Briefly:

(April 29, 2008) Quebec’s Autorité des marchés financiers has approved the market rules proposed by the Montréal Exchange, which would govern the trading of carbon emission futures contracts on the soon-to-be launched Montréal Climate Exchange.

“It is a milestone for us in creating the leading public market for environmental products in Canada,” said Luc Bertrand, MX president and chief executive officer. “I would like to acknowledge the contribution of the MX team that developed the market rules as well as the valuable work of the AMF in subjecting them to a critical review process.”

The target date for the launch of carbon contracts is May 30, 2008. The approved market rules require MX to operate a transparent, secure and liquid market that earns the confidence of traders, investors and market participants.

RBC’s risks “manageable”

(April 29, 2008) The Royal Bank of Canada has refuted an analyst’s report out of CitiGroup on Monday that called into question RBC’s exposure to the credit crisis.

RBC stated that it cannot comment on its current financial position until it publishes its second quarter report but assured shareholders that its capital position is adequate.

“We believe that the analysis contained in the Citigroup report contains significant errors in fact and significantly overstates both the risks and the amount of any potential write-down RBC might incur,” the bank said in a statement.

“Our exposures are well within our risk limits as an organization, and we do not see these as creating any significant downward pressure on our capital ratios.”

(04/29/08)

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.