MONTREAL, Nov. 24, 2011 /CNW Telbec/ - As part of public consultations
on the intended acquisition of the TMX Group and other entities by the
Maple Group, the Board of Trade of Metropolitan Montreal is presenting
its recommendations to the Autorité des marchés financiers (AMF) today.
"Representing close to 100,000 jobs and 3,000 businesses in Montréal,
the financial sector plays a highly strategic role in the city's
economy," said Michel Leblanc, President and CEO of the Board of Trade
of Metropolitan Montreal. "This transaction has attracted our
attention, not only because of the critical role that the Montréal
Exchange plays in the Finance Montréal cluster, but also because of the
significant impact it could have on the financial system, economic
development and wealth generation in Quebec's largest city."
"Overall, we support the intended acquisition by the Maple Group," Mr.
Leblanc said. "The group of proponents of this transaction includes
leading businesses and institutions in the financial system of Quebec
and Montréal, which assures us that the economic interests of Quebec
and Montréal will be represented."
"However, the minority status of proponents from Quebec requires that
the AMF obtain an explicit, formal guarantee that Maple will continue
to concentrate derivatives expertise in Montréal in the future," Michel
"In the past, Montréal's financial sector has suffered major losses to
Toronto, and we would like to ensure that our city's expertise in
derivatives does not suffer the same fate, but, that on the contrary,
this transaction will allow it to flourish," Michel Leblanc said.
In addition to this pivotal request, the Board of Trade has made four
suggestions that should be reflected in the Maple transaction and that
the AMF should have positive, satisfactory responses to:
Include an explicit, formal commitment to develop and promote the
operations of the Maple Group located in Montréal as a centre of
excellence in derivatives and related products, including fixed-income
securities and OTC products.
Ensure the location of activities related to offsetting and settlement
transactions in Montréal.
Ensure the fair representation of Quebec and Montréal on all of the
organization's governance bodies and establish a permanent committee of
the Maple board of directors with a mandate that focuses on the
derivatives and related products market.
Maintain the competitiveness of our financial market and continue to
offer diversified and competitive financial instruments to the city's
You can consult the Board of Trade's opinion as part of public
consultations on the planned acquisition of the Maple Group by clicking
The Board of Trade of Metropolitan Montreal has some 7,000 members. Its
primary mission is to represent the interests of the business community
of Greater Montréal and to provide individuals, merchants, and
businesses of all sizes with a variety of specialized services to help
them achieve their full potential in terms of innovation, productivity
and competitiveness. The Board of Trade is Quebec's leading private
economic development organization.
SOURCE BOARD OF TRADE OF METROPOLITAN MONTREAL
For further information:
Interim Advisor, Media Relations
Board of Trade of Metropolitan Montreal
Tel.: 514 871-4000, ext. 4015