Canadian regulators greenlight TSX/Montréal Exchange merger

Source: Montréal Exchange

Montréal Exchange (MX) and TSX Group (TSX Group) today announced that they have received approval from the Autorité des marchés financiers (AMF) relative to the proposed combination of MX and TSX Group to create TMX Group.

"We are very pleased that the AMF has approved our application. We are confident that MX, as part of TMX Group, will continue to meet the needs of its customers and fulfill its public interest mandate while improving the competitive positioning of MX in the Canadian and global financial markets," said Luc Bertrand, President and CEO of MX.

"This is a great outcome and a critical milestone as we move closer to completing this historic combination. We appreciate the efforts of the AMF to enhance the Québec and Canadian capital markets while enabling the new TMX Group to meet the demands of its customers," said Michael Ptasznik, Interim Co-CEO, TSX Group.

MX and TSX Group also announced that the Canadian Competition Bureau completed its assessment yesterday and is allowing the combination to proceed. The U.S. Securities and Exchange Commission has previously given its approval for rule changes to permit the proposed combination relating to MX's ownership stake in the Boston Options Exchange.

Remaining regulatory approval

The remaining regulatory approval from the Ontario Securities Commission (OSC), namely approval of the amended MX exemption order, will be considered by the OSC shortly. TSX Group and MX plan to complete the combination as soon as possible thereafter.

Effective date of the combination

After obtaining the remaining regulatory approval, and at least ten days prior to the planned effective date of the combination, MX will issue a press release that will notify MX shareholders of the anticipated effective date and the date by which MX shareholders must make their election and tender the certificates representing their MX shares.

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