TMX Group, a Canada-based operator of the Toronto Stock Exchange, has acquired a 16% stake in peer Bermuda Stock Exchange for an undisclosed amount.
Tom Kloet, chief executive of TMX, will join BSX’s board.
Greg Wojciechowski, president of BSX, said: "Canada and Bermuda share a long history and important jurisdictional ties, this strategic investment can only strengthen this long standing relationship."
A Tax Information Exchange Agreement was signed between the two countries earlier this year, effective July 1.
At the start of the month, TMX also outlined its plans for the future after rejecting a merger with peer London Stock Exchange in favour of being purchased by Maple Group Acquisition Corporation, whose investors comprise 13 of Canada’s leading financial institutions and pension funds: Alberta Investment Management Corporation, Caisse de dépôt et placement du Québec, Canada Pension Plan Investment Board, CIBC World Markets, Desjardins Financial Group, Dundee Capital Markets, Fonds de solidarité des travailleurs du Québec (FTQ), GMP Capital, National Bank Financial, Ontario Teachers’ Pension Plan, Scotia Capital, TD Securities and The Manufacturers Life Insurance Company.