The consortium seeking to purchase the owner of the Toronto Stock Exchange sought to assure regulators on Thursday it would not become an unfair monopoly, even as the federal competition watchdog signaled it had "serious concerns" about the C$3.8 billion deal.Appearing before regulators at Canada's most powerful securities watchdog, representatives of Maple Group stressed the proposal to buy TMX Group would benefit all market players. Maple is comprised of 13 of Canada's most powerful financial institutions.The deal is also contingent on the acquisition of Alpha Group, TMX's top stock trading competitor, and the Canadian Depository for Securities Ltd, which clears and settles trades in Canada."I want to stress here that we expect the anticipated benefits and new capabilities to support the success of all participants, large or small, associated with Maple or not," Luc Bertrand, the public face of Maple and vice chairman of National Bank Financial, said in his presentation to a hearing at the Ontario Securities Commission.
TMX Group Inc. is an integrated, multi-asset class exchange group. Shares of X fell by 1.69% or $-0.75/share to $43.68. In the past year, the shares have traded as low as $34.53 and as high as $45.69. On average, 157590 shares of X.TO exchange hands on a given day and today's volume is recorded at 46287.
Financial Institutions, Inc. (FII) is a financial holding company. Shares of FISI fell by 3.12% or $-0.52/share to $16.13. In the past year, the shares have traded as low as $12.18 and as high as $20.74. On average, 36459 shares of FISI exchange hands on a given day and today's volume is recorded at 8284.
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