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Jun 5, 2012

RBC says more study on fees needed in TMX deal

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.

May 31, 2012

Maple extends C$3.8 bln bid for Canada’s TMX Group

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.

May 22, 2012

Canadian regulator charges Sino-Forest with fraud

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
stock imploded.

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.

May 11, 2012

TMX profit drops as listings, trading slows

By Jennifer Kwan

(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.

May 11, 2012

TMX profit drops as equity trading slows

May 11 (Reuters) – TMX Group, operator of the Toronto
Stock Exchange and 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, a sharper drop than
expected, largely on weakness in cash markets trading and issuer
services. The decline might have been worse if not for stronger
performances in derivatives trading and other business lines.

May 8, 2012

Canada Competition Bureau studies OSC stance on TMX

TORONTO, May 8 (Reuters) – Canada’s Competition Bureau is
studying the Ontario Securities Commission’s draft terms and
conditions for approving Maple Group’s proposed takeover of
Toronto Stock Exchange-operator TMX Group, the head of
the bureau said on Tuesday.

Competition Bureau Commissioner Melanie Aitken said the
commission will issue its own views on the proposed deal after
the OSC publishes its final terms and conditions.

May 4, 2012

Canada’s Ivey PMI index stumbles in April

TORONTO, May 4 (Reuters) – The pace of purchasing activity
in the Canadian economy w eakened in April from March by more
than expectations, suggesting the second quarter may have gotten
off to a soggy start, according to Ive y Purchasing Managers
Index data released on Friday.

The data showed the seasonally adjusted index fell to 52.7
in April from 63.5 in March. Analysts polled by Reuters had
forecast a reading of 61. The unadjusted index slipped to 52.2
from 65 a month earlier.

May 3, 2012

Maple agrees to OSC terms on TMX takeover

TORONTO, May 3 (Reuters) – Maple Group said on Thursday it
would accept a regulator’s conditions on its C$3.8 billion
($3.84 billion) bid for TMX Group, likely paving the way
for the elusive takeover of the operator of the Toronto Stock
Exchange to go ahead.

The consortium of Canada’s largest banks, insurers and
pension plans said that if the terms from the Ontario Securities
Commission survive a 30-day comment period, it would accept
them, allowing Maple to win control of the Toronto exchange in a
deal that will give it some 85 percent of Canadian stock trades.

May 1, 2012

TMX stock rises after Maple extends bid

TORONTO (Reuters) – TMX Group (X.TO: Quote, Profile, Research, Stock Buzz) shares rose on Tuesday after the financial institutions bidding for the Canadian stock exchange operator came a step closer to completing the elusive C$3.8 billion ($3.86 billion) takeover deal.

But the shares held below the bid price on fears that the complicated transaction could still fall apart due to regulatory concerns.

Apr 30, 2012

Maple extends bid for Canada’s TMX Group; to buy Alpha

TORONTO (Reuters) – The consortium of Canadian financial institutions bidding for the operator of the Toronto Stock Exchange extended its offer for a seventh time on Monday and announced two deals that will help it realize an ambitious plan to transform Canada’s stock trading landscape.

Prolonging its C$3.8 billion ($3.85 billion) bid for TMX Group (X.TO: Quote, Profile, Research, Stock Buzz) to May 31, Maple Group said it had reached agreements to buy Alpha Trading Systems, Canada’s second biggest stock trading venue, and the Canadian Depository for Securities Ltd clearing system.

    • 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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