Canola exchange rates will set in New York this summer to facilitate the growth of this growing market. The Winnipeg Grain Exchange, Canada’s oldest and only commodity market, is about to close.
In a public notice dated May 1, stock exchange owner Intercontinental Exchange Inc. (ICE) announced the transfer of canola contracts to New York City this summer. The move date is scheduled for July 29th.
“The canola market has grown in the last 10 years, and the feeling we had was that to allow this market to continue to grow in a proper environment, we had to move to a bigger place,” explains Brad Vannan, CEO of ICE Futures Canada.
“Today, transactions are done on a computer screen and can come from anywhere in the world,” he says, noting that a high percentage of trade in the canola market comes from outside of Canada.
Brad Vannan explains that the physical location of the stock market is less important in the digital age, and that customers may not even notice the change.
The Winnipeg Grain Exchange has been trading since 1904. It was the first North American exchange to end its public auction system in December 2004, when opted for an all-electronic system.
Intercontinental Exchange Inc., an Atlanta-based firm, bought the Winnipeg Stock Exchange in 2007 for $ 40 million.
Simon Morgan was born and raised in Ottawa. Simon has worked as a freelance journalist for nearly a decade and written for The Ottawa Sun, the Vancouver Sun and the Star. As a journalist for Island Daily Tribune, Simon mostly covers community events and human interest stories.