TORONTO/LONDON Feb 9 The London Stock Exchange (LSE.L) is to
buy the owner of the Toronto Stock Exchange TMX Group (X.TO) in an all share
deal that will create a mining-dominant exchange at a time of rising commodity
Here are some facts about the two exchanges:
The London Stock Exchange began in the coffee houses of London in the 17th
century. In recent years, the LSE has been fighting to claw back business lost
to low-cost competitors such as Chi-X Europe and Bats Europe, which have grown
quickly off the back of high-volume trading firms.
The exchange in 2010 bought an alternative trading platform called
Turquoise, seeking to reinvent itself as a tech-savvy firm and compete more
effectively with its new competitors.
It competes globally with NYSE Euronext, Deutsche Boerse and Nasdaq.
* 1698: John Castaing began issuing a list of stock and commodity prices
called "The Course of the Exchange and other things" at Jonathan's coffee-house.
* 1761: A group of 150 stock brokers and jobbers formed a club at Jonathan's
to buy and sell shares.
* 1801: On March 3, the business reopened under a formal membership
subscription basis. The first regulated exchange came into existence in London,
and the modern Stock Exchange was born.
* 1973: The 11 British and Irish regional exchanges amalgamated with the
* 1986: Deregulation of the market, known as "Big Bang": Ownership of member
firms by an outside corporation was allowed; all firms became broker/dealers
able to operate in a dual capacity; minimum scales of commission were abolished;
individual members ceased to have voting rights; trading moved from being
conducted face-to-face on a market floor to being performed via computer and
telephone from separate dealing rooms; the Exchange became a private limited
company under the Companies Act 1985.
* 1991: Trading name became The London Stock Exchange.
* 2000: Shareholders voted to become a public limited company, London Stock
* 2001: Exchange listed on its own Main Market in July.
* 2003: Created EDX London, an international equity derivatives business, in
partnership with OM Group. The exchange acquired Proquote Limited, a new
generation supplier of real-time market data and trading systems.
* 2007: The London Stock Exchange merged with Borsa Italiana, creating
London Stock Exchange Group.
(Source: London Stock Exchange website)
The TMX Group Inc operates cash and derivative markets for multiple asset
classes including equities, fixed income and energy through its key
subsidiaries. Toronto Stock Exchange, TSX Venture Exchange, Montreal Exchange,
Natural Gas Exchange, Boston Options Exchange, Shorcan, Equicom and other TMX
Group companies provide trading markets, clearing facilities, data products and
other services to the global financial community. TMX Group is headquartered in
Toronto with offices in Montreal, Calgary and Vancouver.
* 1852: Toronto Stock Exchange officially founded on Oct. 25, 1852, through
a resolution passed by 24 men gathered at The Masonic Hall in Toronto. The
trading list consisted of 18 securities.
* 1977: Toronto Stock Exchange launched the world's first Computer Assisted
Trading System. The TSE 300 Composite Index was launched.
* 1987: Toronto 35 Index created.
* 1997: Toronto Stock Exchange trading floor was closed and the exchange
became the largest stock exchange in North America to choose a floorless,
virtual trading environment.
* 2000: Toronto Stock Exchange Inc became a for-profit company.
* 2001: Toronto Stock Exchange completes acquisition of Canadian Venture
Exchange, renamed the TSX Venture Exchange in 2002. S&P/CDNX Index was launched
on Dec. 10. Index renamed S&P/TSX Venture Composite Index in May 2002.
* 2002: Standard and Poor's took over management of Toronto Stock Exchange
300 Composite Index on May 1. It was renamed the S&P/TSX Composite Index. In
September, TSX filed a preliminary prospectus for an initial public offering of
its common shares.
* 2005: In December, for the first time, trading on Toronto Stock Exchange
topped $1 trillion for the year.
* 2007: On December 10th, Montreal Exchange Inc and TSX Group Inc announced
an agreement to combine organizations to create TMX Group Inc.
* 2008: May 1, the combination of TSX Group and Montreal Exchange was
* 2009: May 7, TMX Group acquires a 19.9 per cent stake in EDX London
Limited, the London Stock Exchange's equity derivatives business.
* 2010: Feb. 10, Toronto Stock Exchange and TSX Venture Exchange signed a
Memorandum of Understand with the Tel Aviv Stock Exchange. Sept. 20, TMX Group
announced that Toronto Stock Exchange and TSX Venture Exchange signed a
Memorandum of Understand with the Oslo Bors.
(Source: TMX Group website)
(Reporting by John McCrank in Toronto and Karolina Tagaris in London)