(April 10) – “The Quebec government has announced a new set of tax credits and subsidies designed to ‘foster the development of Quebec’s financial sector’ ” says a story in today’s Montreal Gazette.

“The moves announced yesterday are aimed at bolstering Montreal as a centre for derivatives trading, encouraging stock trading in Montreal to help finance Quebec companies, and developing Montreal as an international financial centre.”

” ‘The Quebec government intends to provide the financial sector with essential support for its development and for the positioning of Montreal on the international stage,’ Pauline Marois, deputy premier and minister of state for the economy and finance, said in a press statement.”

“Among the government’s plans:

  • A 10-year tax holiday for financial exchanges and clearing houses operating chiefly in Quebec.
  • Taxpayer support for Nasdaq Canada and its promotional site in Montreal, modeled on the glitzy Nasdaq electronic display centre in New York.”

” ‘This initiative should actively contribute to the market’s development, and to Montreal’s visibility abroad,’ Marois said.”

Other initiatives include:

  • A tax credit to help brokerages adapt to the U.S.-based Nasdaq market’s Canadian exchange.
  • A tax credit for hiring derivatives specialists on the Montreal Exchange.
  • Public money to fund an Institut des Derivres – a Montreal Exchange centre to educate financial professionals about derivatives.
  • A tax holiday for independent ME derivatives traders to boost them on to the exchange’s new electronic platform.
  • Government funding to help the ME develop clearing services and organize an online business-to-business market.
  • The Canadian Venture Exchange is to open a Montreal office to ensure that small Quebec companies “have access to quality services in French from a CDNX decision-making office in Montreal.”
  • More funding for CFI Montreal, which promotes Montreal as a finance centre.
  • Government support for the creation of a “Quebec” stock index.
  • More public money for an Internet portal providing information on small and medium-size Quebec companies.


” ‘Montreal has the skills to bolster its presence on the international scene and develop a dynamic financial sector focusing on highly sophisticated financial products and advanced technology,’ the finance minister said in the statement.”