Global uncertainty drags on TMX profit
TMX Group Inc. reported a 10-per-cent drop in first-quarter net profits because of global economic uncertainty that resulted in lower equities trading and financing activities, CEO Thomas Kloet said Friday. He also noted progress on the proposed takeover of TMX Group by the Maple Group, a consortium of some of the country's biggest banks, insurance companies and pension funds. "We are continuing to work very hard with our partners at Maple to secure the necessary approvals and successfully complete this transaction," he said. The deal, expected to close July 31, has hurdles to clear with the federal and provincial regulators. TMX net earnings were $56.8-million or 76 cents per diluted share in the quarter ended March 31, compared with $63.1-million or 84 cents per share in 2011.