Quebec regulator Autorité des marchés financiers (AMF) gave Montreal Exchange Inc. (MX) and TSX Group Inc. the go-ahead for their proposed merger, the companies announced today.

The AMF gave regulatory approval for the creation of TMX Group.

“We are very pleased that the AMF has approved our application. We are confident that MX, as part of TMX Group, will continue to meet the needs of its customers and fulfill its public interest mandate while improving the competitive positioning of MX in the Canadian and global financial markets,” said Luc Bertrand, president and CEO of MX, in a statement.

“This is a great outcome and a critical milestone as we move closer to completing this historic combination,” said Michael Ptasznik, interim co-CEO at TSX Group.

MX and TSX Group also announced that the Canadian Competition Bureau completed its assessment yesterday and is allowing the combination to proceed.

The U.S. Securities and Exchange Commission has previously given its approval for rule changes to permit the proposed combination relating to MX’s ownership stake in the Boston Options Exchange.

The two firms are still awaiting approval from the Ontario Securities Commission (OSC), specifically the approval of the amended MX exemption order. Today’s announcement said the companies expect this to occur very soon. They added that they plan to complete the combination as soon as possible thereafter.

According to the news release, after obtaining the remaining regulatory approval, and at least ten days prior to the planned effective date of the combination, MX will issue a press release that will notify MX shareholders of the anticipated effective date and the date by which MX shareholders must make their election and tender the certificates representing their MX shares.

The Investment Industry Association of Canada (IIAC) applauds the AMF for approving the combination of TSX and MX to form the TMX Group. “This amalgamation of the two exchanges will promote more robust and competitive Canadian equities markets,” it said in a release.

“The combining of both exchanges positions Canada effectively in global markets, benefiting Canadian and foreign investors, Canadian markets and Canadian businesses,” said Ian Russell, president and CEO, IIAC.