The Toronto Stock Exchange (TSX) will set up its own derivatives exchange in 2009 if a merger with the Montreal Exchange does not go ahead, chief executive Richard Nesbitt said yesterday.Under an agreement between the two exchanges, the TSX will not enter the derivatives market - which Montreal currently dominates - until 2009. Nesbitt favours a merger between the two exchanges, which he said would leave Montreal as the centre of the Canadian derivatives business. "Imagine a Montreal-based derivatives industry rivalling Chicago for its expertise, innovation, quality and depth of its derivatives markets," he said in a speech to Quebecker businessmen yesterday.
Toronto would decide by the end of the year whether to build its own competing derivatives exchange in Montreal, he added.
But Montreal Exchange chief executive Luc Bertrand replied that the merger proposal was a "false premise": "There was not a sufficient premise for putting the two companies together," he told Canadian media.
More on Exchanges
Chicago-based exchange targets China, India and LatAm growth
Stock exchange group has “excess cash”, says group CEO
Increased volatility will spur demand for risk management tools in Asia
Onshore derivative market is the focus for Osaka Securities Exchange
Sign up for Risk.net email alerts
Sponsored video: Tradeweb
Multifonds talks to Custody Risk on being nominated for the Post-Trade Technology Vendor of the Year at the Custody Risk Awards 2014
Sponsored webinar: IBM Risk Analytics
Nominated for two technology awards
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.