Montreal Exchange and CDCC launch Sola Clearing
03 June 2009 | 2895 views | 0
Source: Montreal Exchange
TMX Group Inc. today announced that Montréal Exchange (MX) and the Canadian Derivative Clearing Corporation (CDCC), wholly-owned TMX subsidiaries, have successfully launched the new SOLA(R) Clearing system. The new clearing platform, which leverages the strength of the SOLA technology, provides both better service to clients as well as the flexibility to enhance CDCC's product offering.
"Implementing the SOLA clearing platform represents the last milestone of a five-year plan to rebuild our exchange technology," said Luc Bertrand, Deputy CEO TMX Group and MX President. "It also represents an important step forward in our broader clearing strategy."
With the implementation of SOLA Clearing complete, the company has the necessary flexibility and capacity to even better service the market's growing need for clearing and settlement of over-the-counter (OTC) products. Specifically, CDCC's OTC product strategy includes plans to introduce clearing of repurchase agreements (repos).
"We would like to recognize the significant contributions of our clearing members who tested the platform and worked very hard with us to ensure that the migration went smoothly," said Alain Miquelon, Chief Clearing Officer, CDCC, and Executive Vice President and COO, MX.