TMX Group buys 16 per cent share of BSX

WEDNESDAY, DEC. 21: TMX Group has purchased a 16 per cent stake in the Bermuda Stock Exchange.

The TMX Group is now one of the largest shareholders of the BSX, and Tom Kloet, CEO of TMX Group, will be joining the BSX board of directors.

The announcement comes at a time of increased business activity between Bermuda and Canada. Most notably, a Tax Information Exchange Agreement was signed between the two countries earlier this year, effective July 1, 2011.

In addition, the BSX gained recognition as a Designated Stock Exchange under Canada’s Income Tax Act, effective October 31, 2011.

Mr Kloet said: ”This investment represents TMX Group’s commitment to looking beyond Canada for opportunities.

“BSX and TMX Group both have a culture of continually striving to innovate and offer our clients enhanced products and excellent customer service. I am certain we will be well aligned as we consider future initiatives together.”

Greg Wojciechowski, president and CEO of the BSX, said: “Canada and Bermuda share a long history and important jurisdictional ties, this strategic investment can only strengthen this long standing relationship.

“We look forward to exploring new avenues of economic development and mutually beneficial cooperation in our domestic and international capital markets.”