Canadian Stock Exchange Invests In BSX
Monday, December 26, 2011
TMX Group, the body which operates the Toronto Stock Exchange, has acquired
a minority stake in the Bermuda Stock Exchange (BSX).
With a 16% stake, TMX is now one of the largest shareholders of the BSX. The
group's CEO, Tom Kloet, will be joining the BSX board of directors.
The announcement comes at a time of increased business activity between Bermuda
and Canada. A Tax Information Exchange Agreement (TIEA) was inked between the
two countries earlier this year, becoming effective in July. In addition, the
BSX gained recognition in October as a Designated Stock Exchange in Canada,
making securities registered on the BSX eligible for inclusion in Canadian Registered
Retirement Savings Plans (RRSPs) and Deferred Profit Sharing Plans (DPSPs).
Commenting on this latest development, 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 BSX, added: “I’m delighted
to welcome TMX Group as a BSX shareholder and Tom Kloet to our board of directors.
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.” |
Lowtax Network Portal