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Merger and acquisition activity in the global financial services industry surged in the third quarter, according to new data from U.K.-based GlobalData.

The firm reported that total value of M&A deals in the third quarter came in at US$57.3 billion, which was up by 21.9% from the previous quarter and in line with the average quarterly deal value for the past four quarters.

Canada ranked third in terms deal activity, with 21 announced transactions.

The U.S. led the way with 221 deals.

The U.K. stood second in deal volume with 65 deals, but was first in deal value at US$28.35 billion, thanks to the biggest deal of the quarter — the London Stock Exchange Group’s US$27 billion acquisition of Refinitiv.

Through the first nine months of 2019, M&A in the financial sector totalled US$206.2 billion, which is up by 43.9% compared with the same period last year, GlobalData reported.