FOR those who believe that exchanges are strategic national assets to be protected from foreign marauders, the past week has been a mixed bag. Driven in part by worries that Canada would lose control of its markets if tmx were to merge with the London Stock Exchange, the country's largest banks and pension funds launched a rival bid for the operator of the Toronto bourse. Tellingly branded "Maple", the consortium pledges to ensure the "ongoing integrity" of Canada's capital markets by merging tmx with the banks' own trading platform and a clearing house. South of the border, however, the idea of a national champion is dead, nasdaq and Intercontinental Exchange have ended their attempt to wrest nyse Euronext away from Germany's Deutsche Borse after regulators threatened to block the deal, which would create a share-listing monopoly.
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