Recognized world-wide as benchmark indicator for Canadian short-term
MONTRÉAL, May 23, 2013 /CNW/ - Montréal Exchange Inc. (MX) today
celebrates the 25th anniversary of the launch of its signature product, the Three-Month
Canadian Bankers' Acceptance Futures contract (BAX).
"The introduction of the BAX in April, 1988, represented a new vision
for MX and ultimately ushered in the modern era of derivatives for
Montreal and for Canada," said Alain Miquelon, President and CEO,
Montréal Exchange Inc. and Group Head of Derivatives, TMX Group. "The
innovative spirit of our organization remains today as we work to
provide responsive, efficient markets for all participants with new
products and initiatives aimed at increasing liquidity."
Thomas Kloet, CEO, TMX Group, added, "We are proud to support this
important product across the world and we are pleased with the growth
in global interest in the BAX since the formation of TMX Group in
In the early years, BAX volumes were modest as the financial futures
market evolved in Canada. In the 1990's, trading in the BAX grew
rapidly, and it was recognized as Canada's benchmark product for
short-term interest rates. The BAX has now grown to serve a key
function in Canadian money markets and last year it ranked 6th globally
in terms of volume among short-term interest rate futures contracts.
BAX average daily volume through April 30, 2013 was 85,570 contracts,
representing a notional amount traded of approximately $86 billion
daily or 6.5X the total money market trading activity in Canada. This
represents a compound annual growth rate in volumes of 13% in the last
10 years since 2003.
About TMX Group (TSX:X)
TMX Group's key subsidiaries operate cash and derivative markets and
clearinghouses for multiple asset classes including equities, fixed
income and energy. Toronto Stock Exchange, TSX Venture Exchange, TMX
Select, Alpha Group, The Canadian Depository for Securities, Montréal
Exchange, Canadian Derivatives Clearing Corporation, Natural Gas
Exchange, BOX Options Exchange, Shorcan, Shorcan Energy Brokers,
Equicom and other TMX Group companies provide listing markets, trading
markets, clearing facilities, depository services, 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, Beijing and Sydney. For more
information about TMX Group, visit our website at www.tmx.com. Follow TMX Group on Twitter at http://twitter.com/tmxgroup.
SOURCE: TSX Group Inc.
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Manager, Communications and Public Affairs