Approved Participants

Approved participants list

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Firms asterisked are members of the Canadian Derivatives Clearing Corporation.

M



Mackie Research Capital Corporation * (083)
http://www.mackieresearch.com/index.php
4 Place Ville-Marie - Suite 100
Montréal Québec H3B 2E7
Telephone: 514 399-1500
Fax: 514 399-1519

Commerce Court West
199 Bay Street - Suite 4500, Box 368
Toronto Ontario M5L 1G2
Telephone: 416 860-7600
Fax: 416 860-7674


Macquarie Capital Markets Canada Ltd.* (121)
http://www.macquarie.ca/mgl/ca/en
Brookfield Place
181 Bay Street - Suite 3100, P.O. Box 830
Toronto Ontario M5J 2T3
Telephone: 416 848-3500
Fax: 416 848-3162

1250 René-Lévesque Boulevard West - Suite 3910
Montréal Québec H3B 4W8
Telephone: 514 925-2850
Fax: 514 925-2870

Bentall 4
1055 Dunsmuir Street - Suite 1000, P.O. Box 49333
Vancouver British Columbia V7X 1L4
Telephone: 604 640-0400
Fax: 604 640-0300


Mako Global Derivatives Partnership LLP (635)
http://www.mako.com
Broadgate Quarter
1 Snowden Street
London UK EC2A 2AP
Telephone: +44 (0)20 7862 0400


Marex North America, LLC (567)
http://www.marex.com
360 Madison Avenue - Third Floor
New York NY 10017
Telephone: 212 584 3880
Fax: 212 584 3888


Merrill Lynch Canada Inc. * (024)
http://www.ml.com
Brookfield Place
181 Bay Street - Suite 400
Toronto Ontario M5J 2V8
Telephone: 416 369-7400
Fax: 416 369-7438

1250 René-Lévesque Boulevard West - Suite 3715
Montréal Québec H3B 4W8
Telephone: 514 846-1050
Fax: 514 846-3591


Mizuho Securities USA LLC (503)
http://www.mizuhosecurities.com
320 Park Avenue - 12th Floor
New York NY 10022
Telephone: 212 209-9300
Fax: 212 370-0801


Morgan Stanley & Co. LLC (550)
1585 Broadway
New York NY 10036
Telephone: 212 761-4000


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.

Becoming an approved participant - 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 the Montréal Exchange trading system (SOLA) must beforehand enroll to the training course(s) offered by the Regulatory Division.
  • 2) For foreign firms:
    • be located in one of the following jurisdiction: United States, United Kingdom, Republic of Ireland, Israel, Jersey and France;
    • 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;
    • have entered into a clearing agreement with a member of the Canadian Derivatives Clearing Corporation;
    • have a designated agent for service of process residing in Quebec.

All Approved Participants of the Exchange are required to implement the tool developed by the Exchange for the submission of daily position reports on derivative instruments traded on the Exchange, unless they have specifically been exempted from or have delegated this regulatory procedure. This tool should be implemented at the time of the trading connection in order for it to be fully operational from the beginning of the approved participant's trading activities on the Exchange. Information relevant to this tool and its implementation is available in the LOPR section of this website.

Application for admission – Canadian approved participants

Application for admission – Foreign approved participants

Application for admission – Foreign approved participants – Additional information

Change of corporate status

The Regulatory Division must be informed in writing when certain changes occur regarding an approved participant or foreign approved participant. In most cases, the Regulatory Division must simply be informed prior to such changes, whereas some situations require the prior approval of the Special Committee – Regulatory Division.

Example of situations where a prior notification to the Regulatory Division of the Exchange is sufficient (for further details, please refer to Rule Three of the Rules of the Exchange):

  • Name change
  • Change of control
  • Taking of a major position in the capital of an approved participant (10% or more)
  • Corporate reorganization
  • Merger/acquisition

Situations requiring a prior approval by the Special Committee – Regulatory Division:

  • Resignation of an approved participant
  • Taking of a major position resulting in a change of control of an approved participant, which is likely to materially affect its operations

Approved participants must also inform the Exchange as quickly as possible of any change regarding the address of their head office, phone and fax numbers and Web site address.