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TMX Group and London Stock Exchange Plan Bond Indexes

TMX Group Ltd. and London Stock Exchange Group Plc plan to combine existing data pools to create indexes that track C$1 trillion ($975 billion) in bonds.

The new provider will be called FTSE TMX Debt Capital Markets and will be the third-biggest provider of indexes to the exchange traded fund industry, Toronto-based TMX Group and London Stock Exchange’s FTSE Group said in a statement today. The London-based firm will own 75 percent of the venture and will pay TMX Group, owner of the remaining stake, C$112.2 million ($109.4 million) in cash.

“This transaction provides TMX Datalinx with a new global presence in the fixed income index business,” Eric Sinclair, head of information services at TMX Group said in the statement. TMX Group owns PC-Bond, which publishes the Dex Universe Bond Index. “By partnering with FTSE, we will grow the business globally, while continuing to serve our existing Canadian clients.”

The data provider, to be based in London and Toronto, employs nine people and had combined pro forma revenues of C$21.3 million in 2012, according to the statement.

The deal, which the companies expect to close in the second quarter, will be “slightly dilutive” to TMX Group’s earnings per share this year, the companies said. FTSE will open an office in Toronto, the companies said, without giving a timeframe.

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