DAIWA SECURITIES BUYS TORONTO EXCHANGE SEAT
Daiwa Securities America Inc, wholly
owned by Daiwa Securities Co Ltd, of Tokyo, received approval
to acquire a seat on the Toronto Stock Exchange for 361,000
Canadian dlrs, the exchange said.
    Approval was granted by the exchange's board of governors
and is the first acquisition of an exchange seat by a Japanese
company, it said.
    The purchase price is the highest ever paid for an exchange
seat, it added.
    Daiwa acquired the exchange seat from Andras Research
Capital Inc, the Toronto Stock Exchange said.
    Daiwa now intends to apply for exchange membership, which
will be subject to approval by other exchange members and the
Ontario Securities Commission, it said.
 Reuter
