TSX Venture Exchange President looks beyond borders

    TORONTO, Feb. 21 /CNW/ - At a speech to the Securities Super Conference
today in Toronto, TSX Venture Exchange President Kevan Cowan said he is
encouraged that regulators are working towards breaking down some of the
barriers that have impeded cross-border issuers in the past.
    "Cross-border trading and cross-border mergers, strategic partnerships
and minority ownership positions by exchanges in other exchanges have been the
catalysts for governments and regulators to reassess their approaches to
cross-border issues."
    He said this is no different across North America where U.S. regulators
are looking at the concept of mutual recognition as the key to eliminating
excessive costs and paperwork associated with cross-border securities trading,
especially for retail investors. Mutual recognition would make it simpler and
more efficient for U.S. retail investors to trade shares on the Toronto Stock
Exchange or TSX Venture Exchange.
    "I'm proud to say that TSX Group has been a leader - in putting the
option of mutual recognition on the table, both in terms of Europe and the
United States."
    He also said that discussions over adapting International Financial
Reporting Standards are picking up speed, "Regulators have already moved on
one critical area involving mutual recognition - issuing a paper inviting
comment on U.S. adoption of International Financial Reporting Standards that
would not require companies to reconcile their accounts with U.S. GAAP if they
are using IFRS. Canada is on a clear path to using IFRS. So are nearly
100 other countries, so it looks likely that we will wind up with something
approaching a global standard."
    Mr. Cowan said he continues to work with Canadian regulators to build and
enhance the TSX Venture marketplace. "We are delighted that they are
supporting us to build this unique Canadian institution, TSX Venture Exchange,
into something better still."
    Mr. Cowan's remarks are available on tsx.com.

    About TSX Group Inc. (TSX-X)
    TSX Group operates Canada's two national stock exchanges, Toronto Stock
Exchange serving the senior equity market and TSX Venture Exchange serving the
public venture equity market, Natural Gas Exchange (NGX), a leading North
American exchange for the trading and clearing of natural gas and electricity
contracts and Shorcan Brokers Limited, the country's first fixed income
inter-dealer broker. TSX Group also owns The Equicom Group Inc., a leading
provider of investor relations and related corporate communication services in
Canada. TSX Group is headquartered in Toronto and maintains offices in
Montreal, Calgary and Vancouver.

    TSX Group and Montréal Exchange Inc. (MX) previously announced that they
have agreed to combine their organizations to create TMX Group Inc., a leading
integrated exchange group, by means of an amalgamation. This news release does
not constitute an offer to sell or the solicitation of an offer to buy any
securities of TSX Group. Such an offer may only be made pursuant to a
management information circular filed with or furnished to the securities
regulatory authorities in Canada and the United States in connection with the
proposed amalgamation. MX plans to file a management information circular with
Canadian provincial securities regulators and TSX Group intends to file a
registration statement with the United States Securities and Exchange
Commission ("SEC") which will include the management information circular or
to furnish the management information circular to the SEC pursuant to an
exemption from registration. Investors and security holders are urged to read
the management information circular regarding the proposed business
combination when this document becomes available because it will contain
important information in respect of the proposed transaction. Investors may
obtain a free copy of the management information circular when it becomes
available on SEDAR at www.sedar.com and a free copy of the registration
statement and/or the management information circular when it becomes available
on the SEC's website at www.sec.gov. The management information circular may
also be obtained for free, once it has been mailed to MX shareholders, on MX's
website www.m-x.ca or by directing a request to MX.

For further information:

For further information: Steve Kee, Director, Corporate Communications,
TSX Group Inc., Toronto Office: (416) 947-4682, Toll Free 1-888-873-8392,
Cellular (416) 358-3714, Vancouver Office: (604) 602-6902, Calgary Office:
(403) 218-2892, steve.kee@tsx.com

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