Why did the head of the Toronto Stock Exchange suddenly resign?greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
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(for educational purposes only)
"Updated: April 20, 08:00 am TSE / Boss Quits
Shock, that's the word to describe the reaction to the announced resignation of the president of the Toronto Stock Exchange. Rowland Fleming quit yesterday after four years as the top gun on the TSE. The decision has startled many since it comes just weeks after a proposed realignment of this country's security markets. The new structure would see the TSE become the only Canadian exchange trading the major stocks. The TSE says only that Fleming left to "pursue other interests."
A puzzle, eh?
-- Rachel Gibson (email@example.com), April 20, 1999
He resigned in order to get in line for the new Star Wars movie. They wouldn't give him the time off.
-- INVAR (firstname.lastname@example.org), April 20, 1999.
When someone resigns to "persue other interests" it USUALLY means that the person and their boss(es) have had a very serious discussion detailing a fundamental disagreement with the goals and purposes of teh firm. This discussion usually ends with something on the order of "You may resign to save face. We expect that you will tender your resignation prior to noon tomorrow" or something similar (been there, done both sides).
Keep an eye on the news and see if the reason doesn't turn up in another article about the exchange.
-- chuck, a Night Driver (email@example.com), April 20, 1999.
Beats me, bu this is how their Y2K initiative is (was) structured. Will snoop some more...
Year 2000 Structure at the TSE
The Toronto Stock Exchange (TSE) has undertaken a comprehensive year 2000 (Y2K) initiative to ensure its readiness for the century date change.
The TSE's Vice President of Finance and Administration, Adam Conyers, is executive sponsor of the initiative and chairs the Y2K Steering Committee. Mr. Conyers reports to the President and Chief Executive Officer, Rowland Fleming, who is in turn, responsible to the TSE Board of Governors.
The Y2K Steering Committee is composed of senior management from each of the TSE's core business areas plus expert TSE technology advisors. The Board of Governors of the TSE, the TSE Systems Committee (a committee of member representatives appointed by the Board) and, as appropriate, TSE member firms also contribute to the TSE's Y2K initiative.
Under the auspices of the TSE Y2K Steering Committee, a Y2K Project Office was formed comprised of a mix of TSE staff and contracted consultants who work under the direction of Paul Goldie, Y2K Program Executive. Where possible, the TSE is using external suppliers for standard, non-customized code remediation. Internal TSE experts are principally focussed on specialized TSE code relating to the Exchange's trading systems.
Canadian Securities Industry Year 2000 Coordination
The TSE assists in the securities industry readiness effort in three ways: as a participant in testing, by disclosing information on the state of its readiness, and by contributing to industry task forces.
The Ontario Securities Commission (OSC), in conjunction with the Canadian Securities Administrators (CSA) are co-ordinating year 2000 readiness for the securities sector in Canada. The TSE is a key participant in the securities industry's preparations for the year 2000. Consult the OSC website at www.osc.gov.on.ca for information about the industry's co-ordinated efforts to test readiness during 1999.
Effective September 30 and December 31, 1998, the TSE supplied the CSA/OSC industry task force on readiness with extensive information on its code remediation and testing efforts related to the Exchange's mission critical and other systems. Much of the information provided by the TSE is in the public domain and is available on the OSC website. The TSE also participates in industry task forces which have been formed to focus on specific areas of concern including industry-wide testing and contingency planning.
-- Roland (firstname.lastname@example.org), April 20, 1999.
Maybe he was privy to info that will come out from this upcoming conference. (Seriously, I don't have a clue. . . but surely some news will come out of THIS event. Note the presence of a speaker from the U.N.)
April 26, 1999
New York: New York Society of Security Analysts holds conference entitled ``Year 2000 Computer Problems: Impact on the Financial Markets.'' Speakers include Standard & Poor's Ratings Services Communications Director Steven Lubetkin, Federal Reserve Bank of New York Vice President George Juncker and United Nations Ambassador The Hon. Ahmad Kamal. Information: (212) 912-9249. NYSSA headquarters, One World Trade Center.
-- FM (email@example.com), April 20, 1999.
Chuck, Roland, and FM,
Thanks for your help!
-- Rachel Gibson (firstname.lastname@example.org), April 20, 1999.
They're all puzzled! Toronto Star
"The Toronto Stock Exchange has been criticized for being slow in getting a new computerized trading system up and running...."
"Ketchen said preparing for the year 2000 or Y2K computer problem has slowed implementation of the new trading system."
-- unhappy (email@example.com), April 22, 1999.