TORONTO Nov 21 Canada's competition watchdog
concluded on Monday that the country's largest stock exchange
operator, TMX Group Ltd, did not violate anti-competitive
rules despite its refusal to share private market data with a
The statement followed an investigation prompted by a
December 2015 complaint by Aequitas Innovations Inc, which
operates the newly minted Neo Exchange, that contracts between
TMX and investment dealers stymied its plans to offer a cheaper
data pool sourced directly from the dealers.
The Competition Bureau, an independent law enforcement
agency, said it found evidence that TMX refused to share the
data but that the conduct likely did not violate competition
TMX welcomed the news and said in a statement it "remains
firmly committed to conducting business with integrity in full
compliance with the Competition Act and in keeping with our
public interest mandate."
TMX runs the Toronto Stock Exchange, the TSX Venture for
junior issuers and the Montreal Exchange for derivatives, among
Aequitas attributed the decision to not enough investment
dealers demonstrating support for its plan. It said it would now
ask an umbrella group of Canadian securities regulators to
mandate access to consolidated market data for all investors.
In Canada, each trading platform can set its own fees for
trading data, unlike the United States, where markets pool such
data and brokers and other market players pay a fee for the
consolidated pool. The different U.S. venues then split the fees
based on their market share of trading volumes.
(Reporting by Alastair Sharp; Editing by Peter Cooney)