• About us
  • Overview
  • Governance and structure
  • Mission and roles
  • Committees
• Regulation
  • Regulatory amendments
  • Rules and policies
  • Procedures
  • Circulars
• Complaints
  • Submitting a complaint
  • Complaint process
  • Complaint form
• Disciplinary process
  • Procedure
• Approval
  • Becoming an approved participant
  • SAM authorized person
  • SAM courses
  • Application for transfer/change of status
  • Termination notice
  • Change of corporate status
  • Approved participants list

Becoming an approved participant

Benefits

Approved participants have direct access to the Exchange markets and trading environment. The most obvious advantage of becoming an approved participant is significant cost savings in execution. They also have the right to route client orders and install terminals in client offices.

Employees of approved participants are required to be approved as SAM Authorized Person before being permitted to trade on SAM (Montréal Automated System).

Recognized as a self-regulatory organization by the Autorité des marchés financiers, the Exchange also offers clearing services through its subsidiary, the Canadian Derivatives Clearing Corporation (CDCC).

Requirements

Firms applying to become an approved participant must meet certain criteria including:

1) For Canadian firms :

• be duly formed under the Canadian provincial or federal applicable laws;
• be a member of a Canadian self-regulatory organization (Investment Industry Regulatory Organization of Canada);
• become a member of the Canadian Derivatives Clearing Corporation or conclude a clearing agreement with one of its members.

Approved participants' employees applying to obtain an approval entitling them to trade on SAM must beforehand enroll to the course(s) offered by the Regulatory Division.

2) For foreign firms (United States, United Kingdom and France only)

• be duly formed pursuant to the relevant laws of the country;
• be registered with a securities or derivative instruments regulator, or a recognized self-regulatory organization, unless it is exempted from such registration in its jurisdiction and subject to all other applicable restriction;
• be under the audit jurisdiction of a recognized regulatory or self-regulatory organization of the country or of a recognized exchange of such country;
• have entered into a clearing agreement with a Canadian approved participant that is a member of the Canadian Derivatives Clearing Corporation;
• have a designated agent for service of process residing in Quebec.

For more information on the application process and the courses offered, please contact the Regulatory Division.

Admission requirements

Application for admission – Canadian approved participants

Application for admission – Foreign approved participants

Contacts

Regulatory Division
514 871-2424, ext. 461
reg@m-x.ca

SAM Division
514 871-7872
samsupport@m-x.ca

Canadian Derivatives Clearing Corporation (CDCC)
514 874-3545
operations@cdcc.ca

• Circulars
• Becoming an approved participant
• Regulatory fees (.pdf)