Canadian Derivatives Exchange*

Management Team

Alain Miquelon

President and Chief Executive Officer

Alain Miquelon is the President and Chief Executive Officer of the Montréal Exchange (MX), as well as Head of Derivatives Markets at TMX Group Inc. (TMX). His key responsibilities include the general management of the Montréal Exchange, the Canadian Derivatives Clearing Corporation (CDCC) and Shorcan Brokers Limited, a TMX fixed income interdealer broker. In addition, Mr. Miquelon is one of the two TMX representatives who sit on the Executive Committee of the Boston Options Exchange Group, LLC (BOX), a U.S. options exchange controlled by TMX.

Mr. Miquelon has over 15 years, experience as a senior executive of publicly-traded companies in various sectors, including financial services, information technology and electronic commerce. Mr. Miquelon joined MX in 2007 as Executive Vice-President, Chief Financial Officer and Head of Strategic Development. Following the merger of MX and TSX Group, he oversaw the successful integration of the two companies. Prior to joining MX, Mr. Miquelon held several senior executive positions with Mediagrif Interactive Technologies, including Chief Operating Officer from December 2004 to February 2007, and Executive Vice-President and Chief Financial Officer from January 2000 to December 2004. Previously, from January 1996 to December 1999, Mr. Miquelon served as Chief Financial Officer of Memotec Communications Inc. Mr. Miquelon also has four years, experience in the financial services sector, more specifically in the investment banking division of Scotia Capital Markets, as well as two years, experience with the Arthur Andersen & Co. consulting and auditing group.

Mr. Miquelon currently sits on the boards of BOX, Montréal Climate Exchange (MCeX), CDCC and CanDeal, as well as the non-profit boards of the International Financial Centre of Montréal, Finance Montréal – Quebec's financial cluster, Canadian INSEAD Foundation, and Lighthouse Children and Families.

Mr. Miquelon holds a Bachelor's Degree in Business Administration from HEC Montréal, and a Master's Degree in Business Administration from INSEAD. He is also a Chartered Accountant.

Glenn Goucher

President and Chief Clearing Officer

Mr. Goucher joined the Montréal Exchange in November 2001 and is now acting as President and Chief Clearing Officer of the Canadian Derivatives Clearing Corporation. Prior to this position, he was Senior Vice-President, Financial Markets. Mr. Goucher was responsible for market operations, business development and marketing activities for MX in multiple derivative market segments. He also serves as Director for the Montréal Climate Exchange and CanDeal.

Before joining MX, Mr. Goucher held different responsibilities with a Canadian investment dealer, including Director for equity derivative marketing and Manager of exchange-traded derivatives. He played an active role as Portfolio Manager for a Canadian pension fund, responsible for the day-to-day management of several bond portfolios as well as overseeing the implementation of G7 derivative strategies. He has also lectured undergraduate finance and business policy courses on a part-time basis. Mr. Goucher has held the title of Chartered Financial Analyst since 1997, and holds both an MBA and a BSc Eng. from the University of New Brunswick.

Claude Cyr

Senior Vice-President, Financial Markets

Mr. Cyr is the Senior Vice-President, Financial Markets at the Montréal Exchange. Mr. Cyr is responsible for the development and management of the Financial Markets department. He oversees MX's operations, which includes market monitoring, commercial development, customer relationship management, products, pricing and marketing activities.

Mr. Cyr has over 20 years of financial markets experience. Most recently, he was First Vice-President and Head of Global Services & Relationship Management at Newedge Canada Inc. Prior to that, Mr. Cyr held positions of increasing responsibility at J.P. Morgan Securities Canada, where he served as Vice-President and later as Executive Director. During that time, he was responsible for managing the firm's Canadian futures and options business and OTC clearing.

Mr. Cyr holds a bachelor of commerce from Concordia University, as well as the Chartered Financial Analyst designation.

Léon Bitton

Vice-President, Research and Development

Mr. Bitton presently serves as Vice-President, Research and Development at the Montréal Exchange. Mr. Bitton has led the research and development effort related to most of MX currently listed derivatives products. He was also the driving force behind the establishment of the first regulated carbon market in Canada: the Montréal Climate Exchange (MCeX). He holds a master's degree from the University of Québec in Montréal with a collaboration from the Florida International University.

Mr. Bitton formerly was a member of the Board of the research center CIRANO, of the Board of the Association des MBA du Québec, and of the Board of MITACS (Mathematics of Information Technology and Complex Systems). He also regularly acts as a speaker and derivative products advisor to various associations and organizations in the financial and environmental sectors.

Pauline Ascoli

Vice-President, Legal Affairs

Ms. Ascoli is responsible for the legal and regulatory affairs of MX and CDCC.

Prior to joining MX in September 2012, Ms. Ascoli held key positions with European investment banks during 15 years abroad in Tokyo and in Paris: Crédit Agricole CIB (Paris and Tokyo)-Head of OTC Derivatives Legal, Senior Counsel and Executive Director and Head of Legal, Tokyo Branch; The Royal Bank of Scotland, plc (Tokyo and Paris)-Counsel, Senior Counsel and Head of Legal, Tokyo Branch; Deutsche Bank AG-Associate Director and Counsel, Tokyo Branch. She has also worked in the mortgage insurance industry as Senior Counsel to CMHC (Ottawa) and as Attorney for PMI Mortgage Insurance Co. (San Francisco).

Ms. Ascoli obtained her LLL – Civil Law (1986) and LLB – Common Law (1987) degrees from the University of Ottawa and was called to the Québec Bar in 1988. She is also a member of the Ontario Bar (1989) and the California Bar (1995). Ms. Ascoli clerked for Mr. Justice James K. Hugessen of the Federal Court of Appeal, acted as Executive Assistant to the Federal Court Rules Committee and clerked for the late Mr. Justice Charles D. Gonthier of the Supreme Court of Canada.

Jean-François Bertrand

Vice-President, Market Operations, Services and Connectivity

Mr. Bertrand presently serves as Vice-President, Market Operations, Services and Connectivity at the Montréal Exchange. Mr. Bertrand is responsible for the overall development, management and support of market structure, connectivity, trading operations and technical support, and for the development and delivery of services and products related to trading.

Mr. Bertrand has 17 years' experience in exchanges, clearing houses and market surveillance environments. He worked for TMX Group Information Technology, where he last was Director, Architecture, in which capacity he led the business and software architecture teams. He participated in the development of the SOLA technological platform and in the commercialization and implementation efforts of that technology for the Boston Options Exchange and the derivatives markets of the London Stock Exchange Group. Before joining the Montréal Exchange, he was active in the consulting business, first for DMR Conseil, then for Fujitsu.

Mr. Bertrand holds a joint MBA from McGill University and HEC Montreal as well as a MSc from Université de Montréal.

Jean Guilbault

Vice-President, Technologies, Software Product Development

Jean Guilbault joined the Montréal Exchange in 1990 and currently acts as Vice-President, Software Product Development.

Mr. Guilbault, an engineering graduate of Polytechnique Montréal, is responsible for the technology, development and architecture teams that designed SOLA trading, clearing and surveillance technology solutions. These different systems, recognized as among the most rapid and efficient in their field, are presently deployed in Montreal, Boston, London and Milan. In addition, Mr. Guilbault was involved in the creation of Montréal Exchange's first automated trading system, as well as various electronic access platforms.