Friday, September 28, 2007

TSE Trivia: Dividend-Paying Companies

The following TSE-listed companies have been paying dividends for over 100 years:

  • Bank of Montreal since 1829
  • Bank of Nova Scotia since 1833
  • Toronto Dominion Bank since 1857
  • CIBC since 1868
  • Royal Bank since 1870
  • Laurentian Bank since 1871
  • Bell Canada since 1881
  • - Courtesy of John Manna

    Thursday, September 27, 2007

    Take Me to the Ballgame

    Here is a picture of the TSE Old-Timers "Originals" baseball team which played against the "Young Guns" one summer afternoon on Centre Island sometime in the early eighties. This was supposed to be an annual event but turned out to be a "one-time wonder" because the "Originals" won and the "Young Guns" were left shaking in their cleats, afraid to take us on again.

    In this picture: Ted England, Dave Luke, Peter Paulson, Bob Dunbar, Scott Zeufelt,Peter Morrison, Stevie Welch, Carl Christie, Peter, Clarence Hunter, John Newell, Gary

    Help us identify the rest of these people by posting a comment below.

    Time Out!

    Mark Houghton did not attend the Originals v. Guns game but likes baseball nonetheless.

    Wednesday, September 26, 2007

    Profile of LUCY DILLON

    My first real job was on 234 Bay Street at the old Toronto Stock Exchange. I started in October of '72 as a Ticket Handler. Then I was in the Teller Register Dept. for a short time, and eventually became an input operator. I was also a post clerk before joining the CATS team, which is now called Trading Services.

    During my 30+ years at the TSX (I started very early in life!), I have witnessed several momentous market events and changes at the Exchange. The most memorable was the Black Monday Crash in October 1987.

    Tuesday, September 25, 2007

    Profile of VIC CIAMPINI

    I began working at the TSE in July 1985 as an input operator/post clerk on Post 8. My intention had been to work for a year before “going back to school”. Well, as with many of us in this business, “back to school” never materialized !! The opportunities for advancement and pay increase were pretty good for a 20 year old kid, and by 1990 I had become a Post Supervisor. In March 1990 I left the TSE to pursue a career in music, which didn’t pay the bills very well, and I came back to the TSE in 1993, and have remained ever since.

    Since 1993 I have had the opportunity to work in many areas at the TSE/TSX, including the trading floor again, the CATS Testing/Training Department, and Trading Services. While in the Training Dept. I worked with many floor traders in obtaining their CATS licenses, and preparing for the electronic trading environment after floor closure. I also trained many traders on the Torex trading terminals, that were the next step up from the old “color coded” CATS terminals that some of you will fondly remember! Currently I am the Manager of Market Quality, which involves interaction with many areas of the business, and different types of traders. Much of my time involves close interaction with the Market Making (RT) community. I also provided assistance with Wide Distributions, Special Transactions, and assistance with TSX Rules and Policies both internally and externally.

    Although I never had the opportunity to work on the old floor on Bay Street, I was able to experience many years on the new floor, and it had to be some of the best times I’ve had in my working life. What I remember most was the comraderie, and unique floor humour that helped everyone deal with any stresses of the market. I worked directly with some great traders and post staff, and it’s always fun speaking with those of us still in the business.

    Monday, September 24, 2007

    Customer Service Excellence

    The Trading Services team at the TSE in August 2007.

    From left to right: Mike McKormick, Jeff Foster, Jake Rathgeber, Steven Segretto, Laureen, Lucy Dillon, Vic Ciampini
    Jake Rathgeber and Jeff Foster

    Missing from pictures: Mark Jarret, Peter Andreaou, Gino, Gerry, Devika Buchanan

    Friday, September 21, 2007

    Featuring Next Week...

    Who are those people from Trading Services?

    Put a face to a name as we reveal pictures and profiles of people from the new Toronto Stock Exchange!

    Whose House Is This?

    Fred alleges he saw this car parked in front of Ken's house.

    Thursday, September 20, 2007

    A Day in the Life of an RT - Dave Stephens

    5:00 wake up early... must add highlights to hair
    6:00 get wife's breakfast ready
    6:30 load bike in car
    6:35 get on biking gear
    7:30 park car 1 block from exchange
    7:35 bike to work
    8:00 pick up Smokey's breakfast
    8:30 deliver opens to booth
    9:00 adjust all my markets that I am the RT on
    "Kill all my bid on VOY. Kill all my offerings on VOY."
    "Kill all my bids on BSW. Kill all my offerings on BSW."
    9:15 Put up Smokey's opens
    10:00 Trading is vigourous. Must scramble to correct errors on trades missed on openings because of the ridiculous rules that our firm voted for.
    10:30 Pick up cheesebread for Smokey
    10:45 Cheesebread not toasted, must return it... Pretend I'm going to a meeting
    11:30 Get Smokey's first lunch... veal on kaiser
    12:30 Pick up milkshakes... Pretend I'm going to a meeting
    1:00 Get 2 O'Henry's
    1:30 Pick up Smokey's 2nd lunch
    2:00 Get cherry pie for Smokey
    2:45 Get frozen yogurt for Smokey... Pretend I'm at a meeting
    3:58 Clean up errors
    4:00 Busy day over... load bike in car.

    - Courtesy of Fred Ketchen

    For a copy of the real interview with Dave by Directions magazine, e-mail Simone at

    Wednesday, September 19, 2007

    Busy at Work

    Here are some very nice shots from both the old & new floors.

    Picture 1

    Bill Parker and Rick Craig
    Picture 2

    Dave Turner at Post 11, 1960
    Picture 3

    Facing the camera: Len Amon, Iain Davies
    Back to the camera: "Squeak" Mckellar, Ted England, Derek Smith, Johnny "GM" Massin

    Help us identify the rest of these people by posting a comment below.

    Tuesday, September 18, 2007

    Femmes Fatales at the TSE

    A big plus for the Toronto Stock Exchange:

  • In 1973, Heather Whitehead became the first female trader on the floor (Wood Gundy).
  • In 1985, Dorothy Hardman becomes the first female Market Surveillance Officer at the TSE.
  • In 1985, Fionnuala Martin becomes the first female Floor Official of the TSE.
  • In 1996, Susan Crocker becomes the first female Vice President of the TSE.
  • In 1999, Barbara Stymiest becomes the first female President of the TSE.

  • We need more female content for this blog! Email Simone at

    Wednesday, September 12, 2007


    In the beginning there was the TSE, then along came fiesty Fionnuala in 1979. Under the tutelage of Tommy Milligan, she transitioned from phone clerk (a strategy designed to get her to pay attention to her duties) to option's floor trader during the crazy days of the National Energy Program and Robert Bond and Jimmy Barkwell. From there Fionnuala waddled with the tuxedo'd traders from 234 Bay St to the new trading floor where she had already made her mark as the champion of women's rights. Without her, there might not have been a women's washroom on the trading floor.

    Fionnuala moved from options market making to a virtual marriage with Mike Mazulla becoming Fionnuala Mazulla. From equity trading she moved to the Exchange as a Floor Official along side John Manna who turned out to be one of her most valuable mentors (thank you John). She experienced the excitement of Black Monday and the fabulous Friday's when the 33333s kept spirits high. How she survived Bainbride, Chisholm and Christie no one knows for sure but working with Jimmy Taugher and Kenny Assgraber as staff support for the Trading Floor Committee were some of her most memorable and positive experiences. Rumour has it Fionnuala left the TSX to have a baby but if you look hard enough you can find her under the falling marble tiles of BMONB thrilled that she has been fortunate enough to have worked in this industry.

    Tuesday, September 11, 2007

    Remembering 9/11/2001

    On September 11, 2001, terrorist attacks in the U.S. shook the entire trading community to its core. Traders watched with horror as events started to unfold between 9:00 and 9:15 am. Everyone was stunned from the fact that what initially appeared to be an accident soon became an apparent sinister attack.

    The New York Stock Exchange was evacuated at 9:25 am, without any announcement about trading. In Toronto, the market opened at 9:30 am and immediately went into a free fall. Buyers were pulling their orders and sellers were dumping at whatever bids existed. At 11:30 am, the TSE finally closed the markets.

    On September 17, the U.S. markets suffered a huge sell-off. The Dow Jones lost 685 points. However, its 7.1% drop was less than the 22.5% plunge on October 19, 1987. NASDAQ fell 116 points, or 6.8%. On the other hand, the TSE closed up 17 points, after a 6.5% decline in the week of 9/11 while the U.S. markets were closed.

    - With help from Fred Ketchen & John Manna

    Monday, September 10, 2007

    The TSE Trading Floor - October 24, 1852 to April 18, 1997

    In the winter of 1970, my dad, a career stockbroker, took me on a tour of the Toronto Stock Exchange, then housed in a fabulous art deco building just south of King on Bay Street. Hundreds of men in close circumstances were yelling, chanting a strange mantra of acronyms, numbers and fractions. I don't remember much else, except that we walked from the public gallery down to the floor of the exchange, where I witnessed a trade. Twenty-seven years later, I walked onto the trading floor again as the significant of that previous moment was about to fade forever. On April 18, after nearly 145 years, the TSE fell silent for the last time, passing quietly into cyberspace.In a business wherein it was considered something of an innovation to provide paper receipts for buyers and sellers of stock, this final step into the ether represents a literal dehumanizing of the marketplace. On my recent visit, I made my way over to one of the three remaining trading posts to meet Jimmy and Matt Taugher, a father-and-son team with a combined sixty-odd years of experience as floor traders. Father Jimmy had been on the floor for forty-four years.

    "His last job," said Matt, "was as a waiter at the Last Supper."

    "His first investment," a fellow trader chimed in, "was the wheel. When he started, IBM was a penny stock."

    "You ask me what I'm going to miss the most in here," said Jimmy. "It's that stuff - the joking, the camaraderies."

    "It's true," Matt added. "With today's technology, you can sit out there in your boathouse talking to yourself all day while making trades."

    Less than a week later, Jimmy and Matt and five other partners moved into rented space to join the rest of the world trading stocks online. In place of the trading floor and its public galleries, the TSE plans to split the room into two floors of office space.

    As I made my way out of the building, it occurred to me that there would never again be an "out there" and "in here". The trading will be nowhere and everywhere. "On the day of the crash in '87," recalled Jimmy Taugher, "they say you could hear us all the way out on the street." Today, the sound of boom and bust is silence.

    - This article was written by Douglas Bell, special to Toronto Life, May 1997

    Friday, September 7, 2007

    Featuring Next Week...

    Are the rumors true - has Fionnuala really left the TSE to have a baby?

    Find out about Fionnuala and more, next week at the TSE Traders Archive!

    Have a great weekend!

    Job Posting: Broom Clerk

    Broom Clerk wanted to remove massive amounts of paper from the floor, Mondays to Fridays. He will be required to effectively remove all papers to prepare for the next trading day, in which the floors will be covered completely in paper by the end of day.

    Although the job may seem futile, it is an absolutely essential part in running a safe trading environment.

    If interested, apply below.

    Thursday, September 6, 2007

    Profile of DAVID TURNER

    In April of 1954 Ralph Longbotham hired me as a post boy ("You can’t see across the street from Ralph’s office"). Six months later I moved to Bache and began trading there. Next I went to Wisener MacKellar, Mcleod Young Weir, May Mikilla, Goulding Rose and Turner, Bunting, and Nesbitt Burns. And last but not least I went to the TSE with John Manna, which was a very enjoyable and enlightening experience.

    From phony stocks to flaming newspapers, there was never a dull moment. If you were working on a project there was always an expert to advise you.

    A highlight for me came in August 1980, when my son Joe got his trading papers.

    I retired the day the trading floor closed and I am enjoying life immensely. When I am asked if I miss trading, my answer is no, I just miss the people.

    Wednesday, September 5, 2007

    Thinking Outside the Box

    My favourite story from the floor is one about Bob Beggs. Bob decided to stay downtown one Thursday to have a social evening with some of the traders, drinks I mean. Well, late into the night Bob gets to his GO station and realizes that he doesn’t have enough money to take his $15.00 cab ride to his home. Not wanting to phone his wife Karen to have her retrieve him, Bob walks to a nearby pizza joint. He enquires if they deliver to the area where he lives. The answer was “yes”. He then asks how much it would cost for a pizza. The pizza was going to cost $8.00. Bob then asked if he could ride along with the pizza delivery man when he delivered it to his home. Once again the answer was ‘yes”. This worked out perfect. Bob had $11.00 left in his pocket. He got an $8.00 pizza, tipped the driver $3.00 and a $15.00 taxi ride all for $11.00.

    By Ken Rathgeber

    Tuesday, September 4, 2007

    Trader Talk at the TSE

    Some of the stuff below may be politically incorrect today - but they were a fact of life on the floor.

      An old time trader used to shout out when the market was falling: "A rally for the shorts". His name was Fred Bignall with Matthews and Company.
      Another old time trader used to shout when the market was falling: "Now here this--- Dive, Dive, Dive." His name was Eddie Behan with A. E. Ames.
      New traders often asked about whom to call from a particular firm. A common name given was Bob Loblaw. When yelling the name it sounded like: "Bob Bla La".
      One new trader, from the London Stock Exchange was embarrassed when he asked a particular trader on how to cross stock. He was told to yell out in a loud clear voice: "Ally ally ukfey, I have stock to cross today". He did so and to older traders he is still called "Alley Alley". He is still in the business today.
      A trader named Jack White was know as "Rinso". At the time a local soap detergent company advertised "rinso whiteness".
      A trader whose name was John Steele was know by the name "Stainless".
      A trader who dyed his hair a red - orange was called "Rusty".
      A trader, who was overweight was called: Willy Lump Lump.
      A trader, who was overweight was called: 'Round One".
      A trader, whose first name was Ike - was often called "Ike the Dike".
      Nobody ever new the real names of "Moose" and "Red". Both worked for Scotia Capital.
      A trader named Gerry Reed - was often called "Greedy Reedy".
      One of our first RT's, Bill Pirie was often called: "Mr. Big".
      One trader with a larger than normal nose was called: "Snorkel".
      One trader with a larger than normal nose was called:" Beakie".
      One female input operator was often called: "Fatal Attraction".
      One trader who used to dye his hair blonde was often called: "Golden".
      One trader who chewed gum all the time was called: "Grouper".
      One older trader who was follicly challenged used to say: "God created all kinds of heads: round ones, square one and pointed ones, and the ones he didn't like he covered with hair".
      One trader who was exceptional tall was called: "Too Tall".
      One trader who was tall with a large nose was often called: "Stork".
      One trader who had a bad temper was often called: "Charles Manson".
      One trader who had a long last name with many different letters was often called: "Rick Alphabet".
      One trader who had a large bald spot on the back of his head was called: "Cyclops".
      One short trader was often called: "Stumpy".
      One trader who had a farm with animals was called: "Cow Pie".

    By John Manna