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A TMX Group sign, the company that runs the Toronto Stock Exchange (TSX), is seen in Toronto on June 23, 2014MARK BLINCH/Reuters

TMX Group Ltd. has named a new chief executive officer, capping off a prolonged search to replace its retiring CEO.

Starting in November, Lou Eccleston will head TMX, which operates the Toronto Stock Exchange. Mr. Ecceleston was most recently president of S&P Capital IQ, a global company that specializes in financial data and competes with Thomson Reuters and Bloomberg LP. He also chaired the board of directors at S&P Dow Jones Indices.

Because of his background, Mr. Eccleston is well-versed in data services and indexing, two of the hottest areas of capital markets and asset management.

Tom Kloet, TMX's departing CEO, will retire October 31. Mr. Kloet initially intended to retire earlier, but agreed to stay on because the CEO search took longer than originally planned.

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