TMX Group and Bermuda Stock Exchange (BSX) today announced that TMX Group has purchased a 16% minority stake in the BSX. TMX Group is now one of the largest shareholders of the BSX, and Tom Kloet, CEO, TMX Group, will be joining the BSX board of directors.
To celebrate, Greg Wojciechowski, President and CEO, BSX, will join Mr. Kloet to open trading on Toronto Stock Exchange this morning at 9:30 a.m. EST.
The announcement comes at a time of increased business activity between Bermuda and Canada. Most notably, a Tax Information Exchange Agreement was signed between the two countries earlier this year, effective July 1, 2011. In addition, the BSX gained recognition as a Designated Stock Exchange under Canada's Income Tax Act, effective October 31, 2011.
"This investment represents TMX Group's commitment to looking beyond Canada for opportunities," Mr. Kloet said. "BSX and TMX Group both have a culture of continually striving to innovate and offer our clients enhanced products and excellent customer service. I am certain we will be well aligned as we consider future initiatives together."
Mr. Wojciechowski added: "I'm delighted to welcome TMX Group as a BSX shareholder and Tom Kloet to our board of directors. Canada and Bermuda share a long history and important jurisdictional ties, this strategic investment can only strengthen this long standing relationship. We look forward to exploring new avenues of economic development and mutually beneficial cooperation in our domestic and international capital markets."