This is the significant development towards the creation of an exchange, which is expected to control over 85% of Canada’s equities trading, the Montreal Exchange derivatives bourse and the country’s main securities clearing house, the firm said.
Maple Group CEO Luc Bertrand was quoted by Bloomberg as saying that the takeovers "is definitely part of the thinking" for Maple, whether it’s targeting exchanges, risk-management firms, or data suppliers outside Canada.
"One of other main pillars or reasons for this transaction was to create this company that will allow it to seek opportunities outside Canada," Bertrand told the news portal.
Maple proposes to acquire TMX and integrate the exchange owner with the Canadian Depository clearing house and the bank-owned exchange owner Alpha Group.
Maple’s transaction will consolidate Canada’s main stock markets, including the Toronto Stock Exchange, TSX Venture Exchange and Alpha Exchange along with the Montreal Exchange derivatives bourse and the CDS securities clearing house under one company.
