Reuters: Regulatory News: UPDATE 1-Ontario Securities Commission approves Maple-TMX deal

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UPDATE 1-Ontario Securities Commission approves Maple-TMX deal Jul 4th 2012, 12:33 Wed Jul 4, 2012 8:33am EDT TORONTO, July 4 (Reuters) - The proposed acquisition of Canadian exchange operator TMX Group by a consortium of Canadian financial institutions has won approval from Canada's top securities regulator, potentially clearing the way for approval by the country's main competition watchdog. The operator of the Toronto Stock Exchange said its C$3.8 billion ($3.75 billion) acquisition by the Maple Group has won a nod from the Ontario Securities Commission. The regulator is expected to issue its final recognition orders in regard to the deal later on Wednesday. Canada's Competition Bureau said earlier this year that it was working closely with the OSC on the review of the deal. The bureau initially raised concerns about the deal's impact on competition, but it later stated that the OSC's final terms and conditions may help to "substantially mitigate" its concerns. Maple - a consortium of Canada's largest banks, insurers and pension funds - as part of the deal wants to fold under TMX's wing Alpha Group - TMX's biggest domestic competitor in stock trading, and the Canadian Depository for Securities (CDS), which clears and settles all stock trades in Canada. The fact that TMX and Alpha control some 85 percent of all stock trades in Canada raised concerns that the merger would give too much power to a single market and clearing operator controlled by Canada's big financial institutions. TMX and Maple, in a joint statement, said the OSC's orders approve the proposed acquisition of TMX Group, Alpha and CDS. The orders, which provide the terms under which the OSC will permit Maple to operate a combined exchange and clearing group, have been reviewed and agreed to by all members of Maple Group. Link this Share this Digg this Email Reprints

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