TORONTO (Reuters) ? The consortium seeking to buy 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.
His comments were especially related to the much-criticized proposal to integrate CDS and turn it into a for-profit entity.
The exchange operator and Maple said on Tuesday concerns were flagged by Competition Bureau Commissioner Melanie Aitken around the impact the proposal would have on equities trading as well as clearing and settlement services.
"Our work with the Competition Bureau continues and we will update the market on its progress at the appropriate time," he said.
The bid by Maple Group would bring the country's main competitors under one roof, uniting the TSX, the TSX Venture Exchange for small-cap stocks with Alpha. The new entity would control more than 80 percent of stock trading in Canada.
The deal would also bring into the fold the CDS, merging it with the Canadian Derivatives Clearing Corp. (CDCC), which is owned by TMX.
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