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TSX Group today announced that TSX Inc. has signed an agreement with Standard & Poor’s to secure exclusive use of S&P/TSX equity indices in connection with options, futures and options on futures, beginning in 2009. TSX intends to use the license to permit DEX to create derivative products based on the indices.
DEX is a new derivatives exchange to be launched by two of the world’s leading marketplaces, TSX Group and the International Securities Exchange (ISE). DEX, which is scheduled to begin operation in March 2009, will initially be owned 52% by TSX Group and 48% by ISE. It will list and trade options, futures and options on futures on a range of Canadian securities.
“The exclusive equity index license agreement is a significant next step for our new market,” said Rik Parkhill, President of TSX Markets. “It underpins our strategy of integrating the cash equity market with the equity derivatives market through a seamless connection with superior liquidity. As we work with ISE to create the framework for our new exchange, DEX will be an innovative, globally-competitive derivatives exchange for Canada.”
Terms of the transaction were not disclosed.
