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THE TORONTO STOCK EXCHANGE INC. (TSX)
MARKET MAKING REFORM
NOTICE OF COMMISSION APPROVAL

On July 9, 2004, the Commission approved amendments to the rules and policies of the TSX to implement reforms to the TSX's market making system. The amendments were published for comment on January 10, 2003, at (2003) 26 OSCB 154. Some changes have been made to the amendments since the publication for comment. The amendments are published in Chapter 13 of this Bulletin, along with a summary of comments received and responses from the TSX. The amendments have been blacklined to indicate the changes from the version published on January 10, 2003. The amendments will be effective as of July 23, 2004.