Recognized world-wide as benchmark indicator for Canadian short-term interest
MONTRÉAL, May 23, 2013 /CNW/ - Montréal Exchange Inc. (MX)today celebrates
the 25(th) anniversary of the launch of its signature product, the Three-Month
Canadian Bankers' Acceptance Futures contract (BAX).
"The introduction of the BAX in April, 1988, represented a new vision for MX
and ultimately ushered in the modern era of derivatives for Montreal and for
Canada," said Alain Miquelon, President and CEO, Montréal Exchange Inc. and
Group Head of Derivatives, TMX Group. "The innovative spirit of our
organization remains today as we work to provide responsive, efficient markets
for all participants with new products and initiatives aimed at increasing
Thomas Kloet, CEO, TMX Group, added, "We are proud to support this important
product across the world and we are pleased with the growth in global interest
in the BAX since the formation of TMX Group in 2008."
In the early years, BAX volumes were modest as the financial futures market
evolved in Canada. In the 1990's, trading in the BAX grew rapidly, and it was
recognized as Canada's benchmark product for short-term interest rates. The
BAX has now grown to serve a key function in Canadian money markets and last
year it ranked 6th globally in terms of volume among short-term interest rate
futures contracts. BAX average daily volume through April 30, 2013 was 85,570
contracts, representing a notional amount traded of approximately $86 billion
daily or 6.5X the total money market trading activity in Canada. This
represents a compound annual growth rate in volumes of 13% in the last 10
years since 2003.
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, TMX Select, Alpha Group,
The Canadian Depository for Securities, Montréal Exchange, Canadian
Derivatives Clearing Corporation, Natural Gas Exchange, BOX Options Exchange,
Shorcan, Shorcan Energy Brokers, Equicom 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
(Montreal, Calgary and Vancouver), in key U.S. markets (New York, Houston,
Boston and Chicago) as well as in London, Beijing and Sydney. For more
information about TMX Group, visit our website at www.tmx.com. Follow TMX
Group on Twitter at http://twitter.com/tmxgroup.
please contact: Shane Quinn Manager, Communications and Public Affairs TMX
Group 416-947-4609 Email:firstname.lastname@example.org
SOURCE: TSX Group Inc.
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CO: The Montreal Exchange
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-0- May/23/2013 13:23 GMT
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