Appearances may be deceiving Argoz, LOL!! Far more shares trade on the AMEX than TSE and in fact the TSE seems now to be a non-player. Of course some firms from Canada could be using US based trading.

With all due respect it is more difficult to naked short in Canada even if it's not illegal like in the US. In Canada you can only short for a few days, maybe a week or two, before you either have to deliver or are forced to cover, this is monitored by brokerage firms who run the risk of serious fines if they are caught on routine inspections, etc. Individual investors or funds run little risk, it is the brokers who must pay for violations and they are more strict all the time.

It is in the US where the naked short issue is so severe they have to publish an SHO list admitting crimes are being committed everyday right under the nose of the regulators who do nothing and where brokerage/banking firms seem to not care about who has or has not borrowed to short stocks. The horror stories of naked shorting with companies having many more shares in the float that have ever been issued is US based and the SEC does nothing. The SEC is the most disfunctional regulatory body on the planet even exceeding the CFTC in incompatence. It was the lack of oversight by these very agencies and the FED that nearly collapased the world monetary system in 2007/08.

In the case of ECU it was long felt that a major US based hedge fund out of Chicago was the major naked short player on the ECU stock and the official short position on the TSE was simply a reflection of this major short presence. Transparency is not the strong suit of shorts nor regulatory bodies in most countries.