TMX Group Hires Ex-S&P Executive Eccleston as CEO

TMX Group Ltd., operator of the Toronto Stock Exchange, hired Lou Eccleston as chief executive officer, starting on Nov. 3.

Eccleston, 57, was most recently president of S&P Capital IQ and chairman of S&P Dow Jones Indices, units of New York-based McGraw-Hill Financial Inc. Eccleston worked at Bloomberg News parent Bloomberg LP for 14 years, including as CEO of Bloomberg Tradebook.

“He’s seasoned and experienced in financial information businesses,” Deven Sharma, former president at credit rating firm Standard & Poor’s, said in a telephone interview from New York. Sharma worked with Eccleston at S&P.

Eccleston replaces Tom Kloet, CEO of TMX for six years, who announced his retirement in March. His appointment comes as the Toronto-based company, operator of Canada’s largest stock exchange, faces the threat of competition from Aequitas Innovations Inc., which is seeking approval with regulators for a competing bourse.

TMX, which owns the TSX Venture Exchange and Alpha exchange as well, had about a 75 percent market share based on volume of shares traded as of June 30, according to data from the Investment Industry Regulatory Organization of Canada. That compares with about 83 percent market share in the fourth quarter of 2012, the data show.

“Lou has the right skill set, experience and proven track record to be successful,” Chuck Winograd, chairman of TMX Group, said in a statement yesterday. “He has the expertise and instincts to effectively lead the company in this rapidly-evolving operating environment.”