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Toronto Stock Exchange Chief Discusses Economy in UI Appearance

The global economy is being roiled by a crisis so disruptive that it will likely change the way people view economics, the CEO of Canada's largest stock exchange said at The University of Iowa on Tuesday.

"This recession is breaking all the traditional rules because we don't know how long it's going to last and we don't know how deep it's going to be," said Tom Kloet, CEO of TMX Inc. during an appearance at the Tippie College of Business. "The general rules of economics are changing as a result."

Kloet, a 1980 graduate of the Tippie College of Business, has led the exchange, the world's ninth largest, since July. TMX also owns the Montreal Options Exchange, numerous other smaller Canadian exchanges, and the Boston Options Exchange, the sixth largest equity options exchange in the United States. He told a gathering of Tippie students that they will be the ones to measure the recession's true depth in the years to come.

"There will be serious, long-ranging implications, but we don't know what those implications will be," he said. "It will be your job as students graduating soon to find out."

Although he majored in accounting at Iowa, Kloet went straight into finance after graduating. He urged the students to keep an open career mind when they graduate and not let preconceived notions cut off career possibilities.

Before coming to Toronto, Kloet was CEO of the Singapore Stock Exchange and has served on the board of directors of the Chicago Merc, the CBOE, and the Chicago Stock Exchange. He also currently sits on the board of directors of the World Federation of Exchanges.

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