By James Langton
(May 9 – 16:15 ET) – The creation of NASDAQ Canada was severely criticized today by Barbara Stymiest, president and CEO of Toronto Stock Exchange Inc. lambasted the creation of NASDAQ Canada today at the TSE’s first annual general meeting.
“Is Canada’s regulatory environment no longer relevant?,” she said, questioning the Province of Quebec’s deal with NASDAQ. She made the comments today at the TSE’s first annual general meeting as a demutualized organization.
Stymiest said the TSE is looking to make global market alliances, and she praised the recent deal between the London Stock Exchange, Deutsche Borse and NASDAQ. However she observed, “The recently announced Quebec Government-NASDAQ partnership appears, in the short term, not to have provided additional advantage to either player.”
The TSE will be continuing talks with possible allies, including NASDAQ, the NYSE and other global exchanges. “We will not be pressured into a decision that is not in the best interest of our business or our stakeholders,” said Stymiest.
The TSE can’t elaborate on alliance discussions, said Stymiest, except that something will be announced in the coming months, and that any alliance must make good business sense, enhance shareholder value, strengthen the quality of the market, and include access reciprocity.