What Is the Ontario Securities Commission?

The Toronto Stock Exchange (TSE) is Canada's main stock exchange (main board). It is the seventh largest exchange in the world after the NYSE, the Tokyo Stock Exchange, the NASDAQ, the London Stock Exchange, the Euronext, and the Osaka Stock Exchange in terms of domestic market value. The amount of equity raised has ranked fifth in the world. The total market value is as high as 1.27 trillion US dollars. More than 3,300 listed companies are listed on the main board and GEM market of the Exchange, accounting for 10% of the world's listed companies. More than 1,300 issuers have a total market value of $ 1.3 trillion.

Toronto Stock Exchange

Minimum listing requirements

Formal application

TSX-V predecessor and development history

The Canadian Venture Exchange was formed by the merger of the Vancouver Stock Exchange (VSE) and Alberta Stock Exchange (ASE) in November 1999, and was officially renamed the Canadian Venture Exchange (CDNX) on November 29, 1999 The purpose and significance of the merger is to establish a larger, more efficient, and more competitive Canadian stock exchange market, to facilitate investors and to further enhance the Canadian stock exchange's international status and competitiveness.

The Canadian Venture Stock Exchange is the only venture capital stock market in the world in the true sense. Its main predecessor was the Vancouver Stock Exchange (VSE). Vancouver is one of the most important financial centers in the world. Vancouver is also a relatively concentrated area for Chinese, so the business community there is familiar with financial centers in the Asia-Pacific region, such as Hong Kong, China, Taipei, etc.

Toronto Stock Exchange and London Stock Exchange seek merger

The Toronto Stock Exchange Group announced on the evening of February 8, 2011 that it would seek a possible merger with the London Stock Exchange Group. If the merger succeeds, SGX will become one of the world's largest stock exchange operators.

According to the Toronto Stock Exchange Group, according to the merger plan proposed by the two parties, the transaction structure is a peer-to-peer merger. The share exchange ratio in the transaction will be close to the market value of both parties. The market value of the Toronto Stock Exchange Group is C $ 2.99 billion (C $ 1 is approximately USD 1.006); the value of the London Stock Exchange Group is slightly higher at C $ 3.25 billion. In this merger of more than C $ 6 billion, the Toronto Stock Exchange Group will hold 45% of the shares and the London Stock Exchange Group will hold 55% of the shares. The combined new exchange will have headquarters in Toronto and London, respectively, and will be regulated by the financial authorities of the United Kingdom and Canada.

The management of the SGX Group will consist of senior management from both groups. The Chief Executive of the London Stock Exchange, Mr. Rodriguez, will serve as CEO, and the Toronto Stock Exchange Group CEO, Thomas Chloe, will serve as President.

The Toronto Stock Exchange Group and the London Stock Exchange Group are the world's two largest mining and energy stock exchanges. If the transaction is successful, the SGX will become the world's largest listing platform for mining and energy companies. The merger also benefited the world's largest mining companies listed on the two exchanges, including Rio Tinto, BHP Billiton listed on the London Stock Exchange, and Barrick Gold and Tektronix Resources listed on the Toronto Stock Exchange. The combined stock exchange will list more than 6,300 companies.

"The merger of stock markets is a natural law of global capital markets. This transaction merges two of the world s major mining capital markets, adding Canadian mining companies," said Tay Burt, chief executive of Canada s largest gold miner. The appeal to European investors has a positive impact on the Canadian and global mining markets. "

The international stock exchange market has set off a wave of consolidation over the past 10 years. To make stock markets more global, many governments allow securities operators to merge with larger companies. The main stock markets in France, the Netherlands and Belgium are allied with the New York Stock Exchange and become part of the NYSE-Euronext exchange. NASDAQ in the United States has stock exchanges in many Nordic countries. Australia is also discussing whether to allow its stock market operators to merge with Singapore stock market operators.

Securities operators themselves are also looking for merger and acquisition opportunities, increasing investment capacity by expanding scale, gaining more market share in securities trading, and providing services to public enterprises.

During the merger boom, the Toronto Stock Exchange Group, the core of Canada's financial markets, has been a bystander. The group operates in multiple provinces across Canada. Its Toronto Stock Exchange and the Toronto Stock Exchange's Growth Enterprise Market in Calgary are responsible for more than 70% of Canadian stock exchanges. Over the past ten years, the group has expanded its business scope, and has set up an energy trading market in Alberta and a Montreal exchange in charge of derivatives business in Quebec. However, industry insiders said that the development of the Toronto Stock Exchange Group has entered a bottleneck period and was impacted by domestic and foreign stock operators. It has lost some market share, and the London Stock Exchange Group is also facing the same dilemma. This is the main reason for the two exchanges to seek mergers.

This deal is favored by industry insiders, but whether it will be realized ultimately depends on the attitude of Canadian governments at all levels. Federal Minister of Industry Tony Clement issued a statement on the 8th saying that the government will review all information on the transaction. The statement said: "The Toronto Stock Exchange Group has announced in-depth discussions with the London Stock Exchange Group on the merger. If these discussions imply a specific investment proposal, the government will use Canadian investment law to review the transaction."

In the fall of 2010, the Canadian government rejected the acquisition of Saskatchewan Potash Company by BHP Billiton in Australia on the grounds that it was not in Canada s net interest under the Canadian Investment Law. The decision has triggered domestic controversy over whether Canadian companies have fixed, uniform standards for overseas companies' acquisitions of Canadian companies.

In addition, the decisions of the Ontario and Quebec provincial governments involved in the exchange may also affect the transaction, because the provincial government regulates the company's key markets, and any single investor buying more than 10% of the company's shares must go through the provincial government. Approval.

The Ontario Ministry of Finance, where the Toronto Stock Exchange is located, responded to a news release on the 9th that the two exchanges were seeking to merge, saying that the provincial government expressed concern about the possible outcome of the London Stock Exchange's dominance due to the transaction.