International Securities Exchange (ISE) and Toronto Stock Exchange (TSX) are planning to create a joint derivatives exchange in Canada that will compete with Montreal Exchange (MX).
The new exchange, to be named DEX, is scheduled to launch in March 2009, when the TSX non-compete agreement over derivatives ends with MX.
TSX will be the majority owner with 52% and ISE will own 48% of the market. The estimated cost for the new exchange is C$26m and will be split by both exchanges.
ISE will provide the trading platform at the exchange while TSX will build the...