Notes to the Consolidated Financial Statements
(Years ended December 31, 2007 and 2006 (In thousands of dollars, except per share amounts)

18.  Regulatory services:

Since 2002, the Securities Commissions of Alberta, British Columbia, Manitoba, Ontario and Quebec (the commissions) have recognized Market Regulation Services Inc. (“RS”) as a self-regulatory organization and approved the retention of RS to perform certain market regulation functions formerly performed by TSX. RS is a private corporation jointly owned by TSX and the Investment Dealers Association of Canada and operated on a not-for-profit basis in accordance with its articles. RS provides regulatory services to Canadian marketplaces (i.e., exchanges, alternative trading systems and quotation and trade reporting systems) that contract with it, in consideration of fees to be paid by such marketplaces and their participants.
TSX and TSX Venture Exchange Inc. have retained RS to perform certain market regulation functions.

For the year ended December 31, 2007, $7,184 (2006 – $7,189) of business services revenue was earned for technology services provided to RS and $3,538 (2006 – $3,889) was paid to RS for services provided by RS.