Trading – Interest Rate Derivatives
Trading – Equity and Index Derivatives
Back-office – Futures
Back-office - Options
Technology
Regulation
CIRCULAR 040-16
April 12, 2016
POSITION LIMITS
STOCK AND TRUST UNIT OPTIONS
EXCHANGE TRADED FUND UNIT OPTIONS
SECTOR INDEX OPTIONS
INDEX OPTIONS
CURRENCY OPTIONS
Please be advised that the position limits for all stock and trust unit options, exchange
traded fund unit options, sector index options, index options and currency options listed
at Bourse de Montréal Inc. (the Bourse) are outlined in the attached list. These position
limits are applicable to the aggregated option positions on the same side of the market
relating to the same underlying interest (whether long or short) in accordance to article
6651 of the Rules of the Bourse. These new limits are effective as of the open of the
next business day.
Position limits for stock and trust unit options and Exchange Traded Fund unit options
are established and published on a quarterly basis by the Bourse based on the number of
shares or units outstanding and the most recent six-month trading volume of the
underlying security, in accordance with article 6651 of the Rules of the Bourse.
It is important to note that for any account, subparagraph D) 2 of article 6651 of the Rules
of the Bourse allows to hold, for each class of options, an additional quantity of contracts
not exceeding the position limit established by the Bourse for this class when such
account holds either one of the hedge positions defined in subparagraphs D) 1.a) to D)
1.d) of this article. This effectively means that when options contracts are used for
hedging purposes, position limits are doubled. Although it is not necessary to ask for any
authorization from the Bourse to take advantage of this provision, approved participants
and their clients who decide to use it must be able, upon request, to demonstrate their
hedge position to the Bourse.
For cases where the above-mentioned increased position limit is insufficient or where the
combination used for hedging purposes is different from those that are defined in the
above-mentioned subparagraphs, approved participants and their clients can take
advantage of the provisions of paragraph E) of article 6651 of the Rules and of
Policy C-1 of the Bourse in order to ask, on behalf of a bona fide hedger, for an
exemption from the position limits set by the Bourse.
Tour de la Bourse
P.O. Box 61, 800 Victoria Square, Montréal, Quebec H4Z 1A9
Telephone: (514) 871-2424
Toll-free within Canada and the U.S.A.: 1 800 361-5353
Website: www.m-x.ca
Circular No.: 040-16
Page 2
It must also be noted that article 6653 of the Rules of the Bourse provides that position limits can
be adjusted following a stock split or a share consolidation of the securities underlying an option
contract.
In accordance with article 14102 of the Rules of the Bourse, we remind you that each approved
participant must file daily with the Bourse, in the prescribed manner, no later than 9:00 a.m. (ET)
on the business day following the one for which the positions must be reported, a report detailing
all gross positions held for its own account or for an account or group of accounts which are all
owned by the same beneficial owner in derivative instruments listed on the Bourse when these
gross positions exceed the reporting thresholds prescribed by the Bourse. As per article 14102
sub-article 6) paragraph A all approved participants must report positions in excess of 250
contracts in the case of stock and trust unit options, 500 contracts in the case of Exchange Traded
Fund unit options and currency options, 15,000 contracts in the case of index options and 1,000
contracts in the case of sector index options.
Please note that an MS Excel version of this circular is available in the LOPR section of the
Regulatory Division of the Bourse website http://reg.m-x.ca/en/lopr/.
For further information, please contact Mr. Giancarlo Percio, Senior Market Analyst,
Regulatory Division, at 514 787-6484, or by e-mail at gpercio@m-x.ca
Brian Z. Gelfand
Vice-President and Chief Regulatory Officer
Circular No.: 040-16
Page 3
POSITION LIMITS - STOCK AND TRUST UNIT OPTIONS
April 2016
Symbol
AAV
ABX
AC
ACO.X
ACQ
AEM
AFN
AGF.B
AGI
AGU
AIM
AKG
ALA
AP.UN
AQN
AR
ARE
ARX
ASR
ATA
ATD.B
ATH
ATP
AVO
AX.UN
AYA
BAD
BAM.A
BBD.B
BB
BCB
BCE
BDI
BEI.UN
BEP.UN
BIN
BIP.UN
BIR
BLX
BMO
BNK
BNP
Company Name
Advantage Oil & Gas Ltd.
Barrick Gold Corporation
Air Canada
ATCO Ltd.
AutoCanada Inc.
Agnico Eagle Mines Ltd.
Ag Growth International Inc.
AGF Management Ltd.
Alamos Gold Inc.
Agrium Inc.
Group Aeroplan Inc.
Asanko Gold Inc,
AltaGas Ltd.
Allied Properties Real Estate Investment Trust
Algonquin Power & Utilities Corp.
Argonaut Gold Inc.
Aecon Group Inc.
ARC Resouirces Ltd.
Alacer Gold Corp.
ATS Automation Tooling Systems Inc.
Alimentation Couche-Tard Inc.
Athabasca Oil Sands Corp.
Atlantic Power Corporation
Avigilion Corporation
Artis Real Estate Investment Trust
Amaya Garming Group Inc.
Badger Daylighting Ltd.
Brookfield Asset Management
Bombardier Inc.
BlackBerry Ltd.
Cott Corporation
BCE Inc.
Black Diamond Group Limited
Boardwalk Real Estate Investment Trust
Brookfield Renewable Energy Partners L.P.
Progressive Waste Solutions
Brookfield Infrastructure Partner L.P.
Birchcliff Energy Ltd.
Boralex Inc. Class A Shares
Bank of Montreal
Bankers Petroleum Ltd.
Bonavista Energy Corporation
Position Limit
250,000
250,000
250,000
50,000
50,000
250,000
25,000
75,000
250,000
75,000
200,000
250,000
200,000
75,000
250,000
250,000
75,000
250,000
250,000
75,000
250,000
250,000
50,000
50,000
75,000
250,000
50,000
250,000
250,000
250,000
75,000
250,000
75,000
75,000
75,000
250,000
50,000
250,000
50,000
250,000
250,000
250,000
Circular No.: 040-16
Symbol
BNS
BPY.UN
BTE
BXE
BYD.UN
CAE
CAM
CAR.UN
CAS
CCA
CCL.B
CCO
CEU
CF
CFP
CFW
CFX
CG
CGG
CGX
CHE.UN
CIG
CIX
CJ
CJR.B
CLS
CM
CNL
CNQ
CNR
COS
CP
CPG
CPX
CR
CRR.UN
CSH.UN
CTC.A
CU
CUF.UN
CUS
CVE
Page 4
Company Name
Bank of Nova Scotia
Brookfield Property Partners L.P.
Baytex Energy Corp.
Bellatrix Exploration Ltd.
Boyd Group Income Fund
CAE Inc.
Canam Group Inc.
Canadian Appartment Properties Real Est
Cascades Inc.
Cogeco Communications Inc.
CCL Industries Inc.
Cameco Corporation
Canadian Energy & Technology Corp.
Canaccord Genuity Group lnc.
Canfor Corporation
Calfrac Well Services Ltd.
Canfor Pulp Products Inc.
Centerra Gold Inc.
China Gold International Resources Corp. Ltd
Cineplex Inc.
Chemtrade Logistics Income Fund
Colliers International Group Inc. Subordinate Voting
CI Financial Corp.
Cardinal Energy Ltd
CORUS Entertainment Inc.
Celestica Inc.
Canadian Imperial Bank of Commerce
Continental Gold Limited
Canadian Natural Resources Limited
Canadian National Railway Company
Canadian Oil Sands Trust
Canadian Pacific Railway Limited
Crescent Point Energy Corp.
Capital Power Corporation
Crew Energy Inc.
Crombie Real Estate Investment Trust
Chartwell Retirement Residences
Canadian Tire Corporation, Limited
Canadian Utilities Limited
Cominar Real Estate Investment Trust
Canexus Corporation
Cenovus Energy Inc.
Position Limit
250,000
75,000
250,000
250,000
25,000
250,000
50,000
75,000
75,000
25,000
25,000
250,000
250,000
75,000
75,000
250,000
25,000
250,000
75,000
50,000
50,000
25,000
250,000
200,000
200,000
75,000
250,000
75,000
250,000
250,000
250,000
200,000
250,000
75,000
250,000
50,000
200,000
75,000
75,000
200,000
250,000
250,000
Circular No.: 040-16
Symbol
CWB
CXR
D.UN
DC.A
DDC
DGC
DH
DHX.B
DIR.UN
DOL
DOO
DPM
DRG.UN
DRM
DSG
ECA
ECI
EDR
EFN
EFX
ELD
EMA
EMP.A
ENB
ENF
ERF
ESI
ESL
EXE
FCR
FM
FNV
FR
FRC
FRU
FTS
FTT
FVI
G
GC
GEI
GIB.A
Page 5
Company Name
Canadian Western Bank
Concordia Healthcare Corp.
Dundee Real Estate Investment Trust
Dundee Corporation
Dominion Diamond Corporation
Detour Gold Corp.
Davis + Henderson Corporation
DHX Media Ltd
Dream Industrial Real Estate Investment Trust
Dollarama inc.
BRP Inc.
Dundee Precious Metals Inc.
Dream Global Real Estate Investment
DREAM Unlimited Corp.
Descartes Systems Group Inc.
EnCana Corporation
EnerCare.Inc.
Endeavour Silver Corp.
Element Financial Corporation
Enerflex Ltd.
Eldorado Gold Corporation
Emera Incorporated
Empire Company Limited
Enbridge Inc.
Enbridge Income Fund Holdings Inc.
Enerplus Resources Fund
Ensign Energy Services Inc.
Enghouse Systems Limited
Extendicare Real Estate Investment Trust Unit
First Capital Realty Inc.
First Quantum Minerals Ltd.
Franco Nevada Corporation
First Majestic Silver Corp.
Canyon Services Group Inc.
Freehold Royalties Ltd.
Fortis Inc
Finning International Inc.
Fortuna Silver Mines
Goldcorp Inc.
Great Canadian Gaming Corp.
Gibson Energy inc.
CGI Inc. (Group)
Position Limit
200,000
250,000
75,000
50,000
75,000
250,000
200,000
75,000
50,000
250,000
50,000
75,000
75,000
50,000
75,000
250,000
75,000
50,000
250,000
50,000
250,000
250,000
75,000
250,000
75,000
250,000
200,000
25,000
75,000
75,000
250,000
250,000
250,000
75,000
75,000
75,000
250,000
200,000
250,000
50,000
200,000
250,000
Circular No.: 040-16
Symbol
GIL
GMP
GRT.UN
GS
GTE
GUY
GWO
H
HBC
HBM
HCG
HNL
HR.UN
HSE
IAG
IFC
IFP
IGM
IMG
IMO
INE
IPL
ITP
JE
K
KEL
KEY
KGI
KXS
L
LB
LIF
LNR
LTS
LUN
MAG
MBT
MDA
MDI
MEG
MFC
MFI
Company Name
Gildan Activewear Inc.
GMP Capital Inc.
Granite Real estate Inc.
Gluskin Sheff + Associates Inc.
Gran Tierra Energy Inc.
Guyana Goldfields Inc.
Great-West Lifeco Inc.
Hydro One limited
Hudson's Bay Company
Hudbay Minerals Inc.
Home Capital Group Inc.
Horizon North Logistics Inc.
H&R Real Estate Investment Trust
Husky Energy Inc.
Industrial Alliance Insurance and Financial Services Inc.
Intact Financial Corporation
Interfor Corporation
IGM Financial Inc.
IAMGold Corporation
Imperial Oil Limited
Innergex Renewable Energy Inc.
Inter Pipeline Fund
Intertape Polymer Group Inc.
Just Energy Group Inc.
Kinross Gold Corporation
Kelt Exploration Ltd.
Keyera Corp.
Kirkland Lake Gold inc.
Kinaxis Inc.
Loblaw Companies Limited
Laurentian Bank of Canada
Labrador Iron Ore Royalty Corporation
Linamar Corporation
Lightstream Resources Ltd
Lundin Mining Corporation
MAG Silver Corp.
Manitoba Telecom Services Inc.
MacDonald, Dettwiler and Associates Ltd.
Major Drilling Group International
MEG Energy Corp.
Manulife Financial Corporation
Maple Leaf Foods Inc.
Page 6
Position Limit
250,000
50,000
50,000
25,000
250,000
75,000
250,000
250,000
250,000
250,000
75,000
75,000
250,000
250,000
50,000
75,000
75,000
200,000
250,000
250,000
50,000
250,000
50,000
200,000
250,000
250,000
200,000
250,000
25,000
250,000
50,000
75,000
75,000
250,000
250,000
50,000
75,000
25,000
50,000
250,000
250,000
75,000
Circular No.: 040-16
Symbol
Page 7
Position Limit
MG
MIC
MNW
MRE
MRU
MST.UN
MTL
MX
NA
NFI
NG
NGD
NPI
NSU
NVA
NWC
OCX
OR
OSB
OTC
P
PAA
PBH
PD
PEY
PG
PGF
PJC.A
PKI
POT
Company Name
Magna International Inc.
Genworth MI Canada Inc.
Mitel Networks Corporation
Martinrea International Inc.
Metro Inc.
Milestone Apartments Real Estate Investment Trust
Mullen Group Ltd.
Methanex Corporation
National Bank of Canada
New Flyer Industries Inc.
NovaGold Resources Inc.
New Gold Inc.
Northland Power Inc.
Nevsun Resouces Ltd.
Nuvista Energy Ltd.
The North West Company Inc.
ONEX Corporation
Osisko Gold Royalties Ltd
Norbord Inc.
Open Text Corporation
Primero Mining Corp.
Pan American Silver Corp.
Premium Brands Holdings Corporation
Precision Drilling Trust
Peyto Exploration & Development Corp.
Premier Gold Mines Ltd
Pengrowth Energy Trust
Jean Coutu Group (PJC) Inc.
Parkland Fuel Corporation
Potash Corporation of Saskatchewan Inc.
POU
POW
PPL
PPY
PRE
PSG
PSI
PSK
PVG
PWF
PWT
PXT
Paramount Resources Ltd.
Power Corporation of Canada
Pembina Pipeline Corporation
Painted Pony Petroleum Ltd.
Pacific Rubiales Energy Corp.
Performance Sports Group Ltd.
Pason Systems Inc.
PrairieSky Royalty Ltd.
Pretium Resources Inc.
Power Financial Corporation
Penn West Energy Trust
Parex Resources inc.
250,000
250,000
250,000
250,000
250,000
75,000
50,000
250,000
200,000
250,000
250,000
250,000
250,000
50,000
50,000
75,000
250,000
75,000
75,000
75,000
250,000
75,000
250,000
250,000
75,000
200,000
250,000
50,000
50,000
75,000
50,000
75,000
250,000
200,000
50,000
250,000
250,000
200,000
250,000
75,000
75,000
250,000
Circular No.: 040-16
Symbol
QBR.B
QSR
RBA
RCI.B
REF.UN
REI.UN
RFP
RGL
RMX
RNW
RON
RRX
RUS
RY
S
SAP
SCL
SEA
SES
SGY
SH
SIA
SJ
SJR.B
SLF
SLW
SMF
SNC
SOY
SPB
SRU.UN
SSL
SSO
STB
STN
SU
SVM
SVY
SW
T
TA
TCK.B
Page 8
Company Name
Quebecor Inc.
Restaurant Brands International
Ritchie Bros. Auctioneers Incorporated
Rogers Communications Inc.
Canadian Real Estate Investment Trust
RioCan Real Estate Investment Trust
Resolute Forest Products Inc.
Royal Gold inc.
Rubicon Minerals Corp.
TransAlta Renewables Inc.
RONA Inc.
Raging River Exploration Inc.
Russel Metals Inc.
Royal Bank of Canada
Sherritt International Corporation
Saputo Inc.
ShawCor Ltd., Cl. A
Seabridge Gold Inc.
Secure Energy Services Inc.
Surge Energy Inc.
Shopify Inc
Sienna Senior Living Inc.
Stella-Jones Inc.
Shaw Communications Inc.
Sun Life Financial Inc.
Silver Wheaton Corp.
Semafo Inc.
SNC-Lavalin Group Inc.
SunOpta Inc.
Superior Plus Corp.
Smart Real Estate Investment Trust
Sandstorm Gold Ltd.
Silver Standard Resources Inc.
Student Transportation Inc.
Stantec Inc.
Suncor Energy Inc.
Silvercorp Metals Inc.
Savanna Energy Services Corp.
Sierra Wireless Inc.
TELUS Corporation
TransAlta Corporation
Teck Resources Limited
Position Limit
75,000
200,000
50,000
250,000
50,000
250,000
25,000
25,000
250,000
200,000
250,000
250,000
75,000
250,000
250,000
250,000
50,000
50,000
250,000
250,000
25,000
25,000
50,000
250,000
250,000
250,000
250,000
200,000
25,000
200,000
75,000
75,000
250,000
75,000
75,000
250,000
200,000
50,000
25,000
250,000
250,000
250,000
Circular No.: 040-16
Symbol
TCL.A
TCN
TCW
TD
TDG
TET
TFI
TGL
THO
TIH
TOG
TOU
TRI
TRP
TRQ
U
UFS
UNS
VET
VII
VRX
VSN
WCP
WFT
WIN
WJA
WJX
WN
WPT
WRG
WSP
WTE
X
YRI
ZZZ
Page 9
Company Name
Transcontinental Inc.
Tricon Capital Group Inc.
Trican Well Services Ltd.
Toronto-Dominion Bank
Trinidad Drilling Ltd.
Trilogy Energy Corp.
TransForce Inc.
TransGlobe Energy Corp.
Tahoe Resources Inc.
Toromont Industries Ltd.
TORC Oil & Gas Ltd.
Tourmaline Oil Corp.
Thomson Reuters Corporation
TransCanada Corporation
Turquoise Hill Resources Ltd.
Uranium Participation Corporation
Domtar Corporation
Uni-Selecte Inc.
Vermilion Energy Inc.
Seven Generators Energy Ltd.
Valeant Pharmaceuticals International inc.
Veresen Inc.
Whitecap Resources Inc.
West Fraser Timber Co.
Wi-Lan Inc.
WestJet Airlines Ltd.
Wajax Corporation
George Weston Limited
Westport Innovations Inc.
Western Energy Services Corp.
WSP GlobalInc.
Westshore Terminals Investments Corporation
TMX Group Inc.
Yamana Gold Inc.
Sleep Country Canada Holdings Inc.
Position Limit
75,000
75,000
250,000
250,000
250,000
250,000
75,000
50,000
250,000
75,000
250,000
250,000
250,000
250,000
250,000
75,000
25,000
25,000
200,000
250,000
250,000
250,000
250,000
75,000
250,000
75,000
25,000
50,000
25,000
50,000
75,000
75,000
25,000
250,000
25,000
Circular No.: 040-16
Page 10
POSITION LIMITS - EXCHANGE TRADED FUND OPTIONS
April 2016
Symbol
Index Participation Units
CGL
HED
HEU
HFD
HFU
HGD
HGU
HIX
HND
HNU
HOD
HOU
HXD
HXU
HXT
IGT
XCB
XDV
XEG
XFN
XGD
XIC
XIN
XIT
XIU
XMA
XRE
XSB
XSP
XSU
ZCN
ZDM
ZDV
iShared Gold Bullion ETF
Options on Horizon BetaPro S&P Capped Energy Bear Plus ETF
Options on Horizon BetaPro S&P Capped Energy Bull Plus ETF
Options on Horizon BetaPro S&P Capped Financials Bear Plus ETF
Options on Horizon BetaPro S&P Capped Financials Bull Plus ETF
Options on Horizon BetaPro S&P/TSX 60-Global Gold Bear Plus ETF
Options on Horizon BetaPro S&P/TSX 60-Global Gold Bull Plus ETF
Options on Horizon BetaPro S&P/TSX 60 Inverse ETF
Options on Horizon BetaPro NYMEX Natural Gas Bear Plus ETF
Options on Horizon BetaPro NYMEX Natural Gas Bull Plus ETF
Options on Horizon BetaPro NYMEX Crude Oil Bear Plus ETF
Options on Horizon BetaPro NYMEX Crude Oil Bull Plus ETF
Options on Horizon BetaPro S&P/TSX 60-Bear Plus ETF
Options on Horizon BetaPro S&P/TSX 60-Bull Plus ETF
Options on Horizons BetaPro S&P/TSX 60 ETF
iShares Gold Trust
Options on iShares Canadian Corporate Bond Index ETF
Options on iShares Canadian Select Dividend Index ETF
Options on iShares S&P/TSX Capped Energy Index ETF
Options on iShares S&P/TSX Capped Financials Index ETF
Options on iShares S&P/TSX Global Gold Index ETF
Options on iShares CDN S&P/TSX Capped Composite Index ETF
Options on iShares MSCI EAFE Index ETF (CAD Hedged)
Options on iShares S&P/TSX Capped Information Technology Index ETF
Options on iShares S&P/TSX 60 Index ETF
Options on iShares Index S&P/TSX Capped Materials ETF
iShares S&P/TSX Capped REIT Index Fund
Options on iShares Canadian Short Term Bond Index ETF
Options on iShares S&P 500 Index ETF (CAD-Hedged)
iShare U.S. Small Cap Index ETF (CAD-Hedged)
BMO S&P/TSX Capped Composite Index ETF
ZEB
ZEO
ZEQ
ZFL
ZHY
ZLB
ZLU
ZPR
BMO MSCI EAFE Hedged to CAD Index ETF
BMO Canadian Dividend ETF
BMO S&P/TSX Equal Weight Banks Index
BMO S&P/TSX Equal Weight Oil & Gas Index ETF
BMO MSCI Europe High Quality Hedged to CAD Index ETF
BMO Long Federal Bond Index ETF
BMO High Yield US Corporate Bond Hedged to CAD Index ETF
BMO Low Volatility Canadian Equity ETF
BMO Low Volatility US Equity ETF
BMO S&P/TSX Laddered Preferred Share Index ETF
Position
Limit
25,000
50,000
75,000
25,000
25,000
250,000
250,000
25,000
250,000
250,000
250,000
250,000
250,000
75,000
75,000
25,000
50,000
50,000
250,000
250,000
250,000
200,000
50,000
25,000
300,000
25,000
75,000
50,000
250,000
25,000
50,000
50,000
50,000
75,000
50,000
25,000
25,000
75,000
50,000
50,000
250,000
Circular No.: 040-16
Page 11
Symbol
Index Participation Units
ZQQ
ZRE
ZSP
ZUB
ZUE
ZUH
ZUT
BMO Nasdaq 100 Equity Hedged to CAD Index ETF
BMO Equal Weight REITs Index ETF
BMP S&P 500Index ETF
BMO Equal Weight US Banks Hedged to CAD Index ETF
BMO S&P 500 Hedged to CAD Index ETF
BMO Equal Weight US Health Care Hedged to CAD Index
BMO Equal Weight Utilities Index ETF
Position
Limit
25,000
25,000
75,000
50,000
50,000
25,000
25,000
Circular No.: 040-16
Page 12
POSITION LIMITS – SECTOR INDEX OPTIONS
April 2016
Symbol
SXJ
SXV
Company Name
S&P/TSX Composite Index Banks (Industry Group) Options
S&P/TSX Capped Utilities Index Options
Position Limit
40,000
40,000
POSITION LIMIT - INDEX OPTIONS
April 2016
Symbol
Index
Position Limit
SXO
Options on S&P/TSX 60 Index
500,000
POSITION LIMIT - CURRENCY OPTIONS
April 2016
Symbol
Currency
Position Limit
USX
Options on the US dollar
40,000