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London Stock Exchange to merge with Canada's TMX
Business digest: London and Toronto's stock exchanges combine to create mining mega-market
The London Stock Exchange (LSE) is to merge with TMX Group in a move that will create the world's largest exchange for mining companies and widen market access on both sides of the Atlantic.
Together, LSE and TMX Group, which operates the Toronto Stock Exchange, will list more than 6,700 companies with a market capitalisation of about £3.7 trillion. The merged group will keep headquarters in both London and Toronto.
According to Xavier Rolet, LSE's chief executive, the merger would create "the world's largest listings venue for the commodities, energy and natural resources sectors". As a result, shares in the LSE rose steeply in early trading this morning.
Justin Urquhart Stewart of Seven Investment Management played down the merger, insisting that, "the big story would be a potential linkage with one of the Indian markets, or potentially Singapore or maybe China".
Read the full report at the BBC. ·
