Securities Law & Instruments

Headnote

Extensionto the order temporarily exempting the Bourse de Montréalfrom recognition as a stock exchange pursuant to section 21 ofthe Securities Act (Ontario) and registration as a commodity futuresexchange pursuant to section 15 of the Commodity Futures Act (Ontario)and order granting an exemption from Part 4 of OSC Rule 91-502until June 28, 2002.

ProvisionsCited

SecuritiesAct, R.S.O. 1990, Chapter c.S. 5, as amended, section 21, 147

CommodityFutures Act, R.S.O 1990, Chapter 20, as amended, sections 15,80

OSCRule 91-502 Trades in Recognized Options, Part 4 and section 6.1

INTHE MATTER OF

THESECURITIES ACT, R.S.O. 1990

CHAPTERc.S. 5, AS AMENDED (the "Act")

AND

INTHE MATTER OF

THECOMMODITY FUTURES ACT

R.S.O1990, CHAPTER 20, AS AMENDED

(the "CFA")

AND

INTHE MATTER OF

OSCRULE 91-502 TRADES IN RECOGNIZED OPTIONS ("Rule 91-502")

AND

INTHE MATTER OF

BOURSEDE MONTRÉAL INC.

ORDER

(section147 of the Act, section 80 of the CFA and section 6.1 of Rule91-502)

UPONthe application of Bourse de Montréal Inc., previouslyknown as the Montreal Exchange and the Montréal ExchangeInc. (collectively referred to as the "Bourse"), pursuant tosection 147 of the Act and section 80 of the CFA for an orderexempting the Bourse from the requirement to be recognized asa stock exchange under section 21 of the Act and registeredas a commodity futures exchange under section 15 of the CFA;

ANDUPON the application of the Bourse for an order bythe Director pursuant to section 6.1 of OSC Rule 91-502 thatthe Bourse is exempt from Part 4 of Rule 91-502 of the Commission;

ANDUPON the Bourse having represented that the Boursecarries on business as a stock exchange and a derivatives exchangein Québec and is recognized under the Securities Act(Québec) as a self-regulatory organization;

ANDUPON the Bourse having represented that the contractstraded or to be traded on the Bourse are approved by the Commissiondes valeurs mobilières du Québec (the "CVMQ")and are filed with the Commission;

ANDUPON Orders being granted by the Commission dated October3, 2000 (the "October 2000 Order") exempting the Bourse on aninterim basis from the requirement to be recognized as a stockexchange under section 21 of the Act and registered as a commodityfutures exchange under section 15 of the CFA;

ANDUPON Orders being granted by the Commission dated January2, 2001, May 29, 2001, July 27, 2001, and September 25, 2001extending the October 2000 Order exempting the Bourse on aninterim basis from the requirement to be recognized as a stockexchange under section 21 of the Act and registered as a commodityfutures exchange under section 15 of the CFA;

ANDUPON the Commission being satisfied that granting theBourse an extension of the October 2000 Order pursuant to section147 of the Act and section 80 of the CFA on an interim basiswould not be contrary to the public interest;

ITIS ORDERED by the Commission pursuant to section 147of the Act and section 80 of the CFA, that the Bourse be exemptfrom the requirement to be recognized as a stock exchange undersection 21 of the Act and registered as a commodity futuresexchange under section 15 of the CFA; and

ITIS FURTHER ORDERED by the Director pursuant to section6.1 of Rule 91-502 that the Bourse is exempt from Part 4 ofRule 91-502;

PROVIDEDTHAT the Bourse continues to be recognized as a self-regulatoryorganization under the Securities Act (Québec) and thatthe exemption shall terminate at the earlier of:

(i)the date that the Bourse is granted an order by the Commissionrecognizing it as a stock exchange and registering it as a commodityfutures exchange or exempting it from the requirement to berecognized as a stock exchange and registered as a commodityfutures exchange; and

(ii)June 28, 2002.

December21, 2001.

"RandeeB. Pavalow"