The Quebec government says it will closely examine the proposed merger of the London Stock Exchange and TMX Group Inc. to be sure it benefits the province.

Raymond Bachand, the province’s finance minister, said Wednesday that the deal “raises important issues for Quebec’s economy as well as Canada’s.”

He added that by law and because of the commitments given by TMX Group as part of the consolidation of the Toronto Stock Exchange and the Montreal Exchange in 2008, the transaction must be approved by the province’s Autorité des marchés financiers.

“I have asked the AMF, in the public interest, to hold public hearings. Such a major file shows once again the importance of having a strong local regulator looking out for the interests of Quebec’s market and investors,” Bachand said.

“The Quebec government’s priorities for the Montreal Exchange are the development of the derivatives sector and maintaining the technological leadership associated with it and, by the same token, protection of the jobs this industry generates,” he added.

The provincial government intends to take time to study the details of the transaction to be sure that it satisfies Quebecers’ economic needs.

“We will make sure that Quebec companies’ access to capital is maintained, or even improved. In addition, Quebec investors must continue to be well protected. Moreover, the expertise in derivatives of the Montreal Exchange must be protected and enhanced,” said Alain Paquet, parliamentary assistant to Premier Jean Charest.

IE