Demutualization of Winnipeg Commodity Exchange

Winnipeg Commodity Exchange Inc. (the Exchange) implemented a demutualization plan on November 1, 2001, whereby the Exchange was converted into a for profit share capital corporation known as WCE Holdings Inc. The operating assets of the Exchange were then rolled down to a new operating entity known as Winnipeg Commodity Exchange Inc. The demutualization of the Exchange follows similar demutualization proceedings from many other major international exchanges, including both the Toronto Stock Exchange and Bourse de Montréal.

Winnipeg Commodity Exchange Inc. is Canada’s only agricultural and options exchange and is the premier market for canola futures in the world. The Exchange annually accounts for the generation of derivatives trades based on underlying agricultural commodities valued at over $13 billion.

Legal aspects of the demutualization were led by Linda Cox Vincent, general counsel and director of compliance for the Exchange, with assistance from Fillmore Riley. The Fillmore Riley team consisted of Glen Peters, with assistance from Cy Fien (tax), Peter Davey (securities) and Joel Oliphant (corporate). Mike Gagne, president of the Exchange was actively involved in the demutualization.