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BMO Capital Markets Awards Advanced Research Scholarship to Ph.D. Student Jason Ricci

$20,000 honorarium will support top scholar's research on strategy to address shortcomings of current published algorithms for high-frequency trading

TORONTO, ONTARIO--(Marketwire - April 3, 2012) -

Editors Note: There is a photo accompanying this press release.

BMO Capital Markets, the investment & corporate banking arm of BMO Financial Group (NYSE:BMO)(TSX:BMO), today named Jason Ricci as the recipient of its annual Advanced Research Scholarship. Mr. Ricci is a 2nd year Ph.D. student in the Department of Statistics at the University of Toronto.

The scholarship has been in place for four years and was created to advance and recognize exceptional research in capital markets.

Mr. Ricci receives a $20,000 honorarium to proceed with his research on the topic of algorithmic trading with self-exciting marked point processes, which develops a strategy specifically designed to maximize utility in high-frequency markets and that can be calibrated, updated and executed in real-time. It addresses shortcomings of current published algorithms by operating without restrictions on admissible strategies.

"We received a number of impressive submissions again this year, and Jason's research on algorithmic trading stood out as a leading proposal," said Patrick Cronin, Head of Trading Products, BMO Capital Markets. "This award demonstrates BMO's ongoing commitment to furthering education and supporting advanced research at universities across Canada."

Mr. Ricci has a Master of Mathematical Finance from the University of Toronto and a B.Sc. specializing in Actuarial Science in the Department of Statistics at the University of Toronto.

About the BMO Capital Markets Advanced Research Scholarship

Academics and Ph.D. level candidates in mathematics, finance or similar areas were invited to submit research proposals on specific topics, including advanced pricing theory; advanced risk management techniques; advanced trading strategies relating to derivative markets; and market microstructure and trade execution.

The scholarship program, now in its fourth year, was created to advance research in capital markets. The award committee consisted of five quantitative analysts for BMO Capital Markets, all of whom hold Ph.D. degrees. To learn more about the Advanced Research Scholarship program and how to apply, visit

About BMO Capital Markets

BMO Capital Markets is a leading, full-service North American financial services provider, with 2,300 employees operating in 17 North American offices and 30 worldwide, offering corporate, institutional and government clients access to a complete range of investment and corporate banking products and services. BMO Capital Markets is a member of BMO Financial Group (NYSE:BMO)(TSX:BMO), one of the largest diversified financial services providers in North America with US$537 billion total assets and more than 47,000 employees as at January 31, 2012.

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