Quebec says TMX-LSE hearings will be months away

Mon Feb 14, 2011 1:28pm EST
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OTTAWA (Reuters) - Quebec's securities regulator AMF expects to take at least two or three months to start hearings on the London Stock Exchange's bid to merge with Canadian exchange operator TMX Group.

"It won't be before two or three months (from now) at least," Sylvain Theberge, spokesman for the Autorite des marches financiers, told Reuters by e-mail on Monday.

He said that under the terms of the Toronto Stock Exchange's 2008 takeover of the Montreal Stock Exchange to form the TMX Group, no person or group of persons or companies acting jointly can take more than 10 percent of any class of voting shares of TMX without AMF's prior approval.

(Reporting by Randall Palmer; editing by Peter Galloway)