TMX Group buys stake in Bermuda Stock Exchange

By Staff | December 21, 2011 | Last updated on December 21, 2011
1 min read

TMX Group Inc. and Bermuda Stock Exchange (BSX) today announced that TMX Group has purchased a 16% minority stake in the BSX.

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

Greg Wojciechowski, president and CEO, BSX, will join Kloet this morning to open trading of BSX and TMX Group on Toronto Stock Exchange.

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

The acquisition 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.

“Canada and Bermuda share a long history and important jurisdictional ties, this strategic investment can only strengthen this long standing relationship,” said Wojciechowski. “We look forward to exploring new avenues of economic development and mutually beneficial cooperation in our domestic and international capital markets.” staff


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