Montreal Exchange Inc. - s. 147 & 80 of CFA

IN THE MATTER OF

THE SECURITIES ACT, R.S.O. 1990,

CHAPTER c.S. 5, AS AMENDED (THE "Act") AND

THE COMMODITY FUTURES ACT, R.S.O 1990, CHAPTER 20, AS AMENDED (THE "CFA")

AND

IN THE MATTER OF

THE MONTRÉAL EXCHANGE INC.

ORDER

(section 147 of the Act and section 80 of the CFA)

UPON the application of the Montréal Exchange and the Montréal Exchange Inc. (collectively referred to asthe "ME"), pursuant to section 147 of the Act and section 80 of the CFA for an order exempting the ME from therequirement to be recognized as a stock exchange under section 21 of the Act and registered as a commodityfutures exchange under section 15 of the CFA (the "Application");

AND UPON the ME having represented to the Commission that the ME carries on business as a stockexchange and a derivatives exchange in Québec and is recognized under the Securities Act (Québec) as a self-regulatory organization;

AND UPON an Order being granted by the Commission dated October 3, 2000 (the "October 2000 Order")exempting the ME on an interim basis from the requirement to be recognized as a stock exchange under section 21of the Act and registered as a commodity futures exchange under section 15 of the CFA;

AND UPON an Order being granted by the Commission dated January 2, 2001 (the "January 2001 Order")extending the October Order exempting the ME on an interim basis from the requirement to be recognized as astock exchange under section 21 of the Act and registered as a commodity futures exchange under section 15 of theCFA;

AND UPON the Commission being satisfied that granting the ME an extension of the January 2001 Orderpursuant to section 147 of the Act and section 80 of the CFA on an interim basis would not be contrary to the publicinterest;

IT IS ORDERED, pursuant to section 147 of the Act and section 80 of the CFA, that the ME be exemptfrom the requirement to be recognized as a stock exchange under section 21 of the Act and registered as acommodity futures exchange under section 15 of the CFA, so long as the ME continues to be recognized as a self-regulatory organization under the Securities Act (Québec); provided that:

1. the exemption provided for in this Order shall terminate at the earlier of:

(i) the date that the ME is granted an order by the Commission recognizing it as a stockexchange and registering it as a commodity futures exchange or exempting it from therequirement to be recognized as a stock exchange and registered as a commodity futuresexchange; and

(ii) July 31, 2001.

May 29, 2001.

"J.A. Geller"       "R. Stephen Paddon"