MONTREAL, Feb. 13 /CNW Telbec/ - Montreal Exchange Inc. (MX) (TSX: MXX) announced that during the special general meeting that was held today, MX shareholders approved the proposed combination with TSX Group Inc. to create TMX Group Inc.
The combination had to be approved by at least 66 2/3% of the votes cast by MX shareholders present in person or represented by proxy at the meeting. The shareholders approved it by 99.6%.
This is a key step towards the completion of the combination and the creation of the new TMX Group. It demonstrates a strong show of support for the transaction by MX shareholders.
On January 31st, 2008, MX filed an application with the Autorite des marches financiers (AMF), to amend its recognition order. This application included written undertakings from TSX Group Inc. to the effect that, notably:
- MX will continue to be the Canadian national exchange for all
derivatives trading and related products;
- The head office and the executive office of each of MX and the
Canadian Derivatives Clearing Corporation (CDCC) will remain in
Montreal;
- MX operations will remain and continue to develop in Montreal;
- The AMF will continue as the lead regulator in respect of the
operations of MX and CDCC, with oversight over the future
development of derivatives markets in Montreal;
- Any proposal for a change in the control of more than 10% of the
shares of MX will be subject to the prior approval of the AMF;
- TMX Group will remain subject to a 10% ownership restriction, and
any amendments to this restriction will require the prior approval
of each of the AMF and the Ontario Securities Commission.
Since February 1st and until March 3, 2008, any person who submits written comments within the public consultation process of the AMF, will be, depending on availability, provided with an opportunity to express their opinion at the public hearings to be held March 26 and 27, 2008.
About Montreal Exchange Inc.
The Montreal Exchange (MX) is the Canadian derivatives exchange. The MX offers trading in Canadian interest rate, index and equity derivatives. Clearing, settlement and risk management services are provided by an AA rated clearing house, the Canadian Derivatives Clearing Corporation, fully owned by the MX. Our integrated trading and clearing services are supported by a proprietary suite of exchange technologies, known as SOLA(R). The MX also has interests in: the Boston Options Exchange (BOX), a U.S. automated equity options market, for which MX is the technical operator; the Canadian Resources Exchange (CAREX), a new corporation created with NYMEX that is dedicated to developing the Canadian energy market; and the Montreal Climate Exchange (MCeX), a joint venture with the Chicago Climate Exchange(R), aiming to establish the leading market for publicly traded environmental products in Canada. For more information about the Montreal Exchange, please visit www.m-x.ca.