Montreal Exchange (MX), Canada’s derivatives exchange, has extended its trading hours to open at 7 a.m. London time, or 2 a.m. Montreal time, Toronto-based TMX Group Ltd. announced Tuesday.
MX is now open from 2 a.m. to 4:30 p.m. Eastern Daylight Time, equivalent to 7 a.m. to 9:30 p.m. British Summer Time.
“Designed as a trading and risk management solution for investors around the world, extended trading hours enables domestic and international clients to manage their exposure to Canadian markets and execute cross-market strategies during non-regular Canadian business hours,” TMX Group says in a statement.
This will give international investors expanded access to Canadian benchmarks such as Three-Month Canadian Bankers’ Acceptance Futures (BAX) and Ten-Year Government of Canada Bond Futures (CGB), and will help with MX’s global expansion.
“This is an exciting day for Montreal Exchange as we, together with our valued clients and stakeholders, take an important step forward in the evolution of Canada’s world-class markets,” Luc Fortin, president and CEO of MX and global head of trading, TMX Group, says in a statement. “Over time, we expect extended hours to deliver multiple long-term benefits to our marketplace, including increased participation, improved transparency, and enhanced liquidity while strengthening MX’s competitive global position.”