Competition analysis of combining TMX Group, Canadian Depository for Securities, and Alpha Trading Systems

CRA was retained by the Maple Group to analyze the potential competitive effects of combining the TMX Group, the Canadian Depository for Securities and Alpha Trading Systems, a large alternative trading system in Canada. In addition to making submissions to the Competition Bureau, CRA’s experts also assisted counsel in their interactions with the Ontario Securities Commission. Regulators ultimately approved the transaction after Maple made certain commitments.