Canada's Derivatives Exchange Extends Trading Hours to Expand Global Reach
October 9, 2018 (MONTRÉAL) - Montréal Exchange (MX), Canada's derivatives exchange, opened for trading at 2:00 a.m. EDT this morning, or 7:00 a.m. London time.
The move to extend its trading hours is in response to an increase in activity and demand from MX's global clients, particularly during the early trading session. MX's regular trading session has increased in duration by four hours, with trading now available between 2:00 a.m. to 4:30 p.m. ET (7:00 a.m. to 9:30 p.m. London time), and a pre-open or order entry session beginning at 1:30 a.m. ET (6:30 a.m. London time).
Designed as a trading and risk management solution for investors around the world, extended trading hours enables domestic and international clients to manage their exposure to Canadian markets and execute cross-market strategies during non-regular Canadian business hours. Investors now have expanded access to MX's suite of interest rate derivatives products, including the internationally-recognized Canadian benchmarks Three-Month Canadian Bankers' Acceptance Futures (BAX) and Ten-Year Government of Canada Bond Futures (CGB). Extended trading hours will also help MX expand globally, diversify its existing client base, and develop new liquidity centers.
"This is an exciting day for Montréal Exchange as we, together with our valued clients and stakeholders, take an important step forward in the evolution of Canada's world-class markets," said Luc Fortin, President and Chief Executive Officer of MX and Global Head of Trading, TMX Group. "Over time, we expect extended hours to deliver multiple long-term benefits to our marketplace, including increased participation, improved transparency, and enhanced liquidity while strengthening MX's competitive global position. We extend our sincere thanks to our clients for their partnership in this initiative and we look forward to the collaborative work ahead in pursuit of future successes."
MX will offer full and continuous client support services throughout the entire trading day. For complete details, please see our website.
About TMX Group (TSX: X)
TMX Group's key subsidiaries operate cash and derivative markets and clearinghouses for multiple asset classes including equities, fixed income and energy. Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange, The Canadian Depository for Securities, Montréal Exchange, Canadian Derivatives Clearing Corporation, and other TMX Group companies provide listing markets, trading markets, clearing facilities, depository services, data products and other services to the global financial community. TMX Group is headquartered in Toronto and operates offices across Canada (Montréal, Calgary and Vancouver), in key U.S. markets (New York, Houston) as well as in London, Beijing, Singapore and Israel. For more information about TMX Group, visit our website at http://www.tmx.com. Follow TMX Group on Twitter: @TMXGroup.
For more information please contact:
Head of Communications and Public Affairs