The Ontario Securities Commission has scheduled two days of public consultation to consider the proposed restructuring of the trading landscape in Canada, the regulator said Friday.
The OSC has slated a policy hearing for December 1 & 2 to consider the application by Maple Group Acquisition Corp., which is seeking to consolidate the trading business by acquiring TMX Group Inc., Alpha Trading Systems LP, and Alpha Trading Systems Inc.
Maple is also seeking to integrate the clearing side of the market by acquiring The Canadian Depository for Securities Limited and, indirectly, CDS Clearing and Depository Services Inc.
Quebec’s Autorité des marchés financiers has scheduled hearings for November 24 and 25 to consider Maple’s application from its perspective.
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The deal, which raises significant public policy issues, also needs approval from the securities regulators in Alberta and British Columbia, as well as the federal Competition Bureau.
The OSC says that at its hearing, it will consider submissions responding to a notice issued by OSC staff on October 7, the application itself, various undertakings that Maple will be making as part of its proposals, and any other issues that arise in connection with the proposals.
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Submissions on the initial notice are due by November 7.
The OSC plans to issue another notice by November 21, outlining the list of witnesses seeking to appear at the hearing.