TMX Group Limited et al. – s. 147

Order

Headnote

TMX Group Limited et al. – Relief from section 13(d) of Schedule 2, section 36(e) of Schedule 5 and section 54(e) of Schedule 7 of the Commission's order recognizing TMX Group Limited, TMX Group Inc., TSX Inc., Alpha Trading Systems Limited Partnership and Alpha Exchange Inc. as exchanges  Relief from the Annual Budget Requirement provided that each of the exchanges files its annual budgets for the 2018 fiscal year no later than March 1, 2018.

Statutes Cited

Securities Act, R.S.O. 1990, c. S.5, as am., s. 147.

IN THE MATTER OF

THE SECURITIES ACT,

R.S.O. 1990, CHAPTER S.5, AS AMENDED

(Act)

 

AND

 

IN THE MATTER OF

TMX GROUP LIMITED

AND

TMX GROUP INC.

AND

TSX INC.

AND

ALPHA TRADING SYSTEMS LIMITED PARTNERSHIP

AND

ALPHA EXCHANGE INC.

 

ORDER

(Section 147 of the Act)

                WHEREAS the Ontario Securities Commission (Commission) issued an amended and restated recognition order dated April 24, 2015, as varied on September 29, 2015, recognizing each of TMX Group Limited, TMX Group Inc. (TGI), TSX Inc. (TSX), Alpha Trading Systems Limited Partnership (Alpha LP), and Alpha Exchange Inc. (Alpha Exchange) as an exchange pursuant to section 21 of the Act (Exchange Recognition Order);

                AND WHEREAS pursuant to Section 13(d) of Schedule 2 of the Exchange Recognition Order, each of the recognized exchanges must deliver to the Commission its annual financial budget, together with the underlying assumptions, that has been approved by its board, within 30 days after the commencement of each fiscal year;

                AND WHEREAS Section 36(e) of Schedule 5 and Section 54(e) of Schedule 7, in each case, of the Exchange Recognition Order, also provide that TSX and Alpha Exchange, respectively, must deliver to the Commission their respective annual financial budget, on a non-consoli-dated basis, together with the underlying assumptions, that have been approved by their respective board of directors, within 30 days after the commencement of each fiscal year (together with the requirement at Section 13(d) of Schedule 2 of the Exchange Recognition Order, the Annual Budget Requirement);

                AND WHEREAS TMX Group Limited and TGI were involved in an amalgamation and the continuing or successor entity from such amalgamation will comply with the requirement of Section 13(d) of Schedule 2 of the Exchange Recognition Order;

                AND WHEREAS the Commission has received an application pursuant to section 147 of the Act for an exemption from the Annual Budget Requirement to allow each of  TSX, Alpha LP, and Alpha Exchange (collectively, the Exchanges) to file their respective annual financial budgets no later than March 1, 2018 (Application);

                AND WHEREAS based on the Application and the representations that the Exchanges have made to the Commission, the Commission has determined that it is not prejudicial to the public interest to issue an order exempting the Exchanges from the Annual Budget Requirement;

                IT IS ORDERED that, pursuant to section 147 of the Act, each of the Exchanges is exempted from the Annual Budget Requirement provided that each of the Exchanges (or any continuing or successor entity of any of such Exchange) files its annual budgets for the 2018 fiscal year no later than March 1, 2018.

                DATED this 23rd day of January, 2018.

“Peter Currie”

Commissioner

“Robert P. Hutchison”

Commissioner