Montreal Exchange Inc. announced today that Institutional Investor Services Canada Corp. (ISS) has formally recommended that their clients holding MX shares vote for the proposed combination of MX with TSX Group Inc.

ISS, a subsidiary of RiskMetrics Group, is the world’s leading provider of corporate governance and proxy voting solutions. It provides proxy research, voting services and corporate governance advisory services to financial institutions and corporations worldwide. Based on its review of the terms of the transaction, ISS believes the amalgamation agreement warrants shareholder support.

“We are very pleased with the ISS recommendation,” saus Luc Bertrand, president and CEO of MX. “We look forward to our combination with TSX Group and to implementing our common vision for the future of Canadian capital markets, including the continued role of MX as the Canadian derivatives exchange.”

The proposed combination remains subject to MX shareholder and regulatory approvals. As previously announced, a special general meeting of MX shareholders will be held on February 13 in Montreal vote on the amalgamation resolution. The resolution must be approved by at least 66 and 2/3% of the votes cast by MX shareholders present in person or represented by proxy at the meeting.