TMX formally applies to Investment Canada

Everyone knew it was coming, it was just a matter of when.

On Friday TMX Group and London Stock Exchange Group cast any questions aside by starting the formal application process with federal and provincial authorities regarding their proposed combination.

That means TMX has submitted its application to Investment Canada, which now has 75 days at most to review the proposal. Formal filings with the four provincial regulators who have a say will come in the next few weeks.

The application submitted is based on the merger agreement struck back in February, even though the Ontario Select Committee has already recommended some changes. Those suggestions will be considered at the same time as Investment Canada's and the four provincial regulators', so that any amendments are made at the same time.