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The establishment of Nasdaq Canada in Montreal: the position of the Government of Québec Québec’s business environment ❚ Québec: promoter of free-trade ❙ service sector more and more prominent A diversified industrial structure Real GDP by major sector — 1999 Service sector 70% Resource sector 3% Manufacturing sector 27% Québec’s business environment ❚ Québec: promoter of free-trade ❙ Québec’s corporations at the vanguard of the world economy Aerospace •Bombardier Aeronautics •CAE Electronics •Pratt & Whitney Canada •Rolls-Royce Canada •Bell Helicopter Textron •Honeywell Aerospace •Lockheed Martin •BAE Systems Canada Information Technologies •CGI •Nortel Networks •IBM •Bell Canada •Ericsson •Microcell •SR Telecom •EMS Technologies •SHL Systemhouse •DMR •LGS Pharmaceutical industry •BioChem Pharma •Novartis Pharma •Bristol-Myers Squibb •Merck Frosst •Pfizer •Aventis •Wyeth-Ayerst •Abbott Laboratories •Roche Diagnostics •AstraZeneca •Anapharm Québec’s business environment ❚ Québec: promoter of free-trade ❙ Importance of research and development An innovative economy Real R&D spending by firms (average growth rate 1986-1997) 7.0% 4.4% 4.4% 2.6% 2.4% 0.9% 0.0% -0.2% Québec’s business environment ❚ Québec: promoter of free-trade ❙ An economy which benefits from its openness to the world An open economy Cumulative growth in merchandise exports 1988-1999 498 Telecommunications equipment 364 Aircraft and parts Transportation equipment excluding automobiles and aircraft 291 Machines, tools and office equipment Chemical products and petroleum derivatives Total 169 Manufactured goods related to the processing of natural resources Primary products 47 Automobiles and parts 0 % 100 % 200 % 300 % 400 % 500% Total and international exports (as a percentage of Québec’s GDP) 1988 1999 59% 44% 39% 21% Total exports International exports 23% 20% Interprovincial exports The establishment of Nasdaq Canada in Montreal Recap of Québec ’s motives : ➨ Reinforce Québec’s openness towards the international trade of goods and services, and towards global financial markets ➨ Offer investors simplified access to growth securities at a lower transaction cost ➨ Offer corporations a better access to the vast reservoir of capital in order to facilitate their expansion Nasdaq: Québec's objectives ❚ Participation to Nasdaq worldwide strategy ❚ Linkage of pools of capital ❚ Provide companies with the best possible exposure to investors Nasdaq: Québec's objectives ❚ Promote competition and freer trade ❚ Give companies the best access to capital at crucial stages of their growth ❚ Bring more competition to the financial sector ❚ Nasdaq's brand name and credibility are essential to this project The establishment of Nasdaq Canada in Montreal ➨ Consolidate the importance of Montreal as a world class financial centre (stocks, derivatives, funds, IFCs) ➨ Continue to pursue Québec’s development of its hi-tech sectors The Government of Québec’s offer to Nasdaq ➨ A lightened « fast track » recognition procedure: ➨ Adoption of Act 125 (chapter 28, 16 June 2000) ➨ Phase I, recognition by the Québec Securities Commission (CVMQ) of NADS registered broker/dealers allowing them to trade on Nasdaq-New York from Montreal ➨ Phase II, listing on Nasdaq Canada of Canadian companies ➨ The CVMQ is responsible for the development of the relationship of this new exchange with the other securities commissions in Canada.