The Montréal Exchange (MX) wishes to announce the deployment of several market initiatives in 2011, which have been integral in improving volumes.
- Launch of market makers for CGZTM – Two-Year Government of Canada Bond Futures
- Launch of market makers for CGFTM – Five-Year Government of Canada Bond Futures
- Launch of market makers for OBXTM – Options on Three-Month Canadian Bankers’ Acceptance Futures
- Implementation of post-trade anonymity
- Evolution of implied pricing functionality
According to Futures and Options Intelligence data, OBX has experienced the biggest rise in volume globally for interest rate contracts during the first half of 2011:
"In terms of first half results, the biggest rise from 2010’s volumes was reported by Montreal Exchange. The 3 month Canadian Banker’s Acceptance Options were up 132% by the end of June to 360,000 contracts." (source: Futures and Options Intelligence, FOi Research: June STIRS, BONDS and FX, July 15, 2011)
In addition, MX also saw a substantial increase in our short-term interest rate BAX futures contract, increasing 63% in the first half of 2011 compared to last year.
"The future contract on the same exchange also saw a 63% upturn in activity compared to 2010’s results, with 11.5m contracts changing hands in the first six months of this year."
A record trend in volumes
MX achieved a total monthly volume record in June 2011 with 6,164,764 contracts traded, surpassing the previous record of 5,711,489 contracts achieved in March 2011. MX also set a new quarterly trading record in Q2 2011 with 16,269,612 contracts traded, exceeding the previous record of 14,553,661 contracts set in Q1 2011.
In June 2011, volume increased by 13% over May 2011 and was up 53% over the same month last year. Open interest increased during June 2011 by 2% over the previous month, and increased by 43% over June 2010. On a year-to-date basis, both volume and open interest contracts were up significantly during the first six months of 2011 compared to the same period in 2010.
MX would like to express its gratitude to its participants for their continued support throughout the implementation of these initiatives.