The Montreal Exchange Inc. yesterday announced net income rose 13% in the first quarter ending March 31.

Revenues for the first quarter reached $21.9 million an increase of 15% compared to $19.1 million for the first quarter 2006, due principally to increased market trading volumes. The average daily trading volume was up 26% year-over-year.

Net earnings for the first quarter 2007 increased 13% to $5.6 million compared to $4.9 million for the first quarter 2006. Adjusted net earnings for the first quarter 2007, excluding a $2.1 million charge net of tax relating to non-recurring professional fees in connection with the preparation of its non-offering prospectus and the listing of its shares, increased 38% to $7.6 million compared to $5.5 million for the first quarter 2006 (excluding a $600,000 million charge net of tax relating to legal settlements in connection with the closing of its trading floor).

“We are pleased with this quarter’s results which represent another strong period in our continued growth in the derivatives business,” commented MX president and CEO, Luc Bertrand. “There is a very positive operating environment for the derivatives industry in Canada and globally. The Montreal Exchange is a key player with leading-edge technology and excellent growth opportunities from our strategic alliances: BOX, MCeX and CAREX.”