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London Stock Exchange in £3.7tn Canadian merger

The London Stock Exchange has agreed a deal to merge with Canada’s stock exchange, TMX Group.

The proposed tie-up, due to be completed later this year, will create one of the world’s biggest trading platforms and will be a dominant player for mining company listings.

The merged group will be co-headquartered in London and Toronto and will have more than 6,700 companies listed on the combined exchanges, with a market capitalisation of £3.7trn.

LSE chief executive Xavier Rolet will head the business with TMX chief executive Thomas Kloet as firm’s president.

The move follows a number of leading stock exchange mergers in recent years.

The New York Stock Exchange bought Euronext in December 2006, while Deutsche Borse took over the International Securities Exchange in the US in April 2007.

The LSE, which has fought off several takeover approaches, including from Germany’s Deutsche Boerse, bought Borsa Italiana in June 2007.

Kloet says: “We are creating an international group with deep expertise, undeniable leadership in key sectors and the ability to compete and win on the global stage. Canadian customers will benefit from access to one of the world’s deepest capital pools while European issuers will have an effective gateway to North American financial markets.”

Last week, the Hong Kong stock exchange said that it is open to international alliances.

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