Montréal Exchange
The Extended Trading Hours Are Now Live!

The Montréal Exchange now operates according to extended trading hours by opening its market at 2:00 a.m. Eastern Time. The Exchange has successfully established itself as Canada's benchmark and while it is undoubtedly a strong local exchange, the need for Canadian listed derivatives is growing globally and market participants' needs are changing.

The Montréal Exchange has decided to extend its trading hours in order to continue to grow its markets and address the needs of participants and end-users. This initiative intends to accommodate trading and risk management needs globally, by allowing domestic and international clients to manage their exposure to Canadian markets and execute cross-market strategies during non-regular Canadian business hours. By extending its trading hours, the Exchange aims to foster and enhance transparency and price discovery while increasing market participation, which in turn is expected to enhance market depth and liquidity on its listed derivatives, over the long-term. This will ultimately benefit the Canadian listed derivatives market and its participants overall. Extended trading hours also help the Montréal Exchange expand globally, diversify its existing client base, as well as develop new liquidity centers.

Thank you for submitting your contact information.

By providing personal information, I confirm that I have read, understood, and agreed to the terms of the Privacy policy of Bourse de Montréal Inc. and consent to the collection, use and disclosure of my personal information as set out in such policy.

Trading stages and hours

STAGES     Times
Pre-opening     1:30 a.m.
Order entry, cancellation and modification permitted
No-cancellation     1:59:15 a.m.
Order entry permitted; cancellation and modification not permitted
Opening (regular session)     2:00 a.m. (+/- 15 seconds)
Order entry, cancellation and modification permitted
Closing     4:30 p.m.
Order entry, cancellation and modification not permitted

For interest rate derivative products, the trading day starts at 2:00 a.m. and ends at 4:30 p.m. Eastern Time, and consists of one single continuous trading session. During early closing days, interest rate derivatives close for trading at 1:30 p.m. Eastern Time.

Market model

The Montréal Exchange's market model is built on a price/time priority (FIFO) algorithm. There is no impact on the current matching algorithm in the context of a 2:00 a.m. Eastern Time open.

Available services

The Montréal Exchange offers the same level of services and trading experience for the full length of the trading day, regardless of the time, including continuous support (trading and connectivity).

  • Electronic access
  • Block trades
  • Exchange for Risk/Exchange for Physical (EFR/EFP)
  • Crosses & prearranged transactions

Clients can trade an array of order types and durations on the SOLA trading platform. Order types and duration qualifiers vary according to product and each client's trading application. All current price and duration types will be available as of the earlier opening time.

  • Participant Activity Reports (PAR)
  • HSVF
High Speed Vendor Feed for access to MX's real-time trading and statistical information (comprised of trades, quotes, market depth, strategies, bulletins, summaries and other statistics).
  • OBF
Real-time binary MX Order Book Feed offers clients full depth-of-book and order-by-order detail for all derivative products traded on the Exchange.

Clearing implications

The Canadian Derivatives Clearing Corporation (CDCC) added an intra-day margin call at 7:15 a.m. Eastern Time (initial margin call (IM)) to minimize intraday uncovered exposure. CDCC uses the same procedure as the one currently used for existing intraday margin calls. Trades are all novated on a real-time basis as of the earlier opening time. Clearing members are required to be available during the earlier hours to respond to potential inquiries and escalation in case of rare uncovered material exposure. Additionally, CDCC has developed an internal overnight escalation and notification process to enhance the management of unanticipated situations and market conditions during the extended hours' period.

  • Overnight prices and volumes variations are monitored;
  • An internal alert can be launched if prices exceed a set of defined thresholds;
  • Should the thresholds be violated, CDCC runs an unscheduled margin calculation overnight to measure the uncovered exposure of each Clearing Member (CM), i.e. the Initial Margin (IM) and Mark-to-Market (MTM) not covered by collateral;
  • Based on the results, CDCC assesses whether it disposes of sufficient financial resources to cover the default of the largest exposure from one CM and its affiliates;
  • Depending on the outcome of the assessment, CDCC can choose to take exceptional measures.

Key contacts - Europe and Asia

David Helps

Head of International Business Development
C +44(0)7377 673 816

Key contacts - North America

Robert Tasca

Director, Interest Rate Derivatives and Client Solutions Group
T +1 514 871-3501

Robert Domanko

Head of Institutional Client Sales
T +1 514 787-6453

Mark Gunnip

Senior Manager, Business Development
T +1 514 871-3502

Mark Bourcier

Senior Account Manager, Market Access
T +1 514 871-3581

Kristina Mann-Krzisnik

Senior Analyst, Interest Rate Derivatives and Client Solutions Group
T +1 514 787-6514

Raphael Moreau

Analyst, Interest Rate Derivatives and Client Solutions Group
T +1 514 787-6574


T +1 514 871-7871
T +1 888 693-6366 (toll free)

Technical Help Desk

T +1 514 871-7872
T +1 877 588-8489 (toll free)

© 2018 Bourse de Montréal Inc., all rights reserved.

The information provided on this website, including financial and economic data, quotes and any analysis or interpretation thereof, is provided solely for general information purposes and shall not be construed in any jurisdiction as providing any advice or recommendation with respect to the purchase or sale of any derivative instrument, underlying security or any other financial instrument or as providing legal, accounting, tax, financial or investment advice. Bourse de Montréal Inc. recommends that you consult your own advisors in accordance with your needs before making decision to take into account your particular investment objectives, financial situation and individual needs. All references on this website to specifications, rules and obligations concerning a product are subject to the rules, policies and procedures of Bourse de Montréal Inc. and its clearinghouse, the Canadian Derivatives Clearing Corporation, which prevail over the content of this website. Although care has been taken in the preparation of the documents and information published on this website, Bourse de Montréal Inc. and/or its affiliates do not guarantee the accuracy or completeness of the information published on this website and reserve the right to amend or review, at any time and without prior notice, the content of these documents. Neither Bourse de Montréal Inc. nor any of its affiliates, directors, officers, employees or agents shall be liable for any damages, losses or costs incurred as a result of any errors or omissions on this website or of the use of or reliance upon any information appearing on this website.

BAX®, CGB®, CGF®, CGZ®, LGB®, MX®, OBX®, OGB®, OIS-MX®, ONX® and SOLA® are registered trademarks of the Bourse. Montréal Exchange is a trademark of the Bourse. The TMX logo is a registered trademark of TSX Inc. used under license. All other trademarks used are the property of their respective owners.

The S&P/TSX 60 Index is a product of S&P Dow Jones Indices LLC ("SPDJI") and TSX Inc. ("TSX"). Standard & Poor's® and S&P® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and TSX® is a registered trademark of TSX. SPDJI, Dow Jones, S&P and TSX do not sponsor, endorse, sell or promote any products based on the S&P/TSX 60 Index and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions or interruptions of the S&P/TSX 60 Index or any data related thereto.

Privacy Policy | Terms of Use