- Average daily volume up 62%
- Net earnings of $4.6 million up $3.3 million
- Earnings per share on a diluted basis of $0.53 compared to $0.15
Third Quarter 2005
Revenues for the third quarter totalled $16.6 million up 26% over the corresponding period of 2004. This growth is primarily attributable to a significant increase in average volume traded at the MX. Average daily volume progressed by 62% to reach 125,747 contracts in the third quarter of 2005 compared to 77,654 contracts in the third quarter of 2004.
Net earnings for the third quarter rose to $4.6 million ($0.53 per share on a diluted basis) compared to $1.3 million ($0.15 per share on a diluted basis) for the corresponding period in 2004.
“MX had an exceptional quarter,” said Luc Bertrand, President and Chief Executive Officer of the Montréal Exchange. “Participants traded record volumes on the Canadian derivatives market and the Boston Options Exchange (BOX), for which MX is the technical operator. Combined activity of the two trading platforms reached a new summit during the quarter, with close to 700,000 contracts traded in a single day, on September 1, 2005. This record has since been surpassed, with a total of 813,000 contracts traded on the two platforms last October 19th”.
For the Nine-month period
For the nine-month period ended September 30, 2005, the average daily volume reached 112,230, a 33% increase compared to the same period in 2004.
Revenues for the period totalled $46.7 million an increase of 22% (excluding a non recurrent revenue of $5 million from a transaction realized in 2004) over the corresponding period in 2004. Transactions revenues were $19.8 million up 37%, revenues from information systems services were $11 million up 27%, and clearing revenues were $7.2 million up 24%.
Net earnings for the nine-month period reached $12.7 million ($1.47 per share on a diluted basis) compared to $6.8 million ($0.83 per share on a diluted basis) for the corresponding period in 2004.
“With a 33% increase in volume during the first nine months of the year, MX registered the best growth rate since its transformation,” added Mr. Bertrand. “Our efforts are yielding results: more and more Canadian and foreign participants are connecting and trading on the MX; our Information Technology Solutions team migrated MX to - SOLA -, a new proprietary and powerful trading platform; new products, such as currency options on the US dollar, and changes in the Canadian fiscal regime that authorized put options in registered plans, will benefit MX’s options market, while offering investors essential tools for effectively managing their portfolios. These initiatives as well as other projects underway at the Montréal Exchange will allow for continued accelerated growth,” concluded Mr. Bertrand.
The Financial Report for the Third Quarter 2005 is posted on MX’s web site at www.m-x.ca.
