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Competition Bureau does an about-face, approving Maple-TMX merger

By  |  July 4, 2012

Canada’s Competition Bureau has issued a No Action Letter to Maple Group for its planned acquisitions of TMX Group, Alpha Group, and Canadian Depository Services. Although the Bureau was initially opposed to the merger because of its concerns with the transaction’s effects in equities trading and post-trade services, the Ontario Securities Commission’s (OSC) recognition orders have led the watchdog to turn around and approve the deal. The orders “materially change the regulatory environment sufficient to substantially mitigate the Bureau’s competition concerns.”

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    Full content: Competition Bureau Press Release

     

    Related content: Competition and Vertical Integration in Financial Exchanges

     

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