In a speech to the Securities Super Conference today in Toronto, TSX Venture Exchange President Kevan Cowan said he is encouraged that regulators are working towards breaking down some of the barriers that have impeded cross-border issuers in the past.

“Cross-border trading and cross-border mergers, strategic partnerships and minority ownership positions by exchanges in other exchanges have been the catalysts for governments and regulators to reassess their approaches to cross-border issues,” Cowan said.

He said this is no different across North America where U.S. regulators are looking at the concept of mutual recognition as the key to eliminating excessive costs and paperwork associated with cross-border securities trading, especially for retail investors. Mutual recognition would make it simpler and more efficient for U.S. retail investors to trade shares on the Toronto Stock Exchange or TSX Venture Exchange.

“I’m proud to say that TSX Group has been a leader — in putting the option of mutual recognition on the table, both in terms of Europe and the United States.”

He also said that discussions over adapting International Financial Reporting Standards are picking up speed, “Regulators have already moved on one critical area involving mutual recognition – issuing a paper inviting comment on U.S. adoption of International Financial Reporting Standards that would not require companies to reconcile their accounts with U.S. GAAP if they are using IFRS. Canada is on a clear path to using IFRS. So are nearly 100 other countries, so it looks likely that we will wind up with something approaching a global standard.”

Cowan said he continues to work with Canadian regulators to build and enhance the TSX Venture marketplace. “We are delighted that they are supporting us to build this unique Canadian institution, TSX Venture Exchange, into something better still.”