MONTREAL — — TSX Group Inc. chief executive officer Richard Nesbitt says the new Quantum trading system will give the Toronto-based market operator the capacity to expand into the derivatives business once a stand-still agreement with Montreal Exchange Inc. expires.
Under the agreement, the MX has been Canada's only market for trading derivatives while Toronto-based TSX consolidated the country's stock-trading markets.
In a speech prepared for the Canadian Club of Montreal, Mr. Nesbitt said the TSX Quantum trading system is beginning a phased rollout in December and will be live by the end of the year.
The new trading system will underpin a number of strategic growth initiatives by the company that owns the Toronto Stock Exchange and TSX Venture Exchange, including its planned entry into the derivatives business in 2009.
Before that, in early 2008, there will be a new alliance between the TSX-owned Natural Gas Exchange and U.S.-based IntercontinentalExchange Inc.
Mr. Nesbitt says TSX Group will follow that in 2009 with the launch of a derivatives exchange and finalization of the purchase of a crude oil commodity exchange after the expiry of the stand-still agreement.
© Canadian Press
