Environment committee  Allow me to understand your question correctly. You're saying that the Canadian companies are saying they don't need a regulatory framework?

Environment committee  That's correct to the extent that we are not at all expecting the government to intervene in the operations of the market and the development of the market. However, we cannot launch a market without the framework. So it depends on where you position your question. But once the g

Environment committee  No. Admittedly, a regulatory framework is in constant movement. There's no doubt that if the framework does not include specific reduction targets, with good penalties.... I think the U.K. program is 40 euros for the first phase and 100 euros for the second phase, per tonne. Thes

Environment committee  Maybe Andrei can help me on this one. My understanding is that it has been very favourable.

Environment committee  It is very difficult to determine. We saw what happened in Europe. It is not the role of the head of an exchange to say which direction stock market prices are taking. Actually, we are advised not to comment, for obvious reasons. However, the market we are suggesting is transpa

Environment committee  I want to clearly emphasize the fact that if the government does not provide us with the required framework to launch this market, the market will go elsewhere. Actually, it has already begun to do so. Canada’s largest emitters are already active on other exchanges. It is underst

Environment committee  Obviously, the regulatory structure can have a serious impact on the ultimate determination of market prices. If Canada wants to be competitive, it will really have to catch up with what is happening in countries that have implemented effective mechanisms, particularly in Europe.

Environment committee  Perhaps I can answer your question by saying that there are participants who are very close to the Montreal Exchange. I mention as an example UBS Warburg, a major Swiss corporation, which, as a matter of fact, is the Montreal Exchange’s largest shareholder. This corporation has j

Environment committee  Thank you, Mr. Lussier. I will give you two answers. First, I can tell you that the Montreal Exchange is ready. As soon as a regulatory framework, a registry, quotas, and specific reduction targets are in place and the infrastructure is clearly determined, we will be ready for ac

Environment committee  I will simply end here. So that the market can evolve in a transparent and efficient way, government regulation is needed. We need transparency and we need clarity. Our concern is that if there is not rapid action on this, the market will simply slip to other jurisdictions.

Environment committee  Thank you. The Montreal Exchange is honoured to have been invited to appear before this committee. In our opinion, at this stage of the development of the Canadian climate exchange, we need a clear and precise understanding of government regulation. Ideally, this would be a sys