Toronto-Dominion, National Bank Apprehensive on TMX Sale

Toronto-Dominion Bank and other Canadian lenders are apprehensive about the proposed sale of TMX Group Inc. to London Stock Exchange Group Plc because the country will cede regulatory control of its main stock exchange.

“Several financial institutions including TD have expressed apprehension about the proposed merger,” Robert Dorrance, head of Toronto-Dominion’s investment bank, told a parliamentary committee in Toronto today. “We do not believe this takeover offers the right solution to creating a globally sustainable exchange.”