TMX Group Ltd., owner of the Toronto Stock Exchange, reported third-quarter adjusted profit that beat analysts’ estimates, as cost reductions overshadowed a drop in revenue caused by lower trading volume.
TMX Group Inc., owner of the Toronto Stock Exchange, should seek takeovers of global competitors such as CBOE Holdings Inc. after its C$3.73 billion ($3.68 billion) sale to a Canadian investor group cleared its biggest regulatory hurdles, investor Thomas Caldwell said.
Finance Minister Jim Flaherty said Canada will set up a capital markets regulator with British Columbia and Ontario, following a seven-year effort to harmonize rules for the world’s sixth-largest stock market.
Jeffrey Sprecher, who built the second-largest U.S. futures market, will likely focus on reducing costs after acquiring NYSE Euronext even if that means separating the 220-year-old New York Stock Exchange.
TMX Group Ltd. is the worst- performing exchange stock in North America this year, as a rout in global commodity prices cuts equity trading volume and a bank-led competitor prepares to enter the business.
CI Financial Corp. Executive Chairman William Holland, whose firm is the largest shareholder of TMX Group Inc., endorsed London Stock Exchange Group Plc’s C$3.3 billion ($3.35 billion) takeover offer for the Toronto Stock Exchange owner.
For CME Group Inc. to improve the exchange industry’s worst profit outlook, the owner of the Chicago Mercantile Exchange needs only to look across the street to CBOE Holdings Inc., home of the biggest U.S. options market.