(VSE) was astock exchangebased inVancouverBritish Columbia. It was incorporated 1906. On November 29, 1999 the VSE was merged into theCanadian Venture Exchange(CDNX).
It was incorporated 19061and was the third major stock exchange in Canada, after theToronto Stock Exchange(TSX) andMontreal Stock Exchange(MSE), and featured many small-capitalization, mining, oil and gas-exploration stocks.2
In 1989,Forbesmagazine labelled the VSE the scam capital of the world.3In 1991, it listed some 2,300 stocks. Some local figurescitation neededstated that the majority of these stocks were either total failures or frauds. A 1994 report by James Matkin (Vancouver Stock Exchange & Securities Regulation Commission) made reference to shams, swindles and market manipulations within the VSE.4Regardless, it had roughly C$4 billion in annual trading in 1991.5
On November 29, 1999 the VSE was merged into theCanadian Venture Exchange(CDNX) (now known as the TSX Venture Exchange), along with theAlberta Stock Exchange(ASE) and the minor-cap stocks from theBourse de Montral(MSE). The trading floor of the old VSE remained as the trading floor of the new CDNX.
The history of the exchanges index provides a standard case example of largeerrorsarising from seemingly innocuous floating point calculations. In January 1982 the index was initialized at 1000 and subsequently updated andtruncatedto three decimal places on each trade. Such a thing was done about 3000 times each day. The accumulated truncations led to an erroneous loss of around 25 points per month. Over the weekend of November 2528, 1983, the error was corrected, raising the value of the index from its Friday closing figure of 524.811 to 1098.892.67
List of former stock exchanges in the Americas
List of stock exchange mergers in the Americas
The History of Metropolitan Vancouver – Chronology 1906 – 1908.
Downtown: Defunct VSE had colourful history – Controversy-ridden exchange couldnt shake stigma of being a penny stock casino
High Risks Dont Deter U.S. Funds From Vancouver Deals,
Behar, R.(May 6, 1991). Mining money in Vancouver.
The Wall Street Journal November 8, 1983, p.37
Cruise, David; Griffiths, Alison.Fleecing the Lamb: The Inside Story of the Vancouver Stock Exchange. Douglas & Mcintyre Ltd. 1987ISBN87
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This page was last edited on 22 August 2019, at 22:59