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Back to the Future: The CGF Incentive Program

April 17, 2015

On April 1st, Montréal Exchange (MX) introduced a year-long incentive program to encourage the development of the Five-Year Government of Canada Bond Futures (CGF) contract.

Under this program, MX waives transaction fees on three Ten-Year Government of Canada Bond Futures (CGB) contracts for each CGF contract they trade within the same calendar month. Simply put, for every CGF contract traded, MX will waive execution fees for three CGB contracts. This waiver is limited to 10,000 CGB contracts per calendar month, per program applicant.

For every CGF contract traded, MX will waive execution fees for three CGB contracts. This waiver is limited to 10,000 CGB contracts per calendar month, per program applicant.

Launched in July 2011, MX's "Yield Curve Project", introduced mandated market makers to provide liquidity on fixed income futures that needed a jump start, namely Three-Month Canadian Bankers'

Acceptance Futures, quarterlies five through nine (BAX Reds) and quarterlies nine through 12 (BAX Greens), Two-Year Government of Canada Bond Futures (CGZ) and the CGF. While MX has seen significant growth in the BAX Reds and Greens, those efforts have yet to be fully reflected in the CGF.

Click here to learn more about the CGF Incentive Program.

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