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Jan 31, 2012

Maple says working with regulators on TMX bid

TORONTO (Reuters) – The group bidding for the Canada’s biggest stock exchange said on Tuesday it was trying to ease concerns about its $3.8 billion offer, but it is unclear if any concessions will appease regulators wary of endorsing a near monopoly.

The Maple Group of 13 Canadian financial institutions said it had spoken with regulators about stock trading and pricing at the Canadian Depository for Securities (CDS), which clears and settles all trades in Canada and which would be part of the new venture formed in the Maple bid for TMX Group (X.TO: Quote, Profile, Research, Stock Buzz).

Jan 31, 2012

Maple extends TMX takeover bid to Feb. 29

TORONTO, Jan 31 (Reuters) – The Canadian consortium
that wants to buy exchange operator TMX Group (X.TO: Quote, Profile, Research) extended
the deadline on its C$3.8 billion ($3.8 billion) takeover bid
for a fourth time on Tuesday as regulators study the proposal
that would put the country’s dominant trading, clearing and
settlement services under one roof.

Maple Group, made up of 13 financial institutions, said it
extended its offer until Feb. 29.

Jan 26, 2012

Regulatory silence unsettles TMX Group investors

TORONTO, Jan 26 (Reuters) – A weeks-long silence over
the regulatory fate of Maple’s C$3.8 billion ($3.80 billion) bid
for TMX Group is sapping investor confidence in the deal, which
would put Canada’s dominant financial markets operator under the
control of its big banks and pension funds.

More than a half-year after Maple Group offered to buy TMX
(X.TO: Quote, Profile, Research) for C$50 a share, the stock is trading at just C$42, and
some investors are shedding their investments for fear that
regulators will reject the proposal as anti-competitive.

Jan 10, 2012

Housing starts jump in December

TORONTO (Reuters) – Canadian housing starts climbed more than expected in December, lifted mostly by multiple-unit buildings like condominiums, the latest sign that low interest and mortgage rates are keeping the country’s property market buoyant.

Housing starts rose to a seasonally adjusted annualized rate of 200,200 units, up from an upwardly revised 185,600 units a month earlier, Canada Mortgage and Housing Corp said on Tuesday.

Dec 15, 2011

Alpha CEO sees strength under TMX-Maple’s wing

TORONTO, Dec 15 (Reuters) – Canada’s financial trading
system would grow stronger under a plan that envisions the
country’s dominant exchange operator taking charge of Alpha
Group, its main competitor, according to Alpha’s chief
executive.

The Alpha takeover proposal is part of a sweeping plan by
Maple Group, a consortium of 13 Canadian financial institutions,
to buy TMX Group (X.TO: Quote, Profile, Research), the operator of the Toronto Stock
Exchange, for C$3.8 billion ($3.67 billion).

Dec 9, 2011

Alpha’s price still a thorny issue in TMX deal

TORONTO (Reuters) – A Canadian financial consortium is still negotiating terms of a side deal it considers crucial to its plan to take over TMX Group and bring most of the country’s major exchanges under a single roof, months after the proposal came to light.

In agreeing to pay C$3.8 billion ($3.72 billion) for TMX, the operator of the Toronto Stock Exchange, Maple Group stipulated that it would also take over Alpha Group, the TMX’s main domestic competitor. The sweeping proposal would give the enlarged group 80 percent of all Canadian equity trades.

Dec 1, 2011

Maple says TMX deal could give OSC a pricing role

TORONTO, Dec 1 (Reuters) – The Canadian consortium seeking
to buy TMX Group , operator of the Toronto Stock
Exchange, said on Thursday it could give regulators the right
to supervise clearing and settlement prices in order to gain
approval of the C$3.8 billion (C$3.76 billion) takeover deal.

Under its TMX takeover proposal, the Maple Group consortium
of Canadian financial services companies wants to also buy
Canadian Depository for Securities (CDS), which clears and
settles trades in Canada. This aspect of the deal has spurred
fears of an unfair monopoly, and Maple said it is ready to
compromise to get the deal done.

Dec 1, 2011

Maple says TMX deal benefits all, working with Ottawa

TORONTO, Dec 1 (Reuters) – The consortium seeking to buy
the owner of the Toronto Stock Exchange sought to assure
regulators on Thursday it would not become an unfair monopoly,
even as the federal competition watchdog signaled it had
“serious concerns” about the C$3.8 billion deal.

Appearing before regulators at Canada’s most powerful
securities watchdog, representatives of Maple Group stressed
the proposal to buy TMX Group would benefit all market
players. Maple is comprised of 13 of Canada’s most powerful
financial institutions.

Nov 23, 2011

Canada 5-yr bond wins decent demand on Europe woes

TORONTO, Nov 23 (Reuters) – Canada’s sale of 5-year
government bonds met with decent demand on Wednesday as
mounting euro zone debt concerns kept investors attracted to
markets viewed as safer havens.

The auction came amid a global equity and commodity selloff
on Wednesday as a poor sale of German benchmark bonds ignited
fears the European debt crisis would engulf the regional
economic powerhouse.

Nov 22, 2011

C$ little changed; soft U.S. GDP data weighs

TORONTO, Nov 22 (Reuters) – Canada’s dollar was little
changed against U.S. currency on Tuesday as higher commodity
prices and firm domestic data were offset by news the U.S.
economy grew at a slightly lower pace than previously
estimated.

U.S. gross domestic product grew at a 2.0 percent annual
rate in the third quarter, down from the previously estimated
2.5 percent.

    • About Jennifer

      "Jennifer Kwan is a Toronto-based reporter on the market news and treasury team, and covers a broad mix of stories related to trading, exchanges and regulation. Previously worked as an editor for the company's online newsroom. Before joining Reuters, she worked at the Canadian Press, as well as the Toronto Star and Yukon News newspapers."
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