NEW YORK (Reuters) - The Montreal Exchange and TSX Group Inc have reached a deal to combine after a series of on-again, off-again talks, the Globe and Mail reported on Monday, citing sources.
The deal, which would combine Canada's two largest exchanges, is still awaiting board approval and would also need the approval of shareholders and regulators, the Globe and Mail said.
According to the paper, the Montreal Exchange would retain its specialization in derivatives trading, while Toronto would focus on equities. The new entity would have its head office in Toronto, the Globe and Mail reported.
A spokesman for TSX Group declined to comment, and a spokesman for the Montreal Exchange was not immediately available.
Reporting by Emily Chasan; Editing by Lisa Von Ahn