September 26, 2022Advisory Notice A22-010

Upcoming change to BAX, OBX and CORRA Futures opening time and BAX tick size

Montreal Exchange (the "Bourse") wishes to remind market participants that, pursuant to Advisory Notice A22-009 and its roadmap for BAX and CORRA Futures in the context of the Canadian benchmark transition, the following modification will take effect after market close on September 30th, 2022.

1. Change to the opening hour of BAX futures, BAX options (OBX) and 3M CORRA Futures (CRA), from 8:00 p.m. to 2:00 a.m. ET. As of the effective date, the following trading hours and stages will apply for BAX, OBX, CRA and related strategies:

Pre-opening: 1:30:00 a.m.
No-Cancel: 1:59:15 a.m.
Opening: 2:00:00 a.m.* for outrights; 2:00:15 a.m. for strategies
Closing: 4:30:00 p.m.**

* +/- 15 seconds

**During early closing days, interest rate derivatives market close for trading at 1:30 p.m.

All times mentioned are Eastern Time

2.Change to the minimum price fluctuation (tick size) of the fifth to the twelfth quarterly Three-month Canadian Bankers' Acceptance Futures contract (BAX Reds and Greens), from 0.005 (a half tick) to 0.01 (a full tick), For the aforementioned contracts, the order book will be purged (outrights and strategies) on Friday September 30, 2022 after the close of the market. Consequently, approved participants will have to re-enter their orders beginning on Monday October 3, 2022 at 1:30 a.m. ET.

Summary of the modification (as of the market close on September 30th, 2022) :

BAX Reds and Greens

(BAXZ23, BAXH24, BAXM24, BAXU24, BAXZ24, BAXH25, BAXM25, BAXU25)

Minimum price fluctuation is changed from 0.005 = C$12,50 per contract to 0.01 = C$25 per contract

Order book on the outright and strategies will be purged on Friday September 30, 2022 after the close of the market

Note that there will be no impact on the BAX Whites outrights contract (BAXZ22, BAXH23, BAXM23, BAXU23), but the order book of strategies may be impacted if they involved BAX reds and BAX greens contracts.

For more information regarding this notice, please contact Market Operations Team

Market Operations:

Futures: 514 -871-7871

Monitoring@tmx.com

Derivatives technical support:

Toll free: 1-877-588-8489

Telephone: 514-871-7872

Derivatives.Operations@tmx.com

The information contained in this document is for information purposes only and shall not be construed as legally binding. This document is a summary of the product's specifications which are set forth in the Rules of Bourse de Montreal Inc. ("Rules of the Bourse"). While Bourse de Montreal Inc. endeavors to keep this document up to date, it does not guarantee that it is complete or accurate. In the event of discrepancies between the information contained in this document and the Rules of the Bourse, the latter shall prevail. The Rules of the Bourse must be consulted in all cases concerning product's specifications.