TSX Group and its partner, International Securities Exchange, plan to launch a derivatives market known as DEX in March 2009, when a non-compete agreement with the Montreal Exchange expires.

DEX will initially be owned 52% by TSX Group and 48% by ISE. It will list and trade options, futures and options on futures on a range of Canadian securities.

“The exclusive equity index licence agreement is a significant next step for our new market,” said Rik Parkhill, president of TSX Markets, in a release.