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Canadian exchange group unveils cross-asset class programme

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Toronto-based financial exchange operator TMX Group has announced its first cross-asset class fee incentive programme, which launches on 1 February.

Toronto-based financial exchange operator TMX Group has announced its first cross-asset class fee incentive programme, which launches on 1 February.

The TMX Group Exchange Traded Fund Options Market Maker Rebate programme will provide incentives for ETF options market makers to hedge Montréal Exchange trading activities through cash positions on the Toronto Stock Exchange.

‘This incentive programme is designed to remove hedging friction for ETF options market makers and to attract further ETF trading activities and listing opportunities on the Toronto Stock Exchange, TSX Venture Exchange and Montréal Exchange,’ says Glenn Goucher, a senior vice-president for financial markets at the Montréal Exchange.

Under the rebate program, each ETF options contract traded by the designated market-maker on the Montréal Exchange will generate a per-share credit to offset ETF trading activities on the Toronto Stock Exchange.

‘The development of this new cross-asset class subsidisation of ETF options market making activities further supports TMX Group’s efforts to encourage growth in the ETF sector, and to develop an integrated cash and derivatives trading business,’ says Kevan Cowan, president of TSX Markets and TMX Group’s head of equities.

TMX Group’s subsidiaries operate cash and derivative markets for asset classes including equities, fixed income and energy.

The Toronto Stock Exchange, TSX Venture Exchange, Montreal Exchange, Natural Gas Exchange, Boston Options Exchange, Shorcan, Equicom and other TMX Group companies provide trading markets, clearing facilities, data products and other services to the global financial community. TMX Group has offices in Montreal, Calgary and Vancouver.

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