TORONTO (Reuters) – Canada’s top regulators approved the takeover of the country’s biggest stock exchange operator by a group of Canadian financial firms on Wednesday, pushing a protracted process tantalizingly close to the finish line.
The Ontario Securities Commission and Canada’s Competition Bureau both okayed the takeover of TMX Group by Maple Group – a consortium of Canada’s largest banks, insurers and pension funds – removing two big hurdles to a deal that now only needs the approval of two provincial regulators.
TORONTO, July 4 (Reuters) – Ontario’ securities regulator
and Canada’s Competition Bureau approved the takeover of
Canada’s biggest stock exchange operator by a group of domestic
financial institutions on Wednesday, bringing what has been a
protracted process close to final approval.
The C$3.8 billion ($3.75 billion) takeover of TMX Group
by the Maple Group consortium now only requires the
approval of two provincial regulators. The deal will create a
new entity that combines the Toronto Stock Exchange with its
biggest rival, Alpha Group, and with the Canadian Depository for
Securities clearing house.
TORONTO, June 27 (Reuters) – Canadian home resale prices
rose in May from April, hitting record highs for the second
month in a row, but the pace of growth on an annual basis
continued to slow, the Teranet-National Bank Composite House
Price Index showed on Wednesday.
Ten of the 11 metropolitan markets tracked by the index were
higher and one was flat. It was the first time in nearly a year
that none of the 11 markets declined.
TORONTO, June 26 (Reuters) – High-frequency trading, using
lightning-fast algorithms to turn profits, represents a fifth of
all activity on the Toronto Stock Exchange and other Canadian
trading systems, according to data released by regulators.
Such trades, based on a strategy that floods the system with
buy and sell orders without executing all of them, make up 11
percent of the overall Canadian market, preliminary data from
the Investment Industry Regulatory Organization of Canada showed
TORONTO, June 22 (Reuters) – Canadian home prices climbed
5.2 percent in May from a year earlier, with Toronto leading all
major markets with a 7.9 percent gain, an industry group said on
Friday, highlighting a housing boom that has become a concern
The Canadian Real Estate Association (CREA) released the
data a day after the federal government tightened rules for
borrowers and mortgage lenders in its fourth move to cool down
the country’s red-hot property market. Ottawa wants to put the
brakes on home buying and deflate a possible housing bubble
before it pops.
TORONTO, June 14 (Reuters) – Canada’s second-biggest stock
trading system, Alpha Group, wants to reinvent itself as the
Nasdaq of the north, offering small technology companies access
to a deeper pool of public funding as the tech sector seeks to
emerge from a decade of drift.
The strategy aims to carve out a clear identity for Alpha
even as it awaits approval of a grand plan that would fold it
under the same corporate umbrella as TMX Group – the
operator of the Toronto Stock Exchange, the small-cap TSX
Venture Exchange and other Canadian trading venues.
TORONTO (Reuters) – Royal Bank of Canada, the country’s biggest bank, wants regulators to tighten rules on trading, clearing and settlement fees as part of any deal to approve the Maple Group’s proposed C$3.8 billion ($3.66 billion) takeover of the Toronto Stock Exchange operator.
RBC, one of only two leading Canadian banks that is not a Maple Group member, said it supports the deal to take over TMX Group Inc largely in the form the consortium negotiated with the Ontario Securities Commission. Even so, it supports further scrutiny of pricing models proposed for fees charged by the enlarged exchange operator.
TORONTO, May 31 (Reuters) – The Canadian consortium of
f inancial institutions bidding for the operator of the Toronto
Stock Exchange extended its of fer on Thursday, and said it is
convinced the deal has deep support among the country’s
financial and investing community.
Maple Group, which prolonged its C$3.8 billion ($3.67
billion) b id to buy TMX Group Inc for the eighth time,
said the extension will allow for the necessary regulatory
approvals needed for an ambitious plan that would transform
Canada’s stock trading landscape.
TORONTO, May 22 (Reuters) – The Ontario Securities
Commission charged Sino-Forest Corp and some of the
Chinese forestry company’s former executives with fraud on
Tuesday, nearly a year after the allegations surfaced and its
The OSC, Canada’s most powerful securities regulator, said
Sino-Forest and former members of its overseas management
engaged in numerous “deceitful and dishonest” actions connected
with its purported purchase and sale of timber in China.
(Reuters) – TMX Group (X.TO: Quote, Profile, Research, Stock Buzz), operator of the Toronto Stock Exchange and the target of a $3.8 billion proposed takeover, reported a steeper-than-expected drop in quarterly profit on Friday as a rocky global economic recovery held back equity trading and financing revenue.
Overall revenue fell 7 percent on weakness in cash markets trading and issuer services such as fees for new listings. The decline might have been worse if not for stronger performances in derivatives trading and other business lines.