(December 19 – 14:30 ET) – The Jitney Group Inc. will soon be setting up a virtual trading floor in Montreal.

At a news conference today in Montreal, Jitney said that by spring, it will be offering professional traders on the floor of the Montreal Exchange a dynamic work environment equipped with the latest technological tools, giving them access to Canadian and American stock, options and futures markets.

Jitney said it will also offer institutional investors and Montreal brokerage firms execution and market-making services for small and mid-size caps, predominantly from Quebec. Jitney also plans to open a training centre to develop local expertise in professional trading.

The company said the initiative will help keep the expertise of generations of professional traders in Montreal and ensure the city maintains an active presence in the Canadian stock market. Over the next two year, the new floor will gradually increase its numbers to close to 100 people, with about 75 traders.

“Apart from the major dealers, there’s no investment dealer here that focuses specifically on professional trading,” explained Sylvain Perreault, Jitney president and CEO. “Professional traders need immediate execution of their trades and the proximity of their colleagues. Our trading room will re-create the feel of a true exchange floor for professionals traders.”

Jitney plans to offer the specialized services of a national online brokerage house. The firm will have access to the stock markets of the Montreal Exchange, the Toronto Stock Exchange, the CDNX, NASDAQ and the NYSE, either directly or through Alternative Trading Systems and Electronic Communication Networks.

Jitney traders will also have access to the options markets of the Montreal Exchange, CBOE and PSE. Jitney will also offer futures trading through the Globex platform.

Jitney is seeking to keep the combined expertise of some 200 active traders on the Montreal Exchange floor in Montreal, which will close on next June.

“Experience has taught us that learning to trade is not easy; it’s a skill that is refined over time and through contact with senior traders,” explained Stéphane Bourcier, trading and business development vice president with Jitney. “The Jitney training centre will focus on young traders, implementing a system of sponsorships that will help new arrivals avoid the classic mistakes of the first years in trading.”
-IE Staff