TORONTO, March 31 (Reuters) - Toronto-Dominion Bank Chief Executive Ed Clark said on Thursday the Toronto Stock Exchange should grow as a stand-alone entity, rather than sell itself to foreign purchaser London Stock Exchange.
Clark, whose bank has been a leading opponent to proposed takeover of Toronto exchange owner TMX Group told reporters he doesn't subscribe to the argument that if TMX doesn't sell itself to the slightly larger LSE, it will eventually have to sell itself to a much bigger buyer.
'I think the TMX is a great institution. The proponents of this deal say it's a failing institution. We think we can do better,' he said after the bank's annual shareholder meeting in Victoria.
TD and smaller rival National Bank of Canada have come out squarely against the C$3 billion ($3.1 billion) takeover.
Canadian Imperial Bank of Commerce and Bank of Nova Scotia have voiced various levels of reservation about the proposal, while Royal Bank of Canada and Bank of Montreal, which both have advisory roles in the deal, have said they're in favor.
Clark said the exchange's success in building a dominant presence in resource financing and trading shows that it can thrive on its own.
'That Canada could completely dominate the mining finance, the junior oil and gas financing around the world, you say 'Wow, this is a pretty good success story',' he said.
($1=$0.97 Canadian)
(Reporting by Cameron French; editing by Rob Wilson) Keywords: TMX LSE/TDBANK (cameron.french@thomsonreuters.com; 416-941-8199: Reuters Messaging: cameron.french.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Clark, whose bank has been a leading opponent to proposed takeover of Toronto exchange owner TMX Group told reporters he doesn't subscribe to the argument that if TMX doesn't sell itself to the slightly larger LSE, it will eventually have to sell itself to a much bigger buyer.
'I think the TMX is a great institution. The proponents of this deal say it's a failing institution. We think we can do better,' he said after the bank's annual shareholder meeting in Victoria.
TD and smaller rival National Bank of Canada have come out squarely against the C$3 billion ($3.1 billion) takeover.
Canadian Imperial Bank of Commerce and Bank of Nova Scotia have voiced various levels of reservation about the proposal, while Royal Bank of Canada and Bank of Montreal, which both have advisory roles in the deal, have said they're in favor.
Clark said the exchange's success in building a dominant presence in resource financing and trading shows that it can thrive on its own.
'That Canada could completely dominate the mining finance, the junior oil and gas financing around the world, you say 'Wow, this is a pretty good success story',' he said.
($1=$0.97 Canadian)
(Reporting by Cameron French; editing by Rob Wilson) Keywords: TMX LSE/TDBANK (cameron.french@thomsonreuters.com; 416-941-8199: Reuters Messaging: cameron.french.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.