London, UK-based OSTC – a market maker and derivative portfolio manager for institutional investors – opened its first North American trading office in Montréal on March 11, 2013. The company plans to hire and train around 60 derivatives traders within the next two years, in close collaboration with the Montréal Exchange. OSTC received assistance from the International Financial Centre of Montréal (IFC-Montréal) and Montréal International to set up operations in Greater Montréal.
The main factors that weighed in OSTC management’s decision to choose metropolitan Montréal are:
– The availability of graduates from five universities in the derivatives market-related disciplines of finance, mathematics and computer engineering.
– The 30% annual refundable tax credit on salaries paid to employees of an International Financial Centre – IFC (maximum of $20,000 per year, per job).
– Professional training assistance in the amount of $209,000 provided by the government of Québec over two years, which will be used to train some 60 derivatives traders. OSTC will invest around $600,000 of its own money.
– Greater Montréal’s trading culture.
– The considerable development potential of market participants such as OSTC which may emerge following the implementation of new derivatives trading mechanisms, which will be stricter than before.
This information was taken from an article by Martin Vallières in La Presse of March 12, 2013.