Canadian repos now being cleared
TORONTO, Feb. 21, 2012 /CNW/ - TMX Group Inc. today announced that the
Canadian Derivatives Clearing Corporation (CDCC) has launched its fixed
income central counter party services and has begun to clear repurchase
"CDCC has a 35 year history supporting the development and evolution of
the Canadian capital markets, and we are proud of the contribution that
we have made in providing this important infrastructure," said Alain
Miquelon, CEO, Montréal Exchange and Group Head, Derivatives. "We are
extremely pleased to deliver a repo clearing solution that both meets
the needs of clearing participants and strengthens the Canadian
The mandate to develop the infrastructure for central-counterparty
services for the Canadian fixed income market was awarded by the
Investment Industry Association of Canada (IIAC) in December 2009.
"This solution is the culmination of months of work by CDCC's
technology and industry specialists, the IIAC, the Bank of Canada and
industry stakeholders," said Glenn Goucher, President and Chief
Clearing Officer, CDCC. "We remain fully focused on ensuring that the
solution has the flexibility, scale and enhancements needed to evolve
with industry requirements."
"Intra-financial system markets provide for well-functioning capital
markets. CDCC's fixed income CCP will contribute to efficient repo
markets in Canada," said Ian Russell, President and CEO of the
IIAC. "The success of the project owes much to the many professionals
from our member firms who gave generously of their time and expertise
to the initiative."
Today marks the beginning of a carefully-planned implementation
period. Over a 13-week period, an increasing number of securities will
be added in increments to ensure an orderly introduction of the
CDCC, which was launched in 1975, is the issuer, clearinghouse and
guarantor of exchange traded derivatives in Canada and exclusive
clearinghouse to Montreal Exchange. Please visit www.cdcc.ca for more information about CDCC.
About TMX Group (TSX-X)
TMX Group's key subsidiaries operate cash and derivative markets for
multiple asset classes including equities, fixed income and energy.
Toronto Stock Exchange, TSX Venture Exchange, TMX Select, Montreal
Exchange, Canadian Derivatives Clearing Corporation, Natural Gas
Exchange, Boston Options Exchange (BOX), Shorcan, Shorcan Energy
Brokers, Equicom and other TMX Group companies provide listing markets,
trading markets, clearing facilities, data products and other services
to the global financial community. TMX Group is headquartered in Toronto and operates offices across Canada (Montreal, Calgary and
Vancouver), in key U.S. markets (New York, Houston, Boston and Chicago)
as well as in London and Beijing. For more information about TMX Group,
visit our website at www.tmx.com. Follow TMX Group on Twitter at http://twitter.com/tmxgroup.
SOURCE TMX GROUP INC.
For further information:
Director, Corporate Communications