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TMX Group said Canada's commissioner of competition expressed "serious concerns" about the likely competitive effects of Maple Group's proposed plan to buy the owner of the Toronto Stock Exchange.
The commissioner has serious concerns about the likely competitive effects of the proposed transactions in the current environment, primarily in connection with equities trading and clearing and settlement services in Canada, the parties said in a statement on Tuesday.
Thirteen big-league banks, pension funds and other financial institutions that make up the Maple Group are trying to persuade regulators that the $3.7-billion plan to buy TMX Group (X-T) is good for Canada's capital markets.
The deal has come under the scrutiny of the powerful securities commissions of Quebec and Ontario as well as two other provincial watchdogs.
Parties to the deal said the commissioner indicated that she has not reached a final conclusion. Maple and TMX Group said they intend to continue to work closely with the Competition Bureau to address the commissioner's concerns.