TMX Buys Slice of the Bermuda Stock Exchange

TMX Group, which operates the Toronto Stock Exchange, announced the purchase of a 16 percent stake in the Bermuda Stock Exchange.

The move comes on the heels of increased business activity between Bermuda and Canada, most notably a tax information exchange accord reached between the two countries earlier this year. In October the BSX became recognized as a designated stock exchange under Canada's Income Tax Act.

TMX said this is the latest step in its push to explore international investment opportunities. The exchange operator is a takeover target itself, with Maple Group - a consortium of 13 financial institutions - offering to buy to it for $3.67 billion. That deal has yet to be finalized, and according to reports, hinges on whether regulators approve a separate deal by Maple to buy TMX's rival Alpha Group.

As the Senior Editor of Advanced Trading, Justin Grant plays a key role in steering the magazine's coverage of the latest issues affecting the buy-side trading community. Since joining Advanced Trading in 2010, Grant's news analysis has touched on everything from the latest ... View Full Bio