Quebec's Autorité des marchés
financiers (the AMF) announced last week
that it intends to approve Maple Group's proposed acquisition
of the TMX Group. As
we discussed in an October 2011 post,
the AMF requested comments on the proposed acquisition last year.
According to the AMF, it is satisfied that the proposals and
undertakings to be finalized with Maple will "maintain the
integrity and efficiency of the financial markets" as well as
the continuity of derivatives operations in Quebec.
The AMF's notice specifically sets out a number of
undertakings that Maple will be required to provide, including
ensuring the maintenance and development of Maple's derivatives
trading and related products operations in Montreal. The AMF also
intends to approve Maple's proposed acquisition of Alpha
Trading Systems and CDS subject to certain conditions pertaining to
corporate governance, barriers to access, fee structure and the
fairness of the structure for market participants.
