The Montréal Exchange (TSX: MXX) is issuing the following clarifications regarding its stock index futures.
The Exchange holds a license from Standard and Poor's to use the S&P/TSX 60 Index as a support for futures contracts (SXF) and options until June 2009. The Exchange continues to develop these contracts which represented 6% of its total revenues for the first half of 2007.
The Exchange would like to reiterate that the success of a futures contract depends primarily on the quality of the trading and clearing services, the market model and its regulatory framework, the level of liquidity and open interest reached and the critical mass of domestic and foreign participants.
In light of the announcement made this morning regarding the agreement between TSX and S&P, the Exchange is examining all of its options regarding the period subsequent to June 2009 and will continue to act, in close cooperation with market participants, in the interest of the Canadian capital market development.
