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TMX Group, the operator of Canada's largest stock market, is throwing its weight behind a takeover offer from a group of banks and pension funds. CEO TMX Chief Executive Tom Kloet and Luc Bertrand, head of the takeover group, both say the deal will not stifle competition or push trading fees higher.
"We really think what we're creating here is an important part of the Canadian capital markets," Kloet tells BNN. "We have a shared interest [with Maple Group] in making sure the markets remain open and fair."
Bertrand describes the deal as a "win-win for everybody in the Canadian capital markets, but at the same time allowing the TMX Group to be positioned in a very favourable way to compete on a global basis,"
"We make it very clear that we will make commitments in regards to fees and regards to access that will be fair to everybody."
But Gord Medland, chairman of Leede Financial Markets, tells BNN that part of Maple Group's takeover of the TMX will also include the Canadian Depository for Securities (CDS), which provides settlement and clearing services. Medland says CDS currently operates as a not-for-profit company and that would change in the wake of the takeover.
"Once you get hold of this thing (CDS), one way or another you're going to manage to increase costs and you then make it a for profit situation where today it's not," he tells BNN. "Otherwise, why would you do the deal? I would ask them: would you do the deal without CDS."