24 March 2018
visit www.nextgenbanking.co.uk

Competition Bureau closes market data investigation into TMX Group

22 November 2016  |  3289 views  |  0 TMX logo

Canada's Competition Bureau has closed its investigation into allegations that exchange operator TMX Group abused its dominance in relations to securities market data.

The allegations were made last year by Aequitas, a new stock exchange backed by a consortium of financial services firms that is trying to compete with TMX's Toronto Stock Exchange, which dominates the Canadian market.

In its bid to win business, Aequitas had planned to launch a lower priced, consolidated market data product for traders. But, the firm alleged, some of the clauses in contracts between TMX Group and investment dealers prevent the dealers from sharing private market data with third parties such as Aequitas, without the express written consent of TMX Group.

The Competition Bureau found that TMX Group has indeed refused requests by investment dealers to share private market data.

"However, in considering the effect of this conduct on competition, the Bureau concluded that the conduct would be unlikely to violate the abuse of dominance provisions of the Competition Act," says a statement.

Therefore, the investigation has been closed with no conclusion of abuse of dominance, a decision TMX has welcomed, adding that it "remains firmly committed to conducting business with integrity in full compliance with the Competition Act and in keeping with our public interest mandate".

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related company news


Related blogs

Create a blog about this story (membership required)
Visit http://info.nice.comwww.currencycloud.com

Top topics

Most viewed Most shared
hands typing furiouslyBitcoin at 50,000 USD?
14741 views 0 | 8 tweets | 5 linkedin
BBVA tests 'invisible payments' technology at inhouse cafeBBVA tests 'invisible payments' technology...
12187 views comments | 16 tweets | 35 linkedin
RBS hatches plan to create digital challenger bankRBS hatches plan to create digital challen...
11828 views comments | 12 tweets | 23 linkedin
Barclays partners seven watch brands for contactless timepiecesBarclays partners seven watch brands for c...
10714 views comments | 14 tweets | 32 linkedin
Germany's N26 readies for US launch with EUR110 million capital injection led by Allianz and TenCentGermany's N26 readies for US launch with E...
8695 views comments | 15 tweets | 10 linkedin

Featured job

Six-Figure-Base, Double OTE, Benefits Package
London, UK

Find your next job