The objective of the initiative is to align, simplify and integrate relevant systems and operations to both lower the cost base and make TMX more nimble and adaptive.

"To ensure that we are best positioned to fully realize our vision of being a technology driven solutions provider that puts clients first, we must first become an integrated TMX," said Lou Eccleston, Chief Executive Officer, TMX Group. "This initiative represents necessary initial steps toward aligning and simplifying our systems and processes and moving to implement a framework for continuous, client-driven innovation across all parts of our business."

The first phase of TMX's integration initiative addresses the technology and operations of its cash and derivatives clearing businesses, The Canadian Depository for Securities Limited (CDS) and the Canadian Derivatives Clearing Corporation (CDCC), subject to regulatory approval where required. Glenn Goucher, President and Chief Clearing Officer, CDCC, has also been named President of CDS. Bringing together CDS and CDCC under one leader will harmonize the companies' integration efforts across risk, operations, systems and business development. Both CDS and CDCC will continue to maintain the strong and focused approach to risk management for which they are known.

Mr. Goucher joined Montréal Exchange in 2001. Prior to assuming his leadership role at CDCC, he was Senior Vice President, Financial Markets, Montréal Exchange.

"Capital markets are becoming increasingly complex and presenting new challenges for our clients every day," added Mr. Eccleston. "TMX is committed to addressing these emerging challenges and delivering a consistently superior client experience across the markets we serve. We are also focused on increasing total shareholder return, and on leveraging our capabilities across our business assets to drive faster delivery of innovative solutions and greater cost efficiencies."