The first round of regulatory hearings into the proposed makeover of the Canadian trading landscape is scheduled to kick off Thursday in Montreal.

The Autorité des marchés financiers is hosting two days of hearings into Maple Group Acquisition Corp.’s plan to consolidate and vertically integrate the trading and clearing businesses by taking over the TMX Group Inc., Alpha Group, and CDS Clearing and Depository Services Inc.

Will regulators buy into Maple’s plan?

The proposed transactions raise a variety of profound issues about the structure and ownership of the Canadian securities markets. Under the proposals, the group of large investment dealers and pension funds that comprise Maple would control most of the trading activity in Canada, and they’d also effectively hold a monopoly in clearing and settlement, converting CDS into a for-profit venture.

While Maple has argued that all market players would benefit from its proposals, various industry factions are concerned about the impact of the proposals on market structure, competition, fairness and access. Some of the biggest issues for regulators include the governance model for the proposed firm, and whether the acquisition of CDS should be allowed to proceed at all.

The first day of hearings starts at 10:30 am, with Maple and TMX getting the first slot. A handful of commenters including the Canadian Advocacy Council for Canada CFA Institute Societies, the Caisse de dépôt et placement du Québec, and Edward Jones will then get the floor.

Investor advocacy group, Mouvement d’éducation et de défense des actionnaires, leads off the second day of hearings on Friday, and the Investment Industry Regulatory Organization of Canada’s Industry Advisory Committee on CDS will also appear.

The Ontario Securities Commission has scheduled its own hearings for Dec. 1-2. And, regulators in Alberta and B.C. are also considering the Maple application.