MONTREAL, April 4 /CNW Telbec/ - Montreal Exchange Inc. (MX) (TSX : MXX) reported today that its average daily trading volume was 164,686 contracts in the first quarter of 2008, ended March 31, 2008. This was a decrease of 12% compared to the same period of 2007 and an increase of 8% compared to the previous quarter, ended December 31, 2007.
The combined trading activity on the two platforms operated by MX teams, supporting the Montreal Exchange and the Boston Options Exchange (BOX), reached an average daily volume of 840,235 contracts in the first quarter, an increase of 41% compared to the combined volume in the first quarter of 2007 and a 9% increase from the previous quarter.
MX HIGHLIGHTS
The growth of trading activity on the Montreal Exchange in the first quarter was driven primarily by an increase in average daily volume for equity options, including ETF options, which reached 59,924 contracts, up 22% from the first quarter of 2007. Average daily trading volume for the SXF, the S&P Canada 60 Index Futures contract, also grew rapidly to reach 18,549 contracts, an increase of 31% from the first quarter of 2007.
The strong growth of trading in equity options and index derivatives in the first quarter of 2008 only compensated in part for decreases in trading activity in two interest rate derivatives: the BAX, the Three-Month Canadian Bankers' Acceptance Futures contract, and the CGB, the Ten-Year Government of Canada Bond Futures contract. Average daily trading volumes decreased 34% for the BAX and 23% for the CGB compared with the first quarter of 2007. Difficult conditions in short-term debt markets in Canada have had a negative impact on trading in the BAX and, to a lesser extent, the CGB in recent quarters.
Trading activity in the BAX category did increase on a quarter-to-quarter basis. Average daily volume for this short-term interest rate future increased 22% in the first quarter compared with the previous quarter, ended December 31, 2007. The average daily volume of BAX trading reached 54,005 contracts in the first quarter of 2008 from the average 44,106 contracts traded in the previous quarter.
BOX HIGHLIGHTS
The average daily trading volume on the Boston Options Exchange grew strongly to reach 675,549 contracts in the first quarter of 2008, an increase of 66% from the same period of 2007 and of 9% from the previous quarter.
Detailed statistical data on MX trading volumes will be available in
the statistical report of March 2008 to be posted on Monday April 7,
2008, at the following web address:
http://www.m-x.ca/f_stat_en/0803_stats_en.pdf.
Statistical data on BOX trading volumes are available at
http://www.bostonoptions.com.
About Montreal Exchange Inc.
The Montreal Exchange (MX) is Canada's financial 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.