LSE takes over TMX

[Esq]

http://www.theglobeandmail.com/report-on-business/top-business-stories/call-it-what-you-like-but-the-lse-tmx-deal-is-a-takeover/article1900063/

So it appears the TMX just became the biggest exchange in the world!

Impressive.

TMX is also known as TSE

or

The Toronto Stock Exchange. The London Stock Exchange appears to have merged with it, with the LSE having a majority of shares and the presidency.

Really weird

The news release from the TSE says..

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART,

IN, INTO OR FROM AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION

WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE

RELEVANT LAWS OF SUCH JURISDICTION

Does this mean Canada is part of the European Common Market now?

Edited February 9, 2011 by Esq

[Topaz]

Good question but I do know my investment advisor told me to invest in their "Global" plan rather than keep it in Canada and the US. Since more NA companies are leaving NA it made sense to me. Only time will tell if I made the right move.

[GostHacked]

So, how many other markets will get combined? You can bet on it. This is horrible.

[Smallc]

LSE isn't taking over TMX. They have very similar values, and so it is a true merger. There will be a new company, headed by the executives of both exchanges, headquartered in both Toronto and London.

On the same call, LSE Chief Executive Xavier Rolet stressed that TMX will play a key role as part of the combined entity. He notes that Montreal, where TMX's derivatives operations are based, will be home to the combined entity's global derivatives operation.

Quebec is very protective of the the derivatives operation as part of its effort to ensure Montreal remains a vibrant business center.

A spokesman for the Quebec securities regulator wasn't immediately available for comment on the proposed transaction.

Rolet also said Toronto, where TMX is headquartered, will be the center for the combined entity's global listing business and Calgary, where TMX's energy trading operations are based, will be the base for the global energy business.

http://online.wsj.com/article/BT-CO-20110209-708156.html

Sounds good to me.

Edited February 9, 2011 by Smallc

[Esq]

http://www.theglobeandmail.com/globe-investor/tmx-deal/ontario-takes-dim-view-of-stock-exchange-being-owned-by-middle-east/article1903997/

It is interesting how the main Sheik guy of Dubai (UAE) would have over 10% (the largest) ownership in the merged exchange

How much does the Queen own?

For those against the whole sheik ownership thing, it would seem the London exchange ownership would be diluted about 10%

Of course we must determine how much of the Toronto exchange he already owns...?

Edited February 12, 2011 by Esq

[Mr.Canada]

The CEO and CFO will be Canadian if this is approved. Don't spread lies. Thank you.

Edited February 14, 2011 by Mr.Canada

[nicky10013]

The CEO and CFO will be Canadian if this is approved. Don't spread lies. Thank you.

What was that about spreading lies?

The LSE also gets the chief executive position of the combined group - current LSE CEO Xavier Rolet - while the TMX gets the positions of chairman, president and CFO.

[Smallc]

What was that about spreading lies?

It's still not a takeover, even if he's wrong (as usual).

[charter.rights]

It's still not a takeover, even if he's wrong (as usual).

The announcement included the make-up of the new Board of Directors. LSE gets 8, TSE get 2. I'm pretty sure that is a take-over.....not a hostile one... but a take-over nonetheless.

[Smallc]

15 - 8 = 2?

[Moonbox]

15 - 8 = 2?

Haha Smallc. 10 points sir.

[Smallc]

Haha Smallc. 10 points sir.

[Oleg Bach]

Thanks for the heads up. There is a clue here that might be available..The offspring of our big rollers seem to like to send their kids to buisness schools that are globalist in nature...this shows that there is an agenda and a training program for young executives...Canada is secondary in the minds of these elite.