Straight Talk  

TSX Group merges with the Montreal Exchange to create TMX Group

On May 1, 2008, the Toronto Stock Exchange (TSX) Group Inc. and Montréal Exchange Inc. (MX) announced the completion of their merger to create the TMX Group Inc.

Mr. Luc Bertrand, formerly president and CEO of MX, has been appointed Deputy CEO of the TSX Group Inc. The TSX Group is expected to change its name to TMX Group Inc. on June 11, 2008, following receipt of TSX Group shareholder approval. 

The head office of the newly-formed TMX Group is located in Toronto. The TMX Group board of directors has 18 members and is chaired by Wayne Fox, the current chair of TSX Group.  The new entity includes five MX-designated board members, including Mr. Bertrand. The agreement requires that 25 per cent of the directors of TMX Group be residents of Québec.  TSX Group has added five Québec resident directors to its board.

The head office of the MX and the derivatives trading and related product operations will remain in Montréal. The Canadian Derivatives Clearing Corporation (CDCC) will expand its clearing mandate and continue to have its head office in Montréal. The autorité des marchés financiers (AMF) will continue as the lead regulator for MX’s operations.

TSX Group currently operates two Canadian stock exchanges: Toronto Stock Exchange serving the senior equity market and TSX Venture Exchange serving the public venture equity market.  It also operates NGX, a leading North American exchange for natural gas and electricity contracts and Shorcan, one of the country’s fixed income inter-dealer brokers. TSX Group also owns Equicom, a leading provider of investor relations and related corporate communication services in Canada.

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