'If anything is certain, it is that change is certain. The world we are planning for today will not exist in this form tomorrow.'
(Philip Crosby, Reflections on Quality).

We exist in interesting times and most certainly an interesting business.

Thanks to all those who attended our Annual General Meeting (AGM) in June - another successful event. We were able to enjoy a great 'turn-out' despite the exceptional circumstances.

One of the main purposes of the evening is to elect new members to the IETA Board. We are thrilled to welcome the latest additions to our team: Blair Norris (formerly of Barclays Global Investors Canada, now Citigroup), Chris Rigby (Canaccord Capital), Dan Dowling (Scotia Capital) and Gary Knight (OMERS).

They join an impressive list of existing board members in their final term: Michelle Dacosta (Past President), Carrie Gratias (Vice President), Charlotte Daughney (Treasurer) and Larry Conn (Director).

The fruit of our collective labour is enclosed within the contents of this 'UPTICK'. We are very excited at the prospect of the year ahead and always look forward and appreciate any and all feedback from our members - Good or Bad.

An educational session is being planned within the next two months (details will be provided later). Of course, the social calendar has two must-attend events (Fall Bash & the Xmas party) and we look forward to seeing you all there.

Some of the other happenings include: the formulation of a charitable committee to explore opportunities for the IETA to be active in the community, a 'refreshment' of our website (your suggestions encouraged) which would bring new functionality and ease of use.

We look forward to an exciting year. Have a great day.

Best regards,
 

Nicholas Thadaney, President, IETA (of Toronto)
416-874-0737
nthadane@itgcan.com

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I would like to take this opportunity to thank the 2002/2003 Board for their dedication and hard work. The IETA's success in the past year is a direct reflection of their continued efforts.

I extend special thanks to the board members who have completed their terms:

Jim Beattie, Past-President: Jim's input this past year was invaluable. During his 3 year term he kept the IETA focused on our mandate and helped the Board members organise our efforts as a team. Jim continues to serve the interests of our members as a CSTA Director.
JP Matthews, Vice-president: JP was involved in a number of committees as well as in organising the golf tournament. I think it's safe to say he outdid himself. JP also graciously supplied candies for our board meetings. His efforts and the candies were much appreciated.
Judy Nishimura, Treasurer: Judy had the thankless job of treasurer this past year. It was an overwhelming task which she handled with grace. She was also responsible for a number of great social events over the past two years. They were events that people will be talking about for years to come.
Carol Banahan, Secretary: In addition to her responsibilities as secretary, Carol was a key member of our Educational Committee and played a critical role as the liaison with our legal counsel. She approached all of her responsibilities with keen dedication. Carol will continue to serve the members on the CSTA Board.

Thanks again for a great year!

I wish the new board the best of luck.

Regards,
 

Michelle DaCosta
Past President, IETA (of Toronto)
416-365-2427
mdacosta@dynamic.ca

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Despite the fear of SARS keeping some of our US colleagues away, the clean vs. dirty teams and the pouring rain, we had a excellent turn out for this years I.E.T.A. Annual Meeting. About 200 buy and sell traders packed into the Sheraton Conference Center for an evening of cocktails and conversation. Other than not having a coat check for the first hour of the party, I think the evening was a big success. Thanks to everyone involved in organizing and helping out – the board of the IETA and in particular, Janice Cooper. In addition, I would like to thank Diane Gabay and her team for co-ordinating the counting of the votes once again this year. Congratulations to the newest four members of the Board of Directors: Blair Norris, Chris Rigby, Dan Dowling and Gary Knight.

We look forward to seeing everyone at the next event – “The Fall Bash” on October 23rd. Also, please mark your calendars for December 11th – this years IETA Christmas Party!

Carrie Gratias
Vice President
416-350-2291
Carrie.gratias@ubsw.com

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The weather could not have been more perfect: the golf course in better shape; or the teams more evenly matched for the 17th annual IETA golf event. Eighty golfers participated in the tourney won by a very strong team from Dundee Securities ( Tony Oram, Ken Rumble, Darby Oram and Kenny McCabe) who managed to post an eleven under par score. Closest to the pin was won by Dan Dowling for the men and an official ruling awarded Robyn Scott the prize over Lisa Petrelli for the ladies (both natural birdies). Ladies longest drive was won by Louise Cooper-Robson (an impressive 265 yards ) and for the men I have to admit I can’t remember (my apologies). Special thanks to Angus Glen and to all of our sponsors for helping to put together a spectacular event.

JP Matthews
Past-Director
416-974-2216
Johnpaul.matthews@rbc.com

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The 10th Annual Traders Convention was held in Whislter, B.C. from August 21st through 24th. The formal element consisted of seven panels, which were both educational and insightful. The technology panel shed light on recent advances in our industry specifically highlighting and commenting on Direct Market Access. The panelists on the hedge fund panel shared their opinions on the strong growth (30% plus in AUM) that they anticipate in the Canadian Hedge Fund industry over the next 10 years. Dr. Joseph D’Cruz once again entertained us while updating us on the current Canadian competitive landscape. Ralph Acampora , a convention favorite, walked us through technical analysis (apparently, all the technical’s indicate you buy this market!). Two additional panels provided updates on the current regulatory environment and the state of affairs for North American stock markets. Last but not least, the final panel detailed the current trends, concerns and views of senior buy side and sell side traders. Thanks to Andrew Willis who once again agreed to moderate these sessions, directing questions and investigating the issues at the heart of the topics.

Of course, it was not all meetings. On Friday afternoon, the weather cleared up for a beautiful afternoon of golf at The Chateau Whistler Course. Saturday afternoon was filled with baseball and bocci ball. Once again, the Canadians ruled vs. the US team on the ball field! Finally, the gala dinner proved to be a wonderful night including a fantastic dinner, dancing, a live auction and a 50/50 draw with an interesting twist. Thank you to all that contributed to these events - in total we raised in excess of $6,000 for charity.

Congratulations to everyone on the CTSA who put a great deal of time and effort to making the 10th annual convention a smashing success. Looking forward to seeing everyone next year in Calgary.

Carrie Gratias
Vice President
416-350-2291
Carrie.gratias@ubsw.com

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We are planning an educational session this fall on Market Structure Update. When details are finalized they will be mailed out to you.

We are also looking for ideas for upcoming sessions and need your feedback. Possible topics include:
• Alternative Execution Solutions – program trading, derivatives, hedging instruments
• Transition Management – when do you use a transition manager, who uses them, size of transition, strategies employed
• Trading Cost Measurement and Management – pre-trade analytics, risk management
• Top 10 Most Misunderstood Things on the Street – buy and sell side viewpoints
• Hedge Fund Overview
• Technical Analysis 101

If you are interested in IETA organizing a session on one of these topics, or have ideas for an alternative session, please email me with your comments.

Gary Knight
Director
416-369-2672
gknight@omers.com

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Every May for the past 8 years, the Security Traders Association (STA) takes the opportunity to have its Affiliate Presidents meet in Washington, D.C. The purpose of this annual gathering is to expose this group to the 'rules of engagement' - Washington style. Unlike some of the other convention/meetings, this is no 'boondoggle' - it is essentially an education as to how Washington works and what needs to be done to get your message heard. The STA is very serious about its image and especially its relationship with the spheres of influence in the Capital. The STA organizes a comprehensive lobbying effort through its local representative, Williams & Jensen. This initiative is designed to educate and represent issues that effect the security traders membership to all the relevant regulators and decision-makers (SEC, Senate, etc).

Speakers Included:
Senator Jon S. Corzine (D-NJ), United States Senate
Congressman Michael G. Oxley (R-OH), Representing the 4th Ohio District
Commissioner Roel C. Campos, U.S. Securities & Exchange Commission
Congressman Barney Frank (D-MA), Representing the 4th District of Massachusetts
Congressman Richard H. Baker (R-LA), Chairman of the House Subcommittee on Capital Markets
Charles E. Cook, Jr., The Cook Political Report, Editor and Publisher
Annette L. Nazareth, Director Division of Market Regulation U.S. Securities & Exchange Commission
Justin Daly, Majority Counsel House Committee on Financial Services

The theme of this year's meeting centred around:
- Restoring public confidence in the investment business
- Mutual fund fees and operations (transparency of fees, fund performance, fund governance, fund distribution practices)
- Soft dollar arrangements
- Rating Agencies - conflicts of interest issues
- SEC staffing understaffing issues - requirement relating to Sarbanes- Oxley reforms
- Hedge Funds - hearings should produce some SEC oversight / new rules ?
- Market Structure - re-examine the role of ECNs, Access fees need review, Market Data, etc
- Best Execution - Internalization, Payment for order flow, etc.
- Securities laws have not been updated in over 25 years

Jim Duncan, of Cannacord Capital, who is slated to be the first Canadian Chairman of the Security Traders Association in October 2004, emphasized the importance of being proactive with regulators and policy decision makers. He stressed that we (IETA and CSTA) continue to do the same with our the OSC, IDA, RS et al.

If there was anything to learn from our US counterparts, the message is quite clear:
- the investment business continues to suffer from a bad reputation given all the scandals and this needs mending;
- we must maintain a close working relationship with our regulators (despite the number).

Please see the website soon for some summary notes on the proceedings.

Nick Thadaney
President, IETA (of Toronto)
416-365-2427
nthadane@itgcan.com

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When I was told of Jimmy's retirement party, and asked to say something about Jimmy I sat down and tried to find a quote or two too describe Jimmy. After spending time on a web search I found more words than quotes. The three words that I came back to over and over were....Wisdom, Trust, and Friendship. Wisdom.... Upon meeting Jim and being new to the buyside I quickly came to realize that I could depend upon his years of experience. Trust..... Our business is based on trust and Jimmy is someone I know I can trust completely Friendship...It has become my honor and pleasure that Jim McKnight is some one I can call my Friend............

Steve Falzone

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70th Annual STA Conference and Business Meeting - October 15-19, 2003 in Scottsdale
MIETA Oyster Party – October 16, 2003 in Montreal
IETA Fall Bash - October 23, 2003 in Toronto
MIETA Christmas Party – December 4, 2003 in Montreal
The Bay Street Children's Foundation Charity Hockey Tournament - December 5, 2003
IETA Christmas Party - December 11, 2003 in Toronto

 

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Congratulations and best wishes to the following individuals who have recently made moves:

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For further information regarding all current industry news, issues, and upcoming events, please log on to www.ietatoronto.org