The Ontario Securities Commission is pledging to hold a public hearing as part of its review of the proposed TMX Group Inc. (TSX:X) London Stock Exchange plc merger.

“The OSC is committed to a full, transparent public consultation process, including a public hearing, as part of our review of the proposed transaction,” said Howard Wetston, OSC chair, in a statement released Wednesday.

Wetston noted that the OSC’s approval is required for a firm to take control of more than 10% of the voting shares of the TMX Group, and for an amendment to the recognition order of the TMX Group and TSX Inc.

“The proposed transaction will be fully considered by the OSC with a thorough review of the regulatory issues involved,” he said, adding that the “public interest” will guide its decision.

The Ontario government listed a number of questions that need to be resolved.

“There are a lot of unanswered questions right now,’” said Ontario Finance Minister Dwight Duncan. He said he was first informed about the merger plans two days ago.

“Who’s going to regulate this exchange? Presumably they’re looking for efficiencies. Does that mean there will be less actual exchanges in Canada subsequent to this? Would they continue to support four exchanges in Canada? I haven’t heard an answer to that.”

“There’s a lot of questions. We need to understand the whole deal and we will work through the processes to come to understand those things.”

with files from the Canadian Press

IE