The merger of TMX Group Inc. and London Stock Exchange Group plc will create opportunity for Canada's financial services industry and firmly establish Toronto as a world financial center, the companies' CEOs told Ontario legislators today.
In an appearance before the provincial legislature's select committee studying the proposed merger of the two exchange companies, Tom Kloet and Xavier Rolet spoke at length about the transaction details and rationale.
Mr. Kloet, CEO, TMX Group said:
"The merger strengthens our company's future competitiveness and contributes to the growth and competitiveness of the financial sector in which we operate. It does so without in any way diminishing local regulatory authority. And, in our opinion, it opens a world of opportunity for Canadian public companies of all sizes and for the advisory and business community that supports them. The words "Listed on TSX" and "Listed on TSX Venture Exchange" are spoken with pride by Canadian companies across Canada. These brands are here to stay. The agreement we are here to discuss maintains this pride while opening new horizons for growth. It is an arrangement that makes sense."
Mr. Rolet, CEO, London Stock Exchange Group added:
"We have a clear responsibility to build a quality marketplace, to contribute to Canada's economic well-being, Ontario's reputation and Toronto's success as a world financial centre. In fact, Canada's success, and the future growth and success of TMX Group are critical to the long-term success of the new merged group. It is in our collective best interest to see that all stakeholders affected by this merger benefit and that we all share in the rewards of this transaction… Together with TMX Group, we will create an international group, with deep expertise, undeniable leadership in key sectors and the ability to compete effectively and win on the global stage."
The full text of Mr. Rolet's and Mr. Kloet's remarks may be viewed at www.tmx.com/merger.