Review of Proposed Merger of TMX and LSE
McGuinty Government Announces All Party Committee
An all party committee has been formed to review the proposed transaction between the TMX Group (TMX) and the London Stock Exchange (LSE).
The Honourable Gerry Phillips will Chair the committee to consider the impact of the merger on Ontario's economy and population, Toronto's financial services sector and the Northern Ontario's mining industries.
The committee will consult proponents of the transaction, interested parties and Ontarians and release its report by April 7, 2011.
Ontario's financial and insurance sector employs more than 350,000 Ontarians and supports the province's Open Ontario plan to create jobs and opportunities for growth.
- The Committee will conduct at least four public hearings in Toronto during the next few weeks.
- Participation across the country will be possible through web conferences.
- Toronto is ranked 12th in the World in competitiveness ratings of global financial centres.
- For three years in a row, the World Economic Forum has rated Canada's banking system as the soundest in the world.
“A legislative committee will have an opportunity to hear from Ontarians and others on the proposed transaction and their review will be an important part of our input to the federal government's Investment Canada Act review”