TMX Group announces important phase of integration plan

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[{"type":"text","content":"\n\n\n\nTORONTO and MONTREAL, Nov. 4 /CNW Telbec/ - TMX Group Inc. (TSX:X) today\nannounced an important phase in its integration plan that was established to\nachieve the benefits from the combination of TSX Group and Montreal Exchange\n(MX), which was completed on May 1 this year.\n\n\n"Our plan includes the investment in new business and product initiatives\nto better serve our customers' needs, particularly in the derivatives sector,\nwhile at the same time, achieving cost synergies by realizing efficiencies in\ndata centre operations and corporate support functions" said Tom Kloet, CEO,\nTMX Group. "While it is unfortunate that we cannot retain all of our employees\nin the combined organization, I am confident that we have developed the best\nstructure to ensure the success of TMX Group going forward" added Mr. Kloet.\n\n\nTMX Group plans to grow its business by adding new products such as a\nfutures contract based on a Canadian volatility index and mini-sized equity\nindex futures contracts. In addition, plans call for the expansion of clearing\nof over-the-counter derivatives and further development of its SOLA(R)\ntechnology platform, which supports both the Montreal Exchange and Boston\nOptions Exchange (BOX). These initiatives are anticipated to eventually\ngenerate more than $10 million annually in new revenue(1) and will require\nTMX Group to enhance its pool of expertise by adding approximately 30 highly\nskilled, value-added jobs in clearing, technology application development and\nproduct and services development at the MX office in Montreal.\n\n\nAs part of the plan, TMX Group's offices and data centers will be\nconsolidated and the company will eliminate 85 corporate support and\noperational positions, or approximately 10% of its workforce, over a period of\n14 months. The rationalization of data centres will enable customers to\nconsolidate their connectivity networks and co-locate at one location which\nwill greatly reduce their technology and communication expenditures.\n\n\n"In the current financial context, we see great opportunities to create\nefficiencies for our customers while further developing the risk management\nportion of our business, which is a key component of the Montreal Exchange."\nnoted Luc Bertrand, deputy CEO, TMX Group and President and CEO of the\nMontreal E...

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