The Montreal Exchange today announced that the first phase of the implementation of SOLA, its new electronic trading software has been completed.

Phase two will involve the implementation of a new routing engine, which is to be completed in June 2006.

The new software was entirely developed by the MX IT solutions team, which includes 100 engineers, technicians and IT specialists. The exchange reports that the new software reduces response times; allows instant opening of all options trading on the exchange; can accommodate high volumes; and, is reliable, requiring less tech support.

“Electronic trading software is the key to development of exchanges worldwide,” said Luc Bertrand, president and CEO of the MX, adding that the MX is a leader in this area. Bertrand says that the new routing engines should further improve response times.