TORONTO, July 31, 2012 /CNW/ – With the deal to acquire TMX by Maple
Group now finalized, the Investment Industry Association of Canada (the
IIAC) today announced the formation of the IIAC TMX Group Advisory
Committee to monitor the implementation and effectiveness of safeguards
for pricing and access to services offered by Maple Group to market
participants.

“The Maple transaction has been a contentious issue for the investment
industry, in terms of the merits of the transaction and the needed
protections for investors and issuers. However, now that the deal is
finalized, the industry, led by the IIAC, will encourage and assist in
the efficient and timely consolidation of services in the new TMX Group
to minimize disruptions in our markets and related costs to our member
firms,” said Ian Russell, the IIAC’s President & CEO.

“The Advisory Committee will make it a priority that the TMX Group
implements expeditiously safeguards for pricing and access of trade
execution and clearing required as a condition for approval of the
deal.”

According to Russell, there are four specific areas of concern to the
investment industry:

Clearing and settlement:

• Appropriate oversight and approval mechanisms to ensure clearing costs
  are fair and reasonable.
• Flexibility for market participants to direct executed trades to other
  clearing venue.
• Access to clearing services available on fair terms to all registered
  investment dealers.

Trading:

• Appropriate oversight and approval mechanisms to ensure trading costs
  are fair and reasonable.
• Fair treatment for retail and institutional investors relative to High
  Frequency Trading operations in terms of trading fees and access.

Market data costs:

• Appropriate oversight and approval mechanisms to ensure market data
  costs are fair and reasonable.

Regulatory infrastructure

• Proposed price increases for Maple trading, clearing, data and listing
  services will require regulatory review and approval. The Committee
  will monitor the infrastructure to ensure the required resources and
  expertise are put in place to carry out its mandate effectively.

The IIAC TMX Group Advisory Committee, comprised of small, medium and
large dealer member firms, will be available to TMX Group
representatives and regulators to assist in the implementation of
appropriate safeguards for IIAC member firms and their clients.

“We look forward to working with TMX Group representatives and the
regulators on these issues to ensure the interests of our member firms
are properly addressed,” Russell said.

Investment Industry Association of Canada (IIAC)

The Investment Industry Association of Canada (IIAC) is a member-based
professional association that advances the growth and development of
the Canadian investment industry, acting as a strong, proactive voice
to represent the interests of our members and the investing public. The
following four areas of focus provide clear and purposeful direction
for our actions and initiatives: market advancement, advocacy, profile
and reputation, and member support. For more information, please visit www.iiac.ca.

SOURCE Investment Industry Association of Canada (IIAC)