Futures contracts		Options
Month	Code	Calls	Puts
January	F	A	M
February	G	B	N
March	H	C	O
April	J	D	P
May	K	E	Q
June	M	F	R
July	N	G	S
August	Q	H	T
September	U	I	U
October	V	J	V
November	X	K	W
December	Z	L	X

For futures contracts and options on futures contracts, two orders from the same market participant at the same price and for the same quantity can be entered simultaneously into the Montréal Automated System (SAM) while complying with the priority of bids and offers, and if the quantity is above the eligible portion established by the Exchange periodically to reflect market conditions. The objectives of the crossing procedures described herein are :

• ensure that a cross transaction is executed at a price at which there are no other market participants who are willing to trade any or all of the order at a better price.
• when applicable ensure that all market makers are informed of such a trade prior to its execution and have the opportunity to participate.

Procedures:

Futures and Options on Futures
Instruments	Cross Transactions	Minimum Required Quantity	Prescibed Time Delay
ONX	Yes	1 contract	5 sec.
BAX	Yes	1 contract	5 sec. Front 4
OBX	Yes	1 contract	15 sec.
CGB	Yes	1 contract	5 sec.
CGZ	Yes	1 contract	5 sec.
SXF	Yes	100 contracts	0 sec.

I )	If	Bid < Cross Order Price < Ask
	Then	Use the "cross" button or enter one side in the order book and instantaneously trade against it (execution risk).

II )	If	Bid > Cross Order Price > Ask
	Then	Must fill all existing orders on the central order book which are at limit prices better than or equal to the cross price.
	And then	Apply the procedure explained in I) for the remaining quantity.

Trading the MX products allows to input orders under the "Hidden Quantity" format (referred to as "iceberg" orders). Using this facility provides the flexibility to display sequential pre-determined portions of an entire large size order. The minimum required quantity to be displayed for futures contracts is 25 contracts. This facility allows for an efficient execution of large size orders without disrupting market's supply and demand.

MX contracts are directly accessible for execution through the following Independent Service Vendors (ISVs) who are available to assist market participants by offering service support: ADP (Automatic Data Processing Inc.)
Belzberg Technologies
Candeal
CQG
Dataphile Software Ltd.
FFastFill
FlexTrade Systems, Inc. - FlexTrade
GL Trade
IBM Canada
ION Trading
IRESS Market Technology Canada - IRESS
ITS (Integrated Transaction Systems Limited)
Nexa Technologies Inc.
NYFIX - OBMS
Object Trading - FrontRunner
Orc Software
Patsystems
Perimeter Markets
Quoter Jean
Reuters CXTrader
RTS Realtime Systems Group
Stellar Trading Systems
Trading Technologies
ULLINK - UL BRIDGE
Market participants have the option of choosing their trading terminal application from one of the above-mentioned suppliers or to use a proprietary trading system developed by an approved participant. In all cases, the solution must be certified before implementation by the Exchange who manages the access to SAM. Note: The Montréal Exchange will continue to offer the technical support to the GL hardware and will operate the GL service bureau until January 5, 2004. Following this date, the GL trading solution will be directly and solely supported by GL Trade.

We often hear that the management of back office operations impedes the use of derivatives. The Canadian Derivatives Clearing Corporation (CDCC) has designed Mind Trade Management System (MTM) to allocate trades, manage allocations and set-up agreements between firms. Once a transaction has been completed through one of the various front-end trading platforms, the position is processed and managed through the MTM system. MTM links the trading platform to CDCC. Thus, MTM facilitates the clearing, back office and risk management operations. MTM, easy to install on PC, allows users :

• to directly allocate a trade upon execution.
• to break-up a trade for clearing in multiple accounts.
• to correct previously allocated trades.
• to access give-up trades with other clearing members.
• to create give-up agreements between clearing members.
• to view all executed trades by the participant.
• to generate personalized reports (e.g. "give up given", "give-up received" , cleared, executed).
• to generate files for risk management.
• to generate personalized window screens and workspaces.
• to create clearing keys and accounts.
• to export data to Excel or any Microsoft application in order to automate the daily report process.

More information on MTM

Orders are filled according to price and time of the acceptance in the options on futures and futures trading system. Here are some details:

• When the quantity of the order is increased and if there are other orders at the same price in the central book at the time of the increase, it is treated as a new order. It is preferable to issue a new order for the additional quantity instead of increasing the existing one so that the time priority for the initial quantity is retained.
• When the quantity of the order is decreased, it retains its priority in the system.
• Hidden quantities are time-stamped when they appear in the central order book.
• A stop order is time-stamped when triggered.
• The modification of the account number does not change the order's priority.
• The modification of the validation date does not change the order's priority.

There is no other priority than FIFO on a price/time basis. In all cases, each approved participant is responsible for insuring that, at the same price and time-stamp, it gives priority to client orders over its own professional orders.

Open interest represents the total number of outstanding options or futures contracts that are not closed or delivered on a particular day. A transaction of 100 contracts creates an open interest of 100. Open position represents the total number of positions opened in a particular contract held by participants. A transaction of 100 contracts creates an open position of 200 if both parties to the trade, the buyer and the seller, are initiating their respective positions for the first time.

Contracts listed on the MX need to be approved for trading by the appropriate domestic regulatory bodies for each market participant. The products mainly sensitive to this issue are: SXO, XIU, SXA, SXB, SXH, SXY and equity options. Prior to futures trading, verify with your broker or compliance officer if there are any limitations to trading any of the above or other Exchange products within your jurisdiction.