR
IZ IN IAEA IS IMO ILO IR IC IT ITU IV IMF IBRD IWC IRAQI IDB ISRAELI ITALY IADB ITPGOV ITALIAN ID ICAO ICRC INR IFAD IO IQ IPR IRAQ INMARSAT INRA INTERNAL ICJ INDO IRS ICTY ITRA IIP ILC ISCON IEFIN IA INTERPOL IEA INRB IAHRC ISRAEL IZPREL IRAJ IF ITPHUM IL IACI IDA ISLAMISTS IGAD ITF INRO IBET INTELSAT IDP ICTR IRC
JA JO JM JP JOHN JUS JAMES JOSEPH JOHNNIE JML JIMENEZ
KOMC KNNP KFLO KDEM KSUM KIPR KFLU KPAO KE KCRM KJUS KAWC KZ KSCA KDRG KCOR KGHG KPAL KTIP KMCA KCRS KPKO KOLY KRVC KVPR KG KWBG KMDR KTER KSPR KV KTFN KWMN KFRD KSTH KS KN KISL KGIC KSEP KFIN KTEX KTIA KUNR KCMR KMOC KCIP KTDB KBIO KU KSAF KSTC KBCT KIRF KIRC KICC KIDE KNUP KSEO KNUC KCFE KPWR KR KMPI KREC KCSY KHLS KFRDCVISCMGTCASCKOCIASECPHUMSMIGEG KOCI KREL KPRP KPRV KAUST KPAOPREL KCRIM KVIR KCRCM KPAONZ KNAR KHDP KHSA KMCC KHIV KTRD KTAO KPAOY KTBT KJUST KFSC KINR KWAC KGIT KMRS KSCI KENV KNPP KO KCOM KAID KVRP KBTS KERG KTLA KPIR KAWK KNDP KACT KMFO KX KNNPMNUC KPOA KRCM KCFC KNEI KCHG KPLS KFTFN KTFM KLIG KDEMAF KRAD KBTR KGCC KICA KHUM KSEC KPIN KESS KDEV KWWMN KOM KWNM KRFD KFRDKIRFCVISCMGTKOCIASECPHUMSMIGEG KRGY KIFR KSAC KWMNCS KPAK KOMS KFPC KRIM KDDG KCGC KPAI KID KMIG KNSD KWMM
LY LE LABOR LO LAB LH LTTE LU LA LI LG LT LOG
MARR MX MASS MOPS MNUC MCAP MTCRE MRCRE MTRE MASC MY MK MAS MO MCC MCA MU ML MIL MTCR MEPP MG MAR MAPP MP MD MINUSTAH MZ MR MA MOPPS MTS MLS MILI MEPN MEPI MEETINGS MERCOSUR MW MT MIK MN MAPS MV MILITARY MARAD MDC MACEDONIA MASSMNUC MUCN MEDIA MI MQADHAFI MPOS MPS MC
NZ NATO NI NO NU NG NL NPT NS NP NA NATIONAL NC NSF NDP NIPP NSSP NE NATOIRAQ NAS NGO NR NZUS NARC NH NSG NAFTA NEW NRR NT NASA NAR NK NOVO NATOPREL NEA NSC NV NPA NSFO NW NORAD NPG
OTRA OECD OVIP OREP OPRC ODC OIIP OPDC OAS OSCE OPIC OMS OEXC OPCW OSCI OPAD ODIP OFDP OPEC OFFICIALS OIE ODPC OSHA OVIPPRELUNGANU OHUM OTR OMIG OSAC OBSP OFDA OVP ON OCII OES OCS OIC
PGOV PREL PARM PINR PHUM PM PREF PTER PK PINS PBIO PHSA PE PBTS PL POL PAK POV POLITICS POLICY PERL PA PNAT PCI PAS PALESTINIAN PPA PROP PERM PETR PREZ POLITICAL PO PRELPK PAIGH PROG PJUS PMIL PDOV PGOR PAO PTE PBTSRU PSI PINO PRAM PTERE PGOF PARMS PG PREO PRGOV PORG PP PS PKFK PSOE PEPR PDEM PINT PMAR PRELP PREFA PNG PTBS PFOR PUNE PGOVLO PHUMBA POLINT PGOVE PHALANAGE PARTY PECON PY PLN PHUH PEDRO PF PHUS PETER PU PARTIES PCUL PGGV PSA PGOVSMIGKCRMKWMNPHUMCVISKFRDCA PGIV PHUMPREL POGOV PEL PINL PBT PINF PRL PSEPC POSTS PAHO PHUMPGOV PGOC PNR PROV
QA
RS RP RU RW RFE RCMP RIGHTSPOLMIL RO ROBERT RM RICE REGION ROOD RELAM RSP RF RELATIONS RIGHTS RUPREL REMON RPEL REACTION REPORT RSO
SZ SENV SOCI SNAR SY SO SP SU SI SMIG SYR SA SCUL SW SR SYRIA SNARM SPECIALIST SENS SEN SN SC SF SMIL SCRM SENVSXE SL SAARC SARS STEINBERG SNARIZ SWE SCRS SG SAN ST SIPDIS SSA SPCVIS SOFA SENVKGHG SANC SHI SEVN SHUM SK SH SNARCS SPCE SNARN SIPRS
TRGY TBIO TSPA TU TPHY TI TX TH TIP TSPL TNGD TS TW TRSY TP TZ TN TC TR TF TINT TK TRAD TT TD TWI TERRORISM TL TV TO TURKEY TSPAM TRT TFIN TAGS TBID THPY
UK UNSC UNGA UN US UZ USEU UG UP UNAUS UNMIK USTR UR UY UNHRC USPS UNSCR UNESCO UNFICYP USAID USOAS UV UNMIC USUN UNCHR UNDP USGS UNHCR UA UNEP USNC UE UNVIE UAE UNO UNODC UNCHS UNDESCO UNC UNPUOS UNDC UNICEF UNCHC UNCSD UNFCYP UNIDROIT UNCND
VE VM VT VZ VEPREL VTEG VTIZ VTPREL VISIT VENZ VAT VC VI VN
WHTI WIPO WTRO WTO WFP WS WHO WA WZ WI WBG WMD WWARD WHA WITH WTRQ WEU WMO WB
XA XR XW XX XK XL XM XS XF XG XT XC XH XD XE XV XB XU XZ XY XQ XI XTAG
YI YM YL YE YMCS
ZU ZI ZP ZR ZOELLICK ZK ZF ZO ZL ZB ZH ZT ZJ ZEALAND ZN ZA ZANU

### Browse by classification

CONFIDENTIAL CONFIDENTIAL//NOFORN SECRET SECRET//NOFORN UNCLASSIFIED UNCLASSIFIED//FOR OFFICIAL USE ONLY

### Community resources

Follow us on Twitter Check our Reddit Twitter this Digg this page Contact us on IRC

courage is contagious

### Viewing cable 08TORONTO13, Canadian Capital Markets Update - Free Trade in Securities

If you are new to these pages, please read an introduction on the structure of a cable as well as how to discuss them with others. See also the FAQs
Understanding cables
Every cable message consists of three parts:

- The top box shows each cables unique reference number, when and by whom it originally was sent, and what its initial classification was.
- The middle box contains the header information that is associated with the cable. It includes information about the receiver(s) as well as a general subject.
- The bottom box presents the body of the cable. The opening can contain a more specific subject, references to other cables (browse by origin to find them) or additional comment. This is followed by the main contents of the cable: a summary, a collection of specific topics and a comment section.

To understand the justification used for the classification of each cable, please use this WikiSource article as reference.
Discussing cables
If you find meaningful or important information in a cable, please link directly to its unique reference number. Linking to a specific paragraph in the body of a cable is also possible by copying the appropriate link (to be found at theparagraph symbol). Please mark messages for social networking services like Twitter with the hash tags #cablegate and a hash containing the reference ID e.g. #08TORONTO13.

Reference ID | Created | Released | Classification | Origin
--- | --- | --- | --- | ---
08TORONTO13 | 2008-01-11 15:11 | 2011-04-28 00:00 | UNCLASSIFIED//FOR OFFICIAL USE ONLY | Consulate Toronto

`

    VZCZCXRO0053
    PP RUEHGA RUEHHA RUEHQU RUEHVC
    DE RUEHON #0013/01 0111511
    ZNR UUUUU ZZH
    P 111511Z JAN 08
    FM AMCONSUL TORONTO
    TO RUEHC/SECSTATE WASHDC PRIORITY 2309
    INFO RUCNCAN/ALCAN COLLECTIVE
    RUCPDOC/USDOC WASHDC
    RUEATRS/DEPT OF TREASURY WASHDC
    RUEHLO/AMEMBASSY LONDON 0038
    RUEHFR/AMEMBASSY PARIS 0029
    RUEHTC/AMEMBASSY THE HAGUE 0008
    RUEHBS/AMEMBASSY BRUSSELS 0016
    RUEHLI/AMEMBASSY LISBON 0002

` `

    UNCLAS SECTION 01 OF 02 TORONTO 000013

    SIPDIS

    SIPDIS
    SENSITIVE

    DEPT PASS USTR FOR MELLE, MENDENHALL, CHANDLER
    DEPT PASS SEC

    E.O. 12958: N/A
    TAGS: EFIN EINV PGOV PREL CA
    SUBJECT: Canadian Capital Markets Update - Free Trade in Securities
    and Toronto Montreal Exchange Merger

    REF: (A) 07 Toronto 375 (notal) (B) 07 Toronto 160 (notal)

    (C) 07 Toronto 372 (notal)

    Sensitive But Unclassified -- protect accordingly.

    ¶1. (SBU) SUMMARY:  Canadian market and regulatory officials applaud
    U.S. Securities and Exchange Commission (SEC) deliberations to allow
    U.S. investors to trade directly on foreign exchanges that have
    regulations in line with U.S. securities regulations.  Free trade in
    securities has been a priority issue under the Security and
    Prosperity Partnership (SPP).  Canadian market analysts believe
    mutual recognition of securities regulations would enable U.S.
    investors to directly access the Canadian market and would encourage
    foreign issuers to list on the Toronto Stock Exchange (TSX), the
    world's seventh largest exchange by market capitalization (almost
    US$2 trillion).  Market watchers are optimistic that the proposed
    merger of the TSX and the Montreal Exchange (MX) will increase
    cooperation among Canadian regulatory jurisdictions, effectively
    moving Canada closer to a common domestic securities regulation.
    The TSX/MX merger seems on track and awaits approvals from TSX and
    MX shareholders, Ontario and Quebec regulators, the Canadian
    Competition Bureau, and the SEC.  Canadian securities regulators are
    highly motivated and would make good partners for the SEC to ensure
    a successful transition to mutual recognition of securities
    regulation across the US/Canada border.  END SUMMARY.

    --------------------------------
    Mutual Recognition in Securities
    --------------------------------

    ¶2. (SBU) More than a dozen large U.S. brokerages, such as Merrill
    Lynch, currently allow U.S. investors to buy Canadian stocks through
    a Canadian office or partner, but existing cross-border investment
    rules are a costly barrier for small investors and securities firms.
     Canadians were pleased that the SEC is considering changing its
    approach to regulating U.S. investors' trading on foreign stock
    exchanges in order to keep pace with U.S. investors who are
    increasing their international investments as the U.S. dollar falls.
     Converging international accounting standards and securities
    regulation principles, and closer ties among exchanges in different
    countries, may have made the concept of mutual recognition more
    palatable to regulators.  The NYSE's purchase of Euronext last year
    to form NYSE Euronext Inc would be another beneficiary if U.S.
    investors can more easily trade international securities.  Canadian
    officials realize that as yet no date has been set for commission
    consideration of the proposed rule change, which SEC Chairman Cox
    previewed in a December 19th speech at Columbia University.

    ¶3. (SBU) Canadian analysts believe the TSX would win mutual
    recognition approval from the SEC under the new rules, though
    investor demand for quick access to European markets and concerns
    about dealing with Canada's multiple securities regulators could put
    Canada farther down the list for mutual recognition by the SEC than
    some other regulatory jurisdictions.  If the rules change, the TSX
    expects to gain more U.S. investors, which would increase the
    exchange's trading volumes and fee revenue.  Mutual recognition
    could also make it easier to persuade global companies (especially
    in the commodities sector) to list shares on the TSX.  Mutual
    recognition of securities regulations also could help Canadian
    "snowbird" investors who winter in the U.S. to avoid technical
    violations of U.S. securities laws when they trade Canadian-listed
    securities while residing in the U.S.

    ----------------
    TSX -- MX Merger

    SIPDIS
    ----------------

    ¶4. (SBU) Market watchers are optimistic that the proposed merger
    between the TSX and the Montreal Exchange (MX), Canada's leading
    derivatives exchange (ref (B)), will be approved, creating a new
    Toronto-based market entity called the "TMX Group."  A TSX contact
    told us that the announced February departure of TSX CEO Richard
    Nesbitt will not slow the deal.  Under the terms of the C$1.3
    billion deal, the TSX Group will indirectly acquire all of the MX's
    outstanding common shares.  On November 29, the TSX Group was valued
    at around C$3.5 billion and Montreal Exchange Inc. was valued at
    about C$1.1 billion on the TSX.  The Ontario Securities Commission
    (OSC) will oversee the new Toronto-based TMX entity, while the
    derivatives piece of the business, still based in Montreal, will be
    overseen by Quebec's Autorit des marchs financiers (AMF).

    TORONTO 00000013  002 OF 002

    ¶5. (SBU) Financial sector analysts reportedly see Nesbitt's
    departure as opening the way for Luc Bertrand, the Ontario-born
    francophone head of the MX, currently slated to be deputy of the
    combined exchange, to instead be named CEO.  Analysts speculate that
    naming Bertrand to the CEO job might also allay Quebec political
    concerns about the deal.  Bertrand's previous experience with the
    Boston Options Exchange could also help the combined exchange expand
    its business south of the border.  The TSX/MX merger still requires
    approvals from TSX shareholders; a quorum of MX shareholders (a
    special MX shareholder meeting is scheduled for mid-February); the
    OSC; the AMF, which plans to hold two days of hearings in late
    February or early March; the Canadian federal Competition Bureau;
    and the SEC.

    ----------------------------------
    Single Securities Regulator Update
    ----------------------------------

    ¶6. (SBU) Critics point to Canada's fragmented capital regulatory
    system, separated by provincial and territorial boundaries (ref
    (B)), as a continuing barrier to "free trade" in securities, and
    European, Canadian, and U.S. media have speculated that European
    jurisdictions may receive SEC mutual recognition approval before
    Canada does.  An OSC contact explained to us that the mutual
    recognition initiative, while led by Ontario in partnership with
    Quebec, is actually a Canadian Securities Administrators (CSA)
    initiative.  The contact said the 13 provincial and territorial
    members of the CSA ((ref (B)) are very supportive of the efforts
    needed to position Canada for mutual recognition.  The consolidation
    of the Canadian market through the TSX/MX merger is expected to
    increase cooperation between Canadian regulatory jurisdictions,
    which the OSC believes may move Canada closer to common securities
    regulation (reftels).

    ¶7. (SBU) COMMENT:  Our OSC contact said OSC believes the SEC is
    likely to test the waters first with jurisdictions whose regulatory
    structure are most comparable to the United States.  Given the
    sectoral niche markets of North America -- large caps on the NYSE,
    tech stocks on the NASDAQ, energy and mining stocks on the TSX, and
    small-micro caps on the TSX Venture Exchange in Calgary - some here
    believe it would make sense to "streamline" North American markets
    by easing cross-border securities trading before focusing on Europe.
     Canadian market operators and regulators recognize the value of
    easing cross-border securities trade restrictions and hope Canada
    will be one of the initial jurisdictions slated for mutual
    recognition, although they recognize that the SEC has offered no
    details as to timing or likely market priority when it actually
    moves to ease the rules regarding U.S. trades on foreign exchanges.
    Canadian securities regulators are highly motivated and would make
    good partners for the SEC to ensure a successful transition to
    mutual recognition of securities regulation across the U.S.-Canada
    border. END COMMENT.

    NAY

`