TD Bank’s Clark says TMX should stand on its own

* TD CEO against LSE takeover of TMX Group

* National Bank also opposed to C$3 bln deal

TORONTO, March 31 (Reuters) – Toronto-Dominion Bank (TD.TO: Quote, Profile, Research)
Chief Executive Ed Clark said on Thursday the Toronto Stock
Exchange should grow as a stand-alone entity, rather than sell
itself to foreign purchaser London Stock Exchange (LSE.L: Quote, Profile, Research).

Clark, whose bank has been a leading opponent to proposed
takeover of Toronto exchange owner TMX Group (X.TO: Quote, Profile, Research) told
reporters he doesn’t subscribe to the argument that if TMX
doesn’t sell itself to the slightly larger LSE, it will
eventually have to sell itself to a much bigger buyer.

“I think the TMX is a great institution. The proponents of
this deal say it’s a failing institution. We think we can do
better,” he said after the bank’s annual shareholder meeting in
Victoria.

TD and smaller rival National Bank of Canada (NA.TO: Quote, Profile, Research) have
come out squarely against the C$3 billion ($3.1 billion)
takeover.

Canadian Imperial Bank of Commerce (CM.TO: Quote, Profile, Research) and Bank of Nova
Scotia (BNS.TO: Quote, Profile, Research) have voiced various levels of reservation about
the proposal, while Royal Bank of Canada (RY.TO: Quote, Profile, Research) and Bank of
Montreal (BMO.TO: Quote, Profile, Research), which both have advisory roles in the deal,
have said they’re in favor.

Clark said the exchange’s success in building a dominant
presence in resource financing and trading shows that it can
thrive on its own.

“That Canada could completely dominate the mining finance,
the junior oil and gas financing around the world, you say
‘Wow, this is a pretty good success story’,” he said.

($1=$0.97 Canadian)
(Reporting by Cameron French; editing by Rob Wilson)

TD Bank’s Clark says TMX should stand on its own