The architects of the London Stock Exchange's (LSE.L) takeover of TMX Group (X.TO) 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. In questions to the CEOs of the two exchanges, provincial legislators challenged the notion that the deal is needed to keep TMX competitive with other consolidating global exchanges, and they echoed widespread domestic concern that Canada would cede authority over its own financial markets.
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