Pearce Bunting was the president of the Toronto Stock Exchange in the 1980's.  It was under his leadership that the TSE (as it was then) embarked on automating what was then called basket trading.  Being able to simultaneously buy or sell all the individual components of a basket of shares led to the advent of the Toronto 35 index and its related ETF  Institutional investors were also interested in developing programme trading using similar technology.  Toronto was a leader at the time having studied the programmed trading capabilities of the NYSE, Amex Exchange and CME.  Programme trading and basket trading led to ETF development.  Fun times!