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  • Bourse de Montréal - Opérations de base sans risque
    participant agréé exécute l opération de base sans risque et alloue dans le compte du client la position à terme fonctionnellement équivalente à l exposition au marché au comptant telle qu initialement demandée par le client Caractère sans risque de l opération La Bourse permet l utilisation d un mécanisme d opérations de base sans risque pour négocier les contrats à terme indiciels SXF SXM SCF SXA SXB SXH et SXY et les contrats à terme sur actions à la condition que la position finale du participant agréé soit sans risque elle n a aucune incidence sur le marché au comptant Une position acheteur vendeur sur le marché au comptant sera neutralisée par une position vendeur acheteur sur le contrat à terme Le caractère neutralisant du risque de cette opération transforme la position nette du participant agréé en l équivalent d un instrument du marché monétaire à court terme de même échéance que le contrat à terme Les conditions à l effet que 1 l exposition est acquise à un prix moyen sur le marché au comptant et 2 la position dans le registre du participant est sans risque garantissent que ces opérations ne perturbent pas ou n affectent pas les marchés négociés en bourse Bien que le participant agréé doive acquérir la position sur le marché au comptant avant l exécution de la patte à terme la Bourse n impose pas de délai précis pour la rétention ou la liquidation de la position sur le marché au comptant par le participant agréé Une fois l opération de base sans risque complétée le participant agréé peut gérer les positions dans son registre comme il l entend Cette pratique permet d harmoniser davantage l opération avec le mécanisme de transactions par exécution de dérivés de la TSX pour lesquelles de la même façon il n y a pas d exigences de rétention ou de liquidation Évaluation de l opération sur contrats à terme par rapport au marché au comptant Le prix payé par le client pour les contrats à terme indiciels indiciels ou les contrats à terme sur actions comprend deux éléments le prix moyen sur le marché au comptant et la base Ce prix est obtenu de la façon suivante Base Le client et le courtier s entendent sur la base que le client devra payer au dessus du prix moyen sur le marché au comptant Cette base est négociée entre le courtier et le client Le client et le courtier s entendent sur le délai au cours duquel le courtier acquerra l exposition à l indice ou à l instrument au comptant sous jacent Le prix moyen des instruments au comptant est calculé pour cette période Le prix final du client pour les contrats à terme est la somme du prix moyen du marché au comptant et de la base pré négociée Le prix d un contrat à terme indiciel ou un contrat à terme sur actions suit de près le prix de l indice ou de l instrument

    Original URL path: http://bdm.org/marc_terme_echange_contrat_rbc_fr.php (2016-04-30)
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  • Bourse de Montréal - Limites de position
    Jours fériés Liste des frais Liste des options Règles Comités de la réglementation Conseil d administration et régie d entreprise du Groupe TMX Outils de négociation Calculateur de couverture Calculateur d options Simulateur de changement de taux par la BdC pour les contrats ONX Simulateur de changement de taux par la BdC pour les contrats OIS Simulateur de négociation Déclaration d opérations Formulaire de rapport d opérations avec termes spéciaux Formulaire de rapport d opérations en bloc Rapport d opérations Sites affiliés BOX Options Exchange CDCC Division de la réglementation Groupe TMX SOLA Accueil Marché à terme Limites de position Pour accéder à toutes les fonctionnalités de ce site vous devez activer JavaScript Voici les instructions pour activer JavaScript dans votre navigateur Web Limites de position Marché à terme Accueil Établissement de prix implicites pour les dérivés sur taux d intérêt Info sur la négociation Frais de négociation Applications opérations pré arrangées et opérations en bloc Échange physique pour contrats EFP Échange d instruments dérivés hors bourse pour contrats EFR Opérations de base sans risque Limites de position Exigences de marge La Bourse détermine et publie mensuellement les limites de position pour les contrats à terme options sur contrats à terme et trimestriellement pour les options sur actions sur indices et sur devises Les limites de position sur contrats à terme sont exprimées en nombre de contrats pour toute position nette acheteur ou vendeur pour tous les mois d échéance combinés Vous trouverez les limites de position dans la section des Circulaires En plus des limites de position la Bourse établit des seuils de déclaration Le seuil de déclaration représente la position nette au delà de laquelle les positions doivent être déclarées à la Bourse Les seuils de déclaration de chaque produit sont publiés dans la section des caractéristiques de

    Original URL path: http://bdm.org/marc_terme_lim_pos_fr.php (2016-04-30)
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  • Bourse de Montréal - Exigences de marge
    au marché Connexion et essais Outils de gestion du risque Avis techniques Fournisseurs indépendants de logiciels FIL Liste des participants agréés Marché des options Marché à terme Liens rapides CADérivés Calendrier de négociation Circulaires Cotes d options et contrats à terme Exigences de marge sur les contrats à terme Jours fériés Liste des frais Liste des options Règles Comités de la réglementation Conseil d administration et régie d entreprise du Groupe TMX Outils de négociation Calculateur de couverture Calculateur d options Simulateur de changement de taux par la BdC pour les contrats ONX Simulateur de changement de taux par la BdC pour les contrats OIS Simulateur de négociation Déclaration d opérations Formulaire de rapport d opérations avec termes spéciaux Formulaire de rapport d opérations en bloc Rapport d opérations Sites affiliés BOX Options Exchange CDCC Division de la réglementation Groupe TMX SOLA Accueil Marché à terme Exigences de marge Pour accéder à toutes les fonctionnalités de ce site vous devez activer JavaScript Voici les instructions pour activer JavaScript dans votre navigateur Web Exigences de marge Marché à terme Accueil Établissement de prix implicites pour les dérivés sur taux d intérêt Info sur la négociation Frais de négociation Applications opérations pré arrangées et opérations en bloc Échange physique pour contrats EFP Échange d instruments dérivés hors bourse pour contrats EFR Opérations de base sans risque Limites de position Exigences de marge Chaque participant du marché doit obtenir de ses clients des dépôts de marge La marge vise à se protéger contre le risque du marché associé aux positions de chacun des participants Elle est calculée à l aide de méthodes reconnues de façon à obtenir le degré souhaité de protection pour couvrir les fluctuations du marché à l égard des positions ouvertes et des opérations non réglées Vous avez probablement entendu

    Original URL path: http://bdm.org/marc_terme_marge_fr.php (2016-04-30)
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  • Montréal Exchange - Careers
    Markets Department Human Resources Department Are you looking for interesting and rewarding work experiences where you can showcase your expertise where you are exposed to a wide range of challenging assignments and where you can realize your full potential Are you dreaming of a workplace where self sufficiency is favoured where creativity and innovation are encouraged and where employee performance and efforts are not only recognized but also rewarded Then apply for a job at the Montréal Exchange All resumes are kept for a period of six months Only those applicants considered for an interview will be contacted The Montréal Exchange is an equal opportunity employer and is committed to employment equity Recognized expertise As a fully automated exchange devoted to developing the derivatives market the Montréal Exchange is always in need of outstanding candidates to fill positions within various sectors of the organization Sectors include Finance and Financial Markets Information Technology IT and Risk Management Whether you are at the beginning of your career eager to apply your skills and talents or a seasoned candidate seeking new challenges the Montréal Exchange provides you with the opportunity to realize your ambitions in a dynamic and stimulating work environment where teamwork information sharing accountability and flexibility all contribute to our mutual success Training opportunities and career development Continuing education The Montréal Exchange fosters the professional growth of its employees It also supports knowledge development and the acquisition of new skills and abilities through continuing education To that effect MX provides financial help and examination leaves for employees who take part time courses Wide range of benefits Employee Assistance Program EAP The Montréal Exchange makes available to employees an Employee Assistance Program EAP to aid those who are going through difficult personal times Giovanni Giarrusso scholarship This scholarship was established in honour

    Original URL path: http://bdm.org/qui_emplois_en.php (2016-04-30)
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  • Montréal Exchange - Overview
    move simulator for OIS futures Covered call calculator Options calculator Trading simulator Transaction Reporting Special terms transaction reporting form Block trade reporting form Transaction report Affiliated Sites BOX Options Exchange CDCC Regulatory Division SOLA TMX Group Home About Us Overview For full functionality of this site it is necessary to enable JavaScript Here are the instructions how to enable JavaScript in your web browser Overview About Us MX Overview Our mission Management team Historical highlights Holidays Careers Media room Press releases Logotypes University partnership Options Trading Simulation The Canadian Derivatives Exchange Scholars Program Financial Markets Department Human Resources Department The Montréal Exchange MX Canada s oldest exchange is a fully electronic exchange dedicated to the development of the Canadian derivative markets A complete line of integrated services As the sole financial derivatives exchange in Canada MX today exerts its leadership in the following areas of expertise Financial derivatives markets Information technology solutions Clearing services Unique risk management products The market for exchange traded derivatives is one of the strongest segments of the broader financial risk management industry worldwide MX offers individual and institutional investors both in Canada and abroad a wide range of risk management products for protecting their investments and ensuring growth MX currently lists Equity options Options on ETFs Currency options options on the US dollar Index derivatives Interest rate derivatives bond and money markets A notable entrance in the American market In February 2004 MX took a position in the huge and growing US equity options market through its majority ownership interest in the Boston Options Exchange BOX As technology partner in BOX MX is responsible for the market operations and technological development of the exchange Reliable flexible and advanced trading technologies Advanced electronic trading software plays a key role in the development of financial exchanges worldwide

    Original URL path: http://bdm.org/qui_bref_en.php (2016-04-30)
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  • Montréal Exchange - Our Mission
    call writing Publications Circulars Rules policies Trading procedures CADerivatives Fees incentive programs RSS XML feeds Education m x tv Options blog Guides and strategies Options education days OIC options education Option workshops Connectivity SOLA overview Market access Connection and testing Risk management tools Technical notices Independent software vendors ISVs Approved participants list Quick Links CADerivatives Circulars Holidays List of fees Margin requirements for futures contracts Options and futures quotes Options list Rules Trading calendar Regulatory Division Committees TMX Group board of directors and corporate governance Trading Tools BoC rate move simulator for ONX futures BoC rate move simulator for OIS futures Covered call calculator Options calculator Trading simulator Transaction Reporting Special terms transaction reporting form Block trade reporting form Transaction report Affiliated Sites BOX Options Exchange CDCC Regulatory Division SOLA TMX Group Home About Us Our Mission For full functionality of this site it is necessary to enable JavaScript Here are the instructions how to enable JavaScript in your web browser Our Mission About Us MX Overview Our mission Management team Historical highlights Holidays Careers Media room Press releases Logotypes University partnership Options Trading Simulation The Canadian Derivatives Exchange Scholars Program Financial Markets Department Human Resources Department The mission of

    Original URL path: http://bdm.org/qui_mission_en.php (2016-04-30)
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  • Montréal Exchange - Management Team
    income interdealer broker In addition Mr Miquelon is one of the two TMX representatives who sit on the Executive Committee of Boston Options Exchange Group LLC BOX which is a U S options exchange controlled by TMX Mr Miquelon has close to 20 years of experience as a senior executive of publicly traded companies in various sectors including financial services information technology and electronic commerce Mr Miquelon joined the MX in 2007 as Executive Vice President Chief Financial Officer and Head of Strategy Following the combination of MX and TSX Group he oversaw the successful integration of the two companies Prior to joining MX Mr Miquelon held several senior executive roles with Mediagrif Interactive Technologies including Chief Operating Officer from December 2004 to February 2007 and Executive Vice President and Chief Financial Officer from January 2000 to December 2004 From January 1996 to December 1999 Mr Miquelon served as Chief Financial Officer of Memotec Communications Inc Mr Miquelon also has four years of experience in the investment banking division of Scotia Capital Markets and spent two years in the financial consulting group of Arthur Andersen Co Mr Miquelon currently sits on the boards of BOX Montréal Climate Exchange MCeX CDCC CanDeal and on the non profit boards of Finance Montréal Canadian INSEAD Foundation Fonds de développement du Collège Jean de Brébeuf and Lighthouse Children and Families Mr Miquelon holds a Bachelor s Degree in Administration from HEC Montréal an affiliated business school of Université de Montréal and a Master s Degree in Business Administration from INSEAD He is also a Chartered Professional Accountant Glenn Goucher President and Chief Clearing Officer Mr Goucher joined the Montréal Exchange in November 2001 and is now acting as President and Chief Clearing Officer of the Canadian Derivatives Clearing Corporation Prior to this position he was Senior Vice President Financial Markets Mr Goucher was responsible for market operations business development and marketing activities for MX in multiple derivative market segments He also serves as Director for the Montréal Climate Exchange and CanDeal Before joining MX Mr Goucher held different responsibilities with a Canadian investment dealer including Director for equity derivative marketing and Manager of exchange traded derivatives He played an active role as Portfolio Manager for a Canadian pension fund responsible for the day to day management of several bond portfolios as well as overseeing the implementation of G7 derivative strategies He has also lectured undergraduate finance and business policy courses on a part time basis Mr Goucher has held the title of Chartered Financial Analyst since 1997 and holds both an MBA and a BSc Eng from the University of New Brunswick Léon Bitton Vice President Research and Development Mr Bitton presently serves as Vice President Research and Development at the Montréal Exchange Mr Bitton has led the research and development effort related to most of MX currently listed derivatives products He was also the driving force behind the establishment of the first regulated carbon market in Canada the Montréal Climate Exchange MCeX He

    Original URL path: http://bdm.org/qui_equipe_dir_en.php (2016-04-30)
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  • Montréal Exchange - Historical Highlights
    Exchange is awarded the Grand Prize for the best Financial Website in the 2003 Boomerang competition This competition recognizes Quebec s best practices in the field of interactive communications 2002 Sponsored Options are listed in January The first approved sponsor is Société Générale Sectorial futures SXA TM SXB TM SXH TM SXY TM are listed in April for the following sectors of the Canadian economy financial services information technology gold and energy 30 Day Overnight Repo Rate Futures ONX TM are listed in June On October 28 two new options strategy indices are introduced the MX Covered Call Writers index and the MX Covered Straddle Writers index The Exchange continues to expand to global liquidity centres MX connects foreign market participants giving electronic access to its trading platform 2001 On January 29 the SXF TM is transferred on SAM Single stock futures are listed in January On April 18 the Exchange launches the Derivatives Institute This training centre dispenses courses on derivative instruments On July 16 the SXO TM is transferred on SAM On October 1 the Exchange ceases trading junior listings The Exchange completes its automation process The Montréal Exchange becomes first traditional exchange in North America to be fully automated 2000 Options on iUnits TM S P TSX TM 60 Index Participation Fund XIU are launched in February Equity options still traded on the Toronto Stock Exchange are transferred on the Floor of the Exchange on March 27 On September 25 the CGB TM CGF TM and OGB TM are transferred on the new Montréal Exchange s electronic trading platform SAM Montréal Automated System The Montréal Exchange transforms itself into a private shareholder owned corporation and takes action to become full owner of its clearing house On December 11 the BAX TM and OBX TM are transferred on SAM 1999 1990 1999 The Montréal Exchange celebrates its 125 th anniversary Futures contracts SXF TM and options contracts SXO TM on the S P TSX 60 index are listed in September Reorganization of the Canadian securities markets The Montréal Exchange becomes Canada s financial derivatives exchange The Montréal Exchange joins the GLOBEX Alliance the first international electronic trading network in financial futures products 1998 The electronic trading platform NSC VF allows the BAX TM contract to be traded during European hours 2 a m to 7 a m Montréal time This trading session is created only for London based Great Britain members of the Montréal Exchange 1997 The circuit breaker policy is enforced for the first time on October 19 Adopted by all Canadian and American exchanges this measure allows an exchange to temporarily suspend trading should the Dow Jones index drop more than 10 1996 The electronic platform ETA Exchange Trading Access is launched which makes direct access to several foreign exchanges possible The Montréal Exchange s website is launched 1995 Five year Government of Canada bonds futures contracts CGF TM are listed in January 1994 Options on the three month Canadian bankers acceptance futures contracts OBX TM

    Original URL path: http://bdm.org/qui_histo_en.php (2016-04-30)
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