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.
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