Maple Group, composed of Canadian banks and pension funds, is considering whether it should extend its offer to acquire the country's biggest exchange operator, TMX Group. The deadline for the bid is today, but the effort has faced a tough regulatory review, which is ongoing.
The Group of 20 nations vowed in September 2009 to rein in risks by requiring over-the-counter derivatives to be processed through central counterparties by the end of 2012. Four clearinghouses have emerged to compete for processing foreign exchange derivatives.
Maple Group Acquisition, which comprises four of Canada's largest banks and five pension funds, made a $3.72 billion unsolicited counteroffer for TMX Group. The bid threatens to derail TMX's proposed merger with London Stock Exchange Group. Former TMX executive Luc Bertrand is playing a key role in the consortium.