TORONTO (Reuters) - TMX, the operator of the Toronto Stock Exchange Group, delivered quarterly results forecast beating Friday as he prepares for regulatory review of its plan of $ 3 billion to associate with the London Stock Exchange.
Recipes for TMX, which also operates the Stock Exchange TSX Venture for small capitalization companies and the market of products derived from the Montreal Stock Exchange, increased by 17% in the first quarter, with trade volume record and robust equity financing activity.
Gain, which followed a quarter in which income has slipped, bodes well for the society that he is fighting increasing competition group Alpha and other sites, which ceased once dominant market share eroded parallel negotiation.
Net income climbed to 64.3 million ($66.8 million), or 84 cents Canadian action, maximum of $ 56.7 million, or 77 cents, a year earlier. Profit in the latest quarter included a 8.3 million merger-related charge.
On an adjusted basis, TMX earned 97 cents Canadian per share, compared with 77 cents Canadian, a year earlier.
"I, with perhaps one or two other were already on the upper range of estimates of the street and they have exceeded our estimates by a country mile, said financial analyst Bank National Shubha Kahn, who was looking for Canadian earnings of 90 cents per share."
Revenues came to 174,7 million of $ CDN, maximum of 149.4 million a year ago.
APPLICATIONS PROVINCIAL
The two exchanges Friday filed applications with the Canadian provincial securities commissions four for the approval of their proposed combination. In Ontario, Quebec, Alberta and British Columbia Colombia will have their word to say about the agreement, as the Federal Government.
Applications initiate a formal process that could last for months. The agreement between the trade was announced in February 9.
The Ontario Securities Commission has launched the public process after the filing, which includes a notice and comment for 45 days, with a hearing likely in mid - late July 2011.
Potential partners have defended the deal as an opportunity to create a transatlantic exchange and a central equity of mines and resources, making annual trade of $ 4 trillion. Canadian critics are concerned that the control of a national institution will be falling into foreign hands.
"We have made this investment because we believe that this merger represents an opportunity for our company," Chief Executive Tom Kloet said Friday.
A total of funding of the TSX rose 18 percent in the first three months of 2010 and 97% of the TSX Venture Exchange. Trade volumes also rose 20% to the Toronto Stock Exchange and 64 percent on the Venture Exchange.
Altogether, there were 91 new registrations in the first three months of 2011, including 67 initial public offerings.
MARKET SHARE EROSION
Even if the volume of trading operations improved during the quarter, alternative trading platforms still present a formidable threat competitive.
The Toronto Stock Exchange and TSX Venture Exchange had a market share of about 65 per cent by value traded in the quarter and 68.8% by traded volume market share. Overall, the combined market share decreased slightly quarter over quarter.
"Go ahead, there is a bit of a wind face in terms of erosion of market share." ... He will temper some of the outperformance from the estimates of the street, ", said the Khan".
To obtain an advantage, TMX is launching its own system, parallel negotiating TMX select. He also reduced costs and introduced discounts for certain services, and it launched services that allow for the purposes of anonymous transaction.
"If these initiatives bear fruit, it should offset some of the market share erosion, or at least stem some of the losses of market share,"said Khan. "
The London Stock Exchange has also reported results Friday beat top hand analysts forecast, profit 22 percent to 341 million pounds (555.5 million).
As the TMX, the British Exchange has also seen its share of securities of companies Canadian trading slump over the past three years due to competition from love it Chi - x Europe and Europe of bats.
TMX shares were up 12 cents Canadian c $ 41.12 at noon Friday, an implied premium to the offer of the LSE for $39.75, according to a note search CIBC.
($ Canadian $1 = 0.962)
(Other reports by Bhaswati Mukhopadhyay in Bangalore;) (Editing by Frank McGurty)
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