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 361000 Canadian dlrs the exchange said. Approval was granted by the exchanges 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.
DAIWA SECURITIES BUYS TORONTO EXCHANGE SEAT