Opinions

Michael Smedley Montréal Exchange MXX-T TOP PICK May 01, 2007

Derivatives. Great growth. Could merge with another exchange.

Michael Smedley

Owned

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$43.380

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DON'T BUY

Expect there will be a lot of competition among exchanges, which will end up with one player. This one could be hurt over time.

BUY ON WEAKNESS

Smart Money would say that there would be one public exchange in Canada. A 2 to 3 year hold will make you some money. You might want to wait for some weakness.

DON'T BUY

Have a friendly agreement with the TSX (X-T), which will expire in 2009. This will become a kind of derivative and stock market. Some big competitive issues.

TOP PICK

A backdoor way to play the US options business. They have the market cap to do it. Montreal should give itself more options then just Toronto. Will make themselves a serious key player by making acquisitions in the US options market.

HOLD

Being acquired by the TSX group (X-T). Good deal and it makes a lot of sense.

PAST TOP PICK

(A Top Pick Oct 24/07. Up 18.6%.) Talks between Montreal and TSX had looked like they had stalled very badly last summer but looks like it is proceeding now. Going forward, the TSX (X-T) is the better bet.

DON'T BUY

Is going to be taken out by the Toronto stock exchange. Is more expensive then the Toronto. Thought the valuation is too high. Suggests buying TSX instead.

HOLD

If you own, just set and wait for it to be swallowed by the Toronto Stock Exchange (X-T).

PAST TOP PICK

(A Top Pick Oct 24/07. Down 18%.) Acquired by the TSX (X-T). See Top Picks>

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Michael Smedley Montréal Exchange MXX-T TOP PICK May 01, 2007

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