Montreal Exchange to list its own shares publicly, but without initial offering: Knowledge Driven Revolution

The Montreal Exchange says it will go public next spring, but will list its shares without an initial offering.

"The listing should occur once the formal procedures have been completed, which should be in March or April 2007," the exchange said Friday.

The Montreal Exchange, though a junior market, is Canada's oldest exchange and continues to be the leader in complex derivative investments.

The market currently has about 300 shareholders, including UBS Warburg, pension fund manager Caisse de depot et placement du Quebec and Quebec-based National Bank (TSX:NA), as well as business and individual shareholders. Exchange employees own 15 per cent.

The exchange had announced Thursday that its board of directors decided to pay a special dividend of $1.50 per share to holders of its common shares. The dividend will be payable on Jan. 12, 2007, to shareholders of record as of 5 p.m. on Jan. 5.

"The board's decision to list the Montreal Exchange's shares was based fundamentally on the recognition of the level of maturity attained by the organization," CEO Luc Bertrand said in a release.

"Given the current situation-in which the MX business generates sufficient funds to finance its activities and development projects, the members of the board of directors and of the MX management concluded that a listing without offering meets the liquidity objective for MX shares."

He said listing the MX shares "will simplify questions about the company's value and, at the same time, clearly establish its public status and the rules that govern it."

The Montreal Exchange holds private auctions of its shares, and recently they have been changing hands for $61 each, which values the entire operation at $488 million, the Globe and Mail has reported.

The Montreal Exchange is fully electronic and its services include trading, training, market information, market operations and regulations as well as information technology solutions.

Through subsidiary the Canadian Derivatives Clearing Corp., it also provides central clearing services for Montreal Exchange-listed products. The MX is also a significant

shareholder of the Boston Options Exchange, a U.S. automated equity options exchange.

In July, the Montreal Exchange and the Chicago Climate Exchange announced the joint creation of the Montreal Climate Exchange, the first organized market in Canada for environment-related financial products.

The TSX Group (TSX:X), which owns the Toronto Stock Exchange and TSX Venture Exchange, went public in 2002. Since then, the value of TSX shares has risen from just under $9.32 on the first day of trading on Nov. 10, 2002, to its Thursday closing price of $45.70.

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