Canadian banks led by Toronto-Dominion, Canadian Imperial Bank of Commerce and Quebec-based National Bank of Canada areopposing London Stock Exchange’s (LSE) merger with TMX Group, Financial Times reports. The banks are exploring other options for TMX with institutions, such as pension funds.
The banks have a sizeable stake in the operator of the Toronto and Montreal exchanges, owning two-thirds of CDS Clearing and Depository Services. TMX and a securities industry regulator own the remaining 33% stake.
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