The proposed takeover of TMX Group by the Canadian Maple Group has been heralded by some as a bold move that will protect the sovereignty of Canada’s securities markets. But others condemn it as a backwards step towards inwards-looking parochialism.
In June, Canada’s main securities exchange TMX
Group, owner of the Toronto Stock Exchange and
Montreal’s derivatives market the Bourse de
Montreal was forced to abandon talks with the London Stock
Exchange, which looked likely at one stage to lead to a merger.
The decision cost TMX some a C$10m in the form of a break-up
fee but it’s hand was forced. Although
LSE’s shareholders had supported the deal, TMX had
failed to convince sufficient numbers of its shareholders to
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