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Australian stock

exchangeIntroduction !!

The Australian Securities Exchange (ASX) was created by the merger of the Australian Stock

Exchange and the Sydney Futures Exchange in July 2006. It is the primarystock exchangegroup in

Australia.

ASX is a multi-asset class, vertically integrated exchange group, ranked one of the worlds top-10largest by market capitalisation. Its activities span: - primary and secondary market services, including

the raising, allocation and hedging of capital flows, trading and investing, and price and volume

discovery (via Australian Securities Exchange); - central counterparty risk transfer (via subsidiaries of

ASX Clearing Corporation); and - transaction settlement for both the equities and fixed income

markets (via subsidiaries of ASX Settlement Corporation).

ASX offers products and services including shares; futures, exchange traded options, warrants,

contracts for difference, exchange traded funds, real estate investment trusts, listed investment

companies and interest rate securities.[2]

biggest stocks traded

The biggest stocks traded on the ASX, in terms of theirmarket capitalisation, includeBHP

Billiton,Commonwealth Bank of Australia,Westpac,Telstra Corporation,Rio Tinto,National Australia

BankandAustralia and New Zealand Banking Group. As at March 2010 the three largest sectors by

market capitalisation were financial (36%), metal and mining (22%) and consumer (13%).[3]

TimingsASX operates two trading, clearing and settlement platforms, one for equity and related equity

derivative products traded on an integrated trading platform between the hours of 10:00am and

4:00pm (AEST); and one for a suite of interest rate, equity index and commodity futures (and options

on futures) products as well as Contracts For Difference (CFD), traded on a globally distributed 24

hour platform.

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Market capitalisationASX has a pre-market session from 07:00am to 10:00amAESTand a normal trading session from

10:00am to 04:00pmAEST. The market opens alphabetically insingle-price auctions, phased overthe first ten minutes, with a small random time built in to prevent exact prediction of the first trades.

There is also a single-price auction between 4:10pm and 4:12pm to set the daily closing prices.[7]

As

of 30 October 2010, 2,192 stocks were listed on the ASX with a total market capitalisation of A$1.4

trillion (US$1.4 trillion). As of 30 October 2010 it was the 6th largest world equity market (on free float

basis), comprising around 3.4% of the S&P BMI and 3.2% of theMSCI Worldindex. Average daily

turnover during 2010 was $5.5Abn.[8]

Timeline of significant events

1980: The separate Melbourne and Sydney stock exchange indices were replaced by Australian

Stock Exchange indices.

1984: Brokers' commission rates were deregulated. Commissions have gradually fallen ever since,

with rates today as low as 0.12% or 0.05% from discount internet-based brokers.

1990: Awarrantsmarket was established.

997: Electronic trading commences as the option market moves from floor to screen.[14]A phased

transition to the electronic CLICK system for derivatives began.

Mergers and aquisitons2006: The ASX announced a merger with theSydney Futures Exchange, the primary derivatives

exchange in Australia.

2010: The ASX announced a merger withSingapore Exchange.

2011: TreasurerWayne Swanfinds the proposed merger with the Singapore Stock Exchange to not

be in the best interests of Australia and refuses to grant permission for the merger.

Market indicesThe ASX maintainsstock indexesconcerning stocks traded on the exchange in conjunction

withStandard & Poor's. notionally containing the 20, 50, 100, 200 and 300 largest companies listed

on the exchange, subject to some qualifications.

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Germany stock

exchange

Introduction

Deutsche Brse AG (German pronunciation:[dtbz]) or the Deutsche Brse Group, is a

marketplace organizer for the trading ofsharesand othersecurities. It also is atransactionservicesprovider. It gives companies andinvestorsaccess to globalcapital markets. It is ajoint stock

companyand was founded in 1993.

More than 3,200 employees service customers inEurope, theU.S.andAsia. Deutsche Brse has

locations in Germany,Luxembourg,Switzerland,Czech RepublicandSpain, as well as representative

offices inBeijing,London,Paris,Chicago,New York,Hong Kong, andDubai.

Listed companies. As of December 2010, the over 765 companies listed

Market capitalizationcombinedmarket capitalizationof EUR 1.4 trillion.

On 9 February 2011, reports suggested thatNYSE Euronextand Deutsche Brse were in advanced

talks[4]

about an all-stock merger. Deutsche Brse was in advanced talks to buy NYSE Euronext in a

deal that would create the world's largest trading powerhouse. The shares of both companies were

temporarily frozen on the news due to the risk of large price movements and clarifications of the deal.

A successful deal would see the new company becoming the world's largest stock exchange operatorwith a market capitalisation of listed companies equal to US$15 Trillion, US$13.39 Trillion of which is

part of the much larger NYSE Euronext, which is approximately 6 times the size of Deutsche Brse.

The European Commission blocked the merger on 1 February 2012, citing the fact that the merged

company would have a near monopoly.[10]This is an extreme measure by the European

Commission, with this being only the 4th blocking in over a decade.[11]

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timings

9.00 am to 6.00 pm

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Torontostock exchange

Introduction

Toronto Stock Exchange (TSX, formerly TSE) is the largeststock exchangeinCanada, the third

largest in North America and theseventh largest in the worldbymarket capitalization. Based in

Canada's largest city,Toronto, it is owned by and operated as a subsidiary of theTMX Groupfor the

trading of senior equities. A broad range of businesses from Canada, theUnited States, Europe, and

other countries are represented on the exchange. In addition to conventional securities, the exchange

lists variousexchange-traded funds,split share corporations,income trustsandinvestment funds. The

Toronto Stock Exchange is the leader in the mining and oil & gas sector; more mining and oil & gas

companies are listed on Toronto Stock Exchange than any other exchange in the world.

TimingsThe exchange has a normal trading session from 09:30am to 04:00pm ET and a post-market session

from 04:15pm to 05:00pm ET on all days of the week except Saturdays, Sundays and holidays

declared by the Exchange in advance.[10]

market capitalisation

As of November 2010, Toronto Stock Exchange had 1,498 listed companies with a combined market

capitalization of CAD $2,105,570,021,017.[11]

companies listed

The exchange is home to all of Canada'sBig Fivecommercial banksCIBC,Bank of Montreal,Bank

of Nova Scotia,Royal Bank of Canadaand theToronto-Dominion Bankmaking the exchange the

centre for banking in the country. This was seen as being most evident during the proposed mergers

ofRoyal Bank of CanadaandBank of MontrealalongsideCIBCandToronto-Dominion Bankin 1998,

which were seen as stopping competition by the then Finance MinisterPaul Martin.

The exchange is the primary listing for several energy companies including;Cameco

Corporation,Canadian Natural Resources Ltd.,Canadian Oil Sands Trust,EnCana

Corporation,Husky Energy Inc.,Imperial Oil Ltd.andNexen Inc.all within the top 40 companies listed

in on the exchange.

Many of the large companies listed on the TSX, especially those on theS&P/TSX 60index have a

secondary listing on an American exchange such as theNew York Stock Exchange.

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Hong Kong Stock Exchange (HKSE)

Although the trade of securities began in the middle of the 19th c., Hong Kong Stock Exchangewas established at the end of the century. Today with its total securities market capitalization of arecord sum of HK$ 8,260.3 billion (US$ 1,063.9 trillion), the HKSE ranks 8th place by marketcapitalization in the world.

The HKSE has 4338 stocks listed on the exchange with the market turnover of HK$4,520.4billion (US$ 0,582.2 trillion) in 2005. The turnover increased by 14% from the previous year.Local institutional and retail investors are the main contributors of market turnover (56%). Theexchange also has a leading derivatives market in the Asia-Pacific region with the daily turnoverof 103.332 contracts per day that has increased by even 30% from 2004.In 2000, the Stock Exchange of Hong Kong Limited, Hong Kong Futures Exchange Limitedtogether with Hong Kong Securities Clearing Company Limited merged under a single exchangeHKEx. HKEx listed its shares on the stock exchange in June 2000.The trading system of the Exchange is an order-driven system. HKEx securities market operateson two trading platforms - the Main Board and the Growth Enterprise Market (GEM). Eachtrading platform has a different set of requirements. The Main Board is the market for capitalgrowth by established companies that meet profit requirements. Meanwhile, the Growth

Enterprise Market provides a fund raising venue for 'high growth, high risk' companies. Itpromotes the development of technology industries and venture capital investments.In October 2000, HKEx developed a trading system AMS/3 consisting of four components -Trading Terminal, Multi-Workstation System ('MWS'), Broker Supplied System ('BSS'), and OrderRouting System ('ORS') that investors can choose among. The ORS allows investors to placerequests electronically. In addition to trading through terminals in the Trading Hall, exchangeparticipants are enabled to trade from their offices through installed off-floor terminals.The HKSE has the leading index the Hang Seng for shares traded on the Hong Kong StockExchange that was introduced in 1969. The Hang Seng index consisting of the 33 largestcompanies traded on the exchange represent around 70% of the value of all stocks traded on theHKSE.

Exchange history and predecessors

Association of Stockbrokers

in Hong Kong (Founded

1891)

(1914) Renamed to Hong

Kong Stock Exchange

(1947) A merger is made

afterWorld War

IIwith Hong Kong Stock

Exchange retaining the

name

Hong Kong

Stockbrokers

Association(Founded

1921)

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Hong Kong Stockholders

Association Ltd (Founded

1978) allow info sharing

between HKSE and other

exchanges

Far East Exchange

Ltd(Founded 1969)

Kam Ngan Stock

Exchange

Ltd(Founded 1971)

Kowloon Stock

Exchange

Ltd(Founded1972)

(1986) HKSE merges with

other exchanges and retain

the name but also presented

as Stock Exchange of Hong

Kong

(2000)Hong Kong Exchanges

and Clearingbecomes the

holding company for Hong

Kong Stock Exchange

Hong Kong Futures

Exchange

Ltd(Founded 1976)

Hong Kong

Securities

Clearing

Company

Ltd(Founded

1989)

Trading hours

Russian PresidentDmitry Medvedevwith exchange ChairmanRonald Arculliduring a visit to Hong Kong on 17 April

2011.

The trading day consists of:

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anCityGeoLocation_West.pnghttp://en.wikipedia.org/wiki/File:Template_CanadianCityGeoLocation_West.pnghttp://en.wikipedia.org/wiki/File:Template_CanadianCityGeoLocation_South.pnghttp://en.wikipedia.org/wiki/File:Dmitry_Medvedev_in_Hong_Kong_17_April_2011-11.jpeghttp://en.wikipedia.org/wiki/File:Dmitry_Medvedev_in_Hong_Kong_17_April_2011-11.jpeghttp://en.wikipedia.org/wiki/File:Template_CanadianCityGeoLocation_West.pnghttp://en.wikipedia.org/wiki/File:Template_CanadianCityGeoLocation_West.pnghttp://en.wikipedia.org/wiki/File:Template_CanadianCityGeoLocation_South.pnghttp://en.wikipedia.org/wiki/File:Template_CanadianCityGeoLocation_South.pnghttp://en.wikipedia.org/wiki/File:Template_CanadianCityGeoLocation_West.pnghttp://en.wikipedia.org/wiki/File:Template_CanadianCityGeoLocation_West.pnghttp://en.wikipedia.org/wiki/File:Template_CanadianCityGeoLocation_West.pnghttp://en.wikipedia.org/wiki/File:Template_CanadianCityGeoLocation_South.pnghttp://en.wikipedia.org/wiki/File:Dmitry_Medvedev_in_Hong_Kong_17_April_2011-11.jpeghttp://en.wikipedia.org/wiki/File:Dmitry_Medvedev_in_Hong_Kong_17_April_2011-11.jpeghttp://en.wikipedia.org/wiki/File:Template_CanadianCityGeoLocation_West.pnghttp://en.wikipedia.org/wiki/File:Template_CanadianCityGeoLocation_West.pnghttp://en.wikipedia.org/wiki/File:Template_CanadianCityGeoLocation_South.pnghttp://en.wikipedia.org/wiki/File:Template_CanadianCityGeoLocation_South.pnghttp://en.wikipedia.org/wiki/File:Template_CanadianCityGeoLocation_West.pnghttp://en.wikipedia.org/wiki/File:Template_CanadianCityGeoLocation_West.pnghttp://en.wikipedia.org/wiki/File:Template_CanadianCityGeoLocation_West.pnghttp://en.wikipedia.org/wiki/File:Template_CanadianCityGeoLocation_South.pnghttp://en.wikipedia.org/wiki/File:Dmitry_Medvedev_in_Hong_Kong_17_April_2011-11.jpeghttp://en.wikipedia.org/wiki/File:Dmitry_Medvedev_in_Hong_Kong_17_April_2011-11.jpeghttp://en.wikipedia.org/wiki/File:Template_CanadianCityGeoLocation_West.pnghttp://en.wikipedia.org/wiki/File:Template_CanadianCityGeoLocation_West.pnghttp://en.wikipedia.org/wiki/File:Template_CanadianCityGeoLocation_South.pnghttp://en.wikipedia.org/wiki/File:Template_CanadianCityGeoLocation_South.pnghttp://en.wikipedia.org/wiki/File:Template_CanadianCityGeoLocation_West.pnghttp://en.wikipedia.org/wiki/File:Template_CanadianCityGeoLocation_West.pnghttp://en.wikipedia.org/wiki/File:Template_CanadianCityGeoLocation_West.pnghttp://en.wikipedia.org/wiki/File:Template_CanadianCityGeoLocation_South.pnghttp://en.wikipedia.org/wiki/File:Dmitry_Medvedev_in_Hong_Kong_17_April_2011-11.jpeghttp://en.wikipedia.org/wiki/File:Dmitry_Medvedev_in_Hong_Kong_17_April_2011-11.jpeghttp://en.wikipedia.org/wiki/File:Template_CanadianCityGeoLocation_West.pnghttp://en.wikipedia.org/wiki/File:Template_CanadianCityGeoLocation_West.pnghttp://en.wikipedia.org/wiki/File:Template_CanadianCityGeoLocation_South.pnghttp://en.wikipedia.org/wiki/File:Template_CanadianCityGeoLocation_South.pnghttp://en.wikipedia.org/wiki/File:Template_CanadianCityGeoLocation_West.pnghttp://en.wikipedia.org/wiki/File:Template_CanadianCityGeoLocation_West.pnghttp://en.wikipedia.org/wiki/File:Template_CanadianCityGeoLocation_West.pnghttp://en.wikipedia.org/wiki/File:Template_CanadianCityGeoLocation_South.pnghttp://en.wikipedia.org/wiki/Ronald_Arcullihttp://en.wikipedia.org/wiki/Dmitry_Medvedevhttp://en.wikipedia.org/wiki/Russian_Presidenthttp://en.wikipedia.org/wiki/Hong_Kong_Exchanges_and_Clearinghttp://en.wikipedia.org/wiki/Hong_Kong_Exchanges_and_Clearing

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A pre-opening auction session from 9:00 am to 9:30 am. The opening price of a security is

reported shortly after 9:20 am.[5]

A morning continuous trading session from 09:30 am to 12:00 pm[5]

An extended morning session from 12:00 noon to 1:00 pm, also referred to as the lunch

break.[5][6]

Continuous trading proceeds in specifically-designated securities (currently two ETFs,

4362 and 4363). Trading in other securities is not possible. However, previously-placed orders in

any securities can be cancelled from 1:00 pm onwards.[7]

An afternoon continuous trading session from 1:00 pm to 4:00 pm[5]

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London Stock ExchangeThe London Stock Exchange is the most important exchange in Europe and one of the largest in theworld. It lists over 3,000 companies and with 350 of the companies coming from 50 differentcountries, the LSE is the most international of all exchanges.The London Stock Exchange is comprised of two different stock markets: the Main Market and

the Alternative Investment Market (AIM). The Main Market is solely for established companieswith high performance, and the listing requirements are strict. Approximately 1,800 of the LSE'scompany listings trade on the Main Market, and the total market capitalization is over 3,500billion. The Alternative Investment Market on the other hand trades small-caps, or newenterprises with high growth potential. Over 1,060 companies list on this market, with a totalcapitalization of 37 billion.The LSE is completely electronic, but different shares are traded on different systems. Highlyliquid shares are traded using the SETS automated system on an order driven basis. This meansthat when a buy and sell price match, an order is automatically executed. For securities thattrade less regularly, the London Stock Exchange implements the SEAQ system, where marketmakers keep the shares liquid. These market makers are required to hold shares of a specificcompany and set the bid and ask prices, ensuring that there is always a market for the stock.

The LSE also has a new and growing exchange for equity derivatives called EDX London,created in 2003. In 2004, EDX traded an average of 382,599 contracts per day. Its aim is tobecome the leading derivatives market in the world.

"Big Bang"

The biggest happening of the 1980s was the sudden deregulation of the financial markets in the UK in

1986. The phrase Big Bang was coined to describe measures including abolition of fixed commission

charges and of the distinction between stockjobbers and stockbrokers on the London StockExchange, as well as change from anopen-outcryto electronic, screen-based trading.

In 1995 The Exchange launched theAlternative Investment Market, the AIM, to allow growing

companies to expand to international markets. Two years later the Electronic Trading Service (SETS)

was launched, bringing greater speed and efficiency to the market. Following this, the CREST

settlement service was also launched. On the year of the new millennium, 2000, the Exchange's

shareholders voted to become a public limited company: London Stock Exchange plc. The LSE also

transferred its role as UK Listing Authority to the Financial Services Authority (FSA- UKLA)

EDX London, a new international equity derivatives business, was created in 2003 in partnership with

OM Group. The Exchange also acquired Proquote Limited, a new generation supplier of real-time

market data and trading systems.

The old Stock Exchange Tower became largely redundant with the advent of the Big Bang, which

deregulated many of the Stock Exchange's activities as it enabled an increased use of computerised

systems that allowed dealing rooms to take precedence over face to face trading. Thus, in 2004, the

House moved to a brand new headquarters in Paternoster Square, close to St Paul's Cathedral.

In 2007 The London Stock Exchange merged with Borsa Italiana, creating the London Stock

Exchange Group (LSEG). The Group operates out of the Stock Exchange's headquarters in

Paternoster Square.

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Opening timesNormal trading sessions on the main orderbook (SETS) are from 08:00 to 16:30 every day of the

week except Saturdays, Sundays and holidays declared by the Exchange in advance. The detailed

schedule is as follows:

1. Trade Reporting 07:15 - 07:50

2. Opening Auction 07:50 - 08:00

3. Continuous Trading 08:00 - 16:20

4. Closing Auction 16:30 - 16:35

5. Order Maintenance 16:35 - 17:00

6. Trade Reporting Only 17:00 - 17:15

Holidays are currently: New Year's Day, Easter, May Bank Holiday, Spring Bank Holiday, Summer

Bank Holiday, and Christmas Day. Note that UK Time is Greenwich Mean Time (GMT), with daylight-

saving time observed.

M&A activity

[edit]Borsa Italiana

On the 23rd June 2007, the London Stock Exchange announced that it had agreed on the terms of a

recommended offer to the shareholders of the Borsa Italiana S.p.A. The merger of the two companies

created a leading diversified exchange group in Europe. The combined group was named the London

Stock Exchange Group, but still remained two separate legal and regulatory entities. One of the long-

term strategies of the joint company is to expand Borsa Italianas efficient clearing services to other

European markets.

[edit]MTS

In 2007, after Borsa Italiana announced its call option exercise right to acquire full control of MBE

Holdings, the combined Group would now control Mercato del Titoli di Stato, or MTS. This merger of

Borsa Italiana and MTS with the London Stock Exchanges existing bond listing business, enhanced

the range of covered European fixed income markets.

[edit]Turquoise

The London Stock Exchange acquired Turquoise (TQ), a Pan-European MTF, in 2009 and since

coupling with MillenniumITs software, it currently offers the fastest latency bar none in Europe.

Currently the speed of latency on Turquoise (as measured at the end of August 2011) is 97 micro

seconds on average for 99.9% of trades. Initially founded by a consortium of nine banks, it is now

majority owned by the London Stock Exchange Group. Currently shareholders include twelve of the

leading Investment Banks.

Turquoise operates a Maker-taker fee scheme, 0.30 basis points for Aggressive traders and 0.20

rebates for Passive traders, providing liquidity. The market share of Turquoise as an MTF hasdoubled over the past twelve months, from 3% to 6%. There are currently 2000 securities, across

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nineteen countries on Turquoise. Unlike Broker-Dealer Crossing Networks, TQ does not discriminate

as to who can trade on their platform.

[edit]NASDAQ bids

In December 2005, the London Stock Exchange rejected a 1.6 billion takeover offer fromMacquarie

Bank. The London Stock Exchange described the offer as "derisory", a sentiment echoed byshareholders in the Exchange. Shortly after Macquarie withdrew its offer, the LSE received an

unsolicited approach fromNASDAQvaluing the company at 2.4 billion. This too it rejected. NASDAQ

later pulled its bid, and less than two weeks later on 11 April 2006, struck a deal with LSE's largest

shareholder,Ameriprise Financial'sThreadneedle Asset Managementunit, to acquire all of that firm's

stake, consisting of 35.4 million shares, at 11.75 per share.[14]NASDAQ also purchased 2.69 million

additional shares, resulting in a total stake of 15%. While the seller of those shares was undisclosed,

it occurred simultaneously with a sale byScottish Widowsof 2.69 million shares.[15]

The move was

seen as an effort to force LSE to the negotiating table, as well as to limit the Exchange's strategic

flexibility.[16]

Subsequent purchases increased NASDAQ's stake to 25.1%, holding off competing bids for severalmonths.[17][18][19]United Kingdom financial rules required that NASDAQ wait for a period of time before

renewing its effort. On 20 November 2006, within a month or two of the expiration of this period,

NASDAQ increased its stake to 28.75% and launched a hostile offer at the minimum permitted bid of

12.43 per share, which was the highest NASDAQ had paid on the open market for its existing

shares.[20]

The LSE immediately rejected this bid, stating that it "substantially undervalues" the

company.[21]

NASDAQ revised its offer (characterized as an "unsolicited" bid, rather than a

"hostiletakeoverattempt") on 12 December 2006, indicating that it would be able to complete the deal

with 50% (plus one share) of LSE's stock, rather than the 90% it had been seeking. The U.S.

exchange did not, however, raise its bid. Manyhedge fundshad accumulated large positions withinthe LSE, and many managers of those funds, as well as Furse, indicated that the bid was still not

satisfactory. NASDAQ's bid was made more difficult because it had described its offer as "final",

which, under British bidding rules, restricted their ability to raise its offer except under certain

circumstances.

In the end, NASDAQ's offer was roundly rejected by LSE shareholders. Having received acceptances

of only 0.41% of rest of the register by the deadline on 10 February 2007, Nasdaq's offer duly

lapsed.[22]Responding to the news, Chris Gibson-Smith, the LSE's chairman, said: "The Exchanges

strategy has produced outstanding results for shareholders by facilitating a structural shift in volume

growth in an increasingly international market at the centre of the worlds equity flows. The Exchange

intends to build on its exceptionally valuable brand by progressing various competitive, collaborativeand strategic opportunities, thereby reinforcing its uniquely powerful position in a fast evolving global

sector."[23]

On 20 August 2007, NASDAQ announced that it was abandoning its plan to take over the LSE and

subsequently look for options to divest its 31% (61.3 million shares) shareholding in the company in

light of its failed takeover attempt.[24]

In September 2007, NASDAQ agreed to sell the majority of its

shares toBorse Dubai, leaving theUnited Arab Emirates-based exchange with 28% of the LSE.[25]

[edit]Proposed merger with TMX Group

On 9th February 2011, theLondon Stock Exchange Groupannounced that they had agreed to merge

with theToronto-basedTMX Group, the owners of theToronto Stock Exchange, creating a combinedentity with a market capitalization of listed companies equal to 3.7 trillion.

[26]Xavier Rolet, who

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ki/Torontohttp://en.wikipedia.org/wiki/London_Stock_Exchange_Grouphttp://en.wikipedia.org/w/index.php?title=London_Stock_Exchange&action=edit&section=22http://en.wikipedia.org/wiki/London_Stock_Exchange#cite_note-24http://en.wikipedia.org/wiki/United_Arab_Emirateshttp://en.wikipedia.org/wiki/Borse_Dubaihttp://en.wikipedia.org/wiki/London_Stock_Exchange#cite_note-23http://en.wikipedia.org/wiki/London_Stock_Exchange#cite_note-22http://en.wikipedia.org/wiki/London_Stock_Exchange#cite_note-21http://en.wikipedia.org/wiki/Hedge_fundhttp://en.wikipedia.org/wiki/Takeoverhttp://en.wikipedia.org/wiki/London_Stock_Exchange#cite_note-bbc_20061120_reject-20http://en.wikipedia.org/wiki/London_Stock_Exchange#cite_note-wsj_20061120-19http://en.wikipedia.org/wiki/London_Stock_Exchange#cite_note-reu_20060519-18http://en.wikipedia.org/wiki/London_Stock_Exchange#cite_note-wsj_20060404-16http://en.wikipedia.org/wiki/London_Stock_Exchange#cite_note-wsj_20060404-16http://en.wikipedia.org/wiki/London_Stock_Exchange#cite_note-bbg_nasdaq_stake-15http://en.wikipedia.org/wiki/London_Stock_Exchange#cite_note-forbes_nasdaq_sw_20060412-14http://en.wikipedia.org/wiki/Scottish_Widowshttp://en.wikipedia.org/wiki/London_Stock_Exchange#cite_note-wsj_20060411_nasdaq_stake-13http://en.wikipedia.org/wiki/Threadneedle_Asset_Managementhttp://en.wikipedia.org/wiki/Ameriprise_Financialhttp://en.wikipedia.org/wiki/NASDAQhttp://en.wikipedia.org/wiki/Macquarie_Bankhttp://en.wikipedia.org/wiki/Macquarie_Bankhttp://en.wikipedia.org/w/index.php?title=London_Stock_Exchange&action=edit&section=21

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currently is CEO of theLSE Group, would have head the new enlarged company, while TMX Chief

Executive Thomas Kloet would have become the new firm president. The London Stock Exchange

however announced it was terminating the merger with TMX on 29th June 2011 citing that "LSEG and

TMX Group believe that the merger is highly unlikely to achieve the required two-thirds majority

approval at the TMX Group shareholder meeting"[27]

. Even though the LSE obtained the necessary

support from its shareholders, it failed to obtain the required support from TMX's shareholders.

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