Canadian Derivatives Exchange*

Management Team

The Exchange's offices and markets are closed today, March 29, 2014 (Good Friday).

Alain Miquelon

President and Chief Executive Officer

Mr. Miquelon was appointed President and Chief Executive Officer of the Montréal Exchange on July 1, 2009. Previously, at MX, he held the positions of Executive Vice-President, Chief Operating Officer and Head of Strategic Development from February 2009 to June 2009 and Executive Vice-President, Chief Financial Officer and Head of Strategic Development from August 2007 to February 2009. On April 15, 2011, he was appointed Managing Director of Canadian Derivatives Clearing Corporation (CDCC), a wholly-owned subsidiary of the Montréal Exchange.

Before joining MX team, Mr. Miquelon served from 2000 to 2007 as COO and Executive Vice-President Corporate Development and CFO at Mediagrif Interactive Technologies, a B2B internet-based services company headquartered in Montréal. Before 2000, he held various financial management positions with Memotec Communications, ScotiaMcLeod's Investment Banking Division, and Arthur Andersen.

Mr. Miquelon is a Chartered Accountant and holds a B.B.A. from HEC Montréal and an M.B.A. from INSEAD, France.

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.

Brian Z. Gelfand

Vice-President, Institutional Relations and Market Operations

Mr. Gelfand is the Vice-President Institutional Relations and Market Operations at the Montréal Exchange. In this capacity, he is responsible for managing relationships with all MX's market participants worldwide, for market access and connectivity, and for market operations.

Mr. Gelfand joined MX as the founding Director of the Derivatives Institute, a provider of specialized derivatives training and education established by the Montréal Exchange in 2001. Before joining MX, he was the Special Adviser to the Secretary General of the International Organization of Securities Commissions (IOSCO), and an associate at the law firm of Lapointe Rosenstein in Montréal. He is a member of the Bars of Quebec, New York and Massachusetts, and holds B.A., B.C.L. and LL.B degrees from McGill University and an M.A. in International Relations from The Johns Hopkins University (SAIS).