Securities regulators in Ontario and Quebec are nearing completion of orders and consultations that would allow the takeover of TMX Group Inc. and its Toronto Stock Exchange unit by a group of Canadian banks and pension funds.
The Ontario Securities Commission and Autorité des marchés financiers will continue to take comments on proposed orders to recognize the takeover and changes to the original application by Maple Group Acquisition Corp. until June 4. The orders list rules for the operation of exchanges and clearing agencies by Maple.
Maple, which includes Toronto-Dominion Bank, Caisse de dépôt et placement du Québec, National Bank of Canada and 10 other members, has been waiting for the regulatory approval since signing an agreement with TMX last October and counter-bidding an attempted takeover of TMX by the London Stock Exchange before that.
Maple plans to integrate TMX with the Canadian Depository for Securities Ltd. clearinghouse and Alpha Trading Systems, a bank-owned exchange operator that competes with the Toronto Stock Exchange.