Earlier, we saw the London Exchange merging with the TMX Group, in an attempt to create a global competitor to the NYSE Euronext.

FORBES: Could We See A Global Exchange?

The view among the global financial elite is that if the LSE is frustrated in its attempt to merge with TMX, predator will become prey: the LSE itself will be gobbled up by some or other overseas rival.

BBC: Is Canada hurt by saying no to foreign bids.......

But it is fascinating that more-or-less the entire Canadian financial establishment - including Toronto-Dominion, CIBC, Bank of Nova Scotia, Ontario Teachers' Pension Fund and Canada Pension Plan Investment Board, among others - has grouped together to keep TMX Canadian.

BBC: Is Canada hurt by saying no to foreign bids.......