Montral Exchange (MX) and the Canadian Derivative Clearing Corporation (CDCC), wholly-owned subsidiaries of TMX Group, have successfully launched the new SOLA 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 CDCCs product offering.
With the implementation of SOLA Clearing complete, the company has the necessary flexibility and capacity to even better service the markets growing need for clearing and settlement of over-the- counter (OTC) products. Specifically, CDCCs OTC product strategy includes plans to introduce clearing of repurchase agreements (repos).
Implementing the SOLA clearing platform represents the last milestone of a five-year plan to rebuild our exchange technology, says Luc Bertrand, deputy CEO of TMX Group and president of MX. It also represents an important step forward in our broader clearing strategy.
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, says Alain Miquelon, chief clearing officer, CDCC, and executive vice president and COO, MX.
L.D.