TORONTO, March 2 (Reuters) – The architects of the London
Stock Exchange’s (LSE.L: Quote, Profile, Research, Stock Buzz) takeover of TMX Group (X.TO: Quote, Profile, Research, Stock Buzz) defended
the transatlantic tie-up to skeptical lawmakers on Wednesday in
the first of a series of government and regulatory approvals.
An Ontario legislative review that began on Wednesday is
not in itself legally binding. But it will likely influence
regulatory and federal government reviews that have the power
to derail the C$3.1 billion takeover.
TORONTO, March 2 (Reuters) – Control of the Toronto Stock
Exchange will stay in Canadian hands after the London Stock
Exchange’s (LSE.L: Quote, Profile, Research) takeover of TMX Group (X.TO: Quote, Profile, Research), the TMX’s CEO
said on Wednesday, countering one of the main criticisms of the
Speaking to Ontario lawmakers at the opening of a
provincial review, TMX CEO Tom Kloet said an executive based in
Toronto will still lead Canada’s biggest exchange, even after
its owner, the TMX, is folded into the larger London-based
TORONTO (Reuters) – Politics may trump the idea of globalization in deciding the fate of a proposed takeover of the TMX Group (X.TO: Quote, Profile, Research), raising the spectre of a second foreign-backed deal blocked by Canada in a matter of months.
A complex, multi-tiered approval process starts on Wednesday when an all-party committee of the Ontario provincial legislature holds the first of four hearings on the takeover proposal from the London Stock Exchange (LSE.L: Quote, Profile, Research).
TORONTO, Feb 28 (Reuters) – Politics may trump the idea of
globalization in deciding the fate of a proposed takeover of
the TMX Group (X.TO: Quote, Profile, Research), raising the specter of a second
foreign-backed deal blocked by Canada in a matter of months.
A complex, multi-tiered approval process starts on
Wednesday when an all-party committee of the Ontario provincial
legislature holds the first of four hearings on the takeover
proposal from the London Stock Exchange (LSE.L: Quote, Profile, Research).
TORONTO, Feb 23 (Reuters) – The Ontario Securities
Commission will assess whether the London Stock Exchange’s
(LSE.L: Quote, Profile, Research) proposed takeover of TMX Group (X.TO: Quote, Profile, Research) is in “the public
interest,” a concept that even the head of OSC finds nebulous.
OSC Chair Howard Wetston on Wednesday said he could not say
what specific metrics the OSC would use to assess the merits of
the deal, which would combine the operators of the Toronto and
London stock exchanges into a $7 billion transatlantic power.
TORONTO (Reuters) – Ontario’s securities regulator said on Wednesday it would consider whether the proposed takeover of exchange operator TMX Group (X.TO: Quote, Profile, Research) by the London Stock Exchange (LSE.L: Quote, Profile, Research) is in the public interest.
Even so Howard Wetston, chair of the Ontario Securities Commission, said he could not say what specific metrics would be used to assess the deal, which would create a trans-atlantic exchange operator with a $7 billion (4 billion pounds) market capitalisation.
TORONTO (Reuters) – Canada’s reputation on free trade and competition will hinge on whether it gives the go-ahead to a deal to combine the London and Toronto stock exchanges, the head of the Toronto market’s parent said on Tuesday.
Thomas Kloet, chief executive of TMX Group Inc (X.TO: Quote, Profile, Research), said he is taking “very seriously” the growing political resistance in Canada to the London Stock Exchange’s (LSE.L: Quote, Profile, Research) plan to buy TMX and create a trans-atlantic exchange operator with a market capitalisation of nearly $7 billion (4 billion pounds).
TORONTO, Feb 18 (Reuters) – Toronto’s main stock index
halted a four-day winning streak to close modestly lower on
Friday, pressured by monetary tightening in China and weakness
in mining and financial issues. Five of the index's 10 main groups were lower. The materials group, which makes up just under a quarter of the index's weigh and is home to big mining firms, was down 0.51 percent. Diversified miner Teck Resources (TCKb.TO: Quote, Profile, Research) led the retreat, sagging 2.76 percent to C$54.33. Potash Corp (POT.TO: Quote, Profile, Research) slipped 3.69 percent to C$59.17, while Agnico Eagle (AEM.TO: Quote, Profile, Research) was off 2.05 percent at C$70.26. [MET/L] [GOL/] "We're seeing some weakness in a lot of the basic material companies," said Youssef Zohny, portfolio manager at Van Arbor Asset Management. Overseas, China raised required bank reserves to a record 19.5 percent, the latest move by the huge consumer of commodities like oil and metals to curb inflation. [ID:nTOE71H068] "I think, near term, China's going to be a big focus. They're having some problems with a property bubble and inflation," Zohny said. "We're probably going to see some more tightening from the Bank of China ... That's going to put pressure on the commodities-heavy TSX." This is China's fifth increase since October, so for some investors, the move was not entirely a surprise. "I think that had been somewhat baked into the market," noted Laura Lau, a senior portfolio manager at Sentry Select Capital Corp. "When they started increasing reserve ratios, everyone started panicking, but now they're getting used to it and they realize it has to be done." The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed down 13.04 points, or 0.09 percent at 14,123.11. The index hovered near 2-1/2 year highs, after surging past the 14,000 mark earlier in the week. It gained more than 2.5 percent on the week. Financial stocks, another index heavyweight, fell 0.24 percent, following six straight sessions of gains that saw the group advance 3 percent. Sun Life Financial (SLF.TO: Quote, Profile, Research) was down 0.3 percent at C$32.92 while Toronto-Dominion Bank (TD.TO: Quote, Profile, Research) fell 0.93 percent to C$80.08. Royal Bank of Canada (RY.TO: Quote, Profile, Research) bucked the trend, rising 1.06 percent to C$57.10 and was one of the key gainers. Offsetting losses was a 0.31 percent gain among energy issues. Talisman Energy (TLM.TO: Quote, Profile, Research) was up 2.46 percent to C$24.19 while Husky Energy (HSE.TO: Quote, Profile, Research) climbed 0.9 percent to C$29.08. "In terms of energy, that's one of the bright spots today. Tension in the Middle East continues to keep prices elevated," said Zohny. [ID:nL3E7DI065] Some key gold miners found strength in firmer bullion prices. The safe-haven metal was supported by fears over a European debt crisis, rising inflation and growing unrest in the Middle East. [GOL/] [ID:nLDE71H0VI] Barrick Gold (ABX.TO: Quote, Profile, Research) rose 1.82 percent to end at C$50.82. The TSX will be closed on Monday for Ontario's Family Day holiday, while four other province, including Alberta, are also observing holidays on Monday. ($1=$0.99 Canadian)
TORONTO, Feb 16 (Reuters) – Toronto’s main stock index
surged past the 14,000 mark on Wednesday, hitting a 31-month
high, with energy and financial issues leading the charge. "The market has had a nice tone to it all day ... People are clearly optimistic," said Bruce Latimer, a trader with Dundee Securities. "(14,000) is just a psychological barrier, but I don't think it has any bearing on whether people are making money or losing money. People do look at them though." The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE unofficially closed 129.83 points, or 0.93 percent, higher at 14,059.18, its highest close since July 4, 2008. "I don't think there's anything that's going to get in the way or stop it near term," said John Kurgan, a senior market strategist at Lind-Waldock Canada. Nine of the index's 10 main groups advanced, with consumer discretionaries the lone decliner, retreating 0.19 percent. Energy stocks received a boost from Brent oil prices which surged on unrest in the Middle East, while analysts' upgrades provided some support for financial issues and influential companies like Research In Motion (RIM.TO: Quote, Profile, Research, Stock Buzz). "Any time there's a problem with Brent crude, you get companies like Suncor Energy moving to the upside," said Kurgan, noting the company's nearly 8 percent jump in the last week. Suncor (SU.TO: Quote, Profile, Research, Stock Buzz) climbed 3.77 percent to close at C$43.45, while Canadian Natural Resources (CNQ.TO: Quote, Profile, Research, Stock Buzz) jumped 4.19 percent to C$46.55. The overall energy group gained 1.97 percent. Brent oil prices neared 2-1/2 year highs as tensions between Israel and Iran fueled existing worries about growing unrest in the region. [O/R] [ID:nLDE71F2BQ] Financial stocks extended their recent gains, rising 0.87 percent to hit the group's highest level since May 2008. Toronto-Dominion Bank (TD.TO: Quote, Profile, Research, Stock Buzz) hit a record high, finishing up 1.55 percent at C$80.47. Bank of Nova Scotia (BNS.TO: Quote, Profile, Research, Stock Buzz) also notched a record high, rising 0.57 percent to C$60.21, while Bank of Montreal (BMO.TO: Quote, Profile, Research, Stock Buzz) edged up 0.25 percent to C$60.51. "There's still that need for good dividend paying stocks. ... but the banks are looking a little stretched at this point in time. I'd have a problem buying bank stocks in here," said Kurgan. The sector got a lift from Credit Suisse, which boosted its rating on Bank of Montreal to "neutral" from "underperform" and raised its price targets on five other Canadian banks. [ID:nWNAB2415] "(The financials have) been in a nice move since the middle of January," said Latimer. "That gives the investors a little bit of confidence. The whole sector's been acting well and there hasn't been a lot of bad news." RIM, which received a ratings upgrade by Citigroup, jumped 4.2 percent to C$67.25 to help lift the technology sector 1.14 percent. Rogers Communications (RCIb.TO: Quote, Profile, Research, Stock Buzz), which reported quarterly results that weren't as bad as feared, closed up 1.93 percent at C$35.39. [ID:nSGE71F06W] Both Latimer and Kurgan said the equities market looked healthy but Kurgan noted that investors waiting on the sidelines for a dip could have a hard time entering the market. "That money just sits on the sidelines. It's very difficult to buy and get in on these markets, because you're always fearful of a correction that's never coming and that's why most people miss these types of moves in the markets," he said. ($1=$0.99 Canadian) (Editing by Rob Wilson)
TORONTO (Reuters) – More consolidation lies ahead for the world’s major exchanges, while smaller markets could team up with innovative, alternative trading systems, the head of Liquidnet Canada said on Thursday.
“We’re seeing consolidation, where geography doesn’t matter,” said Robert Young, president of Liquidnet, a Canadian electronic stock-trading market known as an ATS.