Source: Montréal Exchange
Montréal Exchange (MX) (TSX: MXX) today announced that in a judgment rendered on February 27, 2008, the Superior Court of Québec has dismissed with costs the action for damages filed by 39 former independent traders holding restricted trading permits (the "locals") against the Montréal Exchange.
The Superior Court confirmed that MX had the right to automate its markets in 2000-2001, gave adequate advance notice to traders about the automation, and implemented concrete measures to ease the transition from open-outcry trading to electronic trading.