TORONTO -
An Ontario legislative committee wants Toronto to have the same number of seats as London if stock exchanges in the two cities proceed with a proposed merger.
The Liberals and Conservatives on the committee made nine recommendations to better protect Canada's and Ontario's interests if the proposed multibillion-dollar merger goes ahead.
The committee did not have the power to approve or disapprove of the merger of the two exchanges.
The committee says it does not appear to be a merger of equals as the two exchanges claim because London would have more seats on the exchange than Toronto.
There are also concerns about how the merger would impact Canada's mining industry.
Finance Minister Dwight Duncan says the report will be given to Investment Canada for its review of the merger, which will also be considered by the Ontario Securities Commission and its Quebec counterpart.
The lone New Democrat on the committee says it's not a merger but a takeover that would see decision-making powers move from Toronto to London.
Duncan also admits he doesn't know if the Ontario cabinet has the power to block the proposed merger, which he also criticized in the past as not a merger of equals.
Ontario's Liberal government is looking to see what power its securities legislation gives cabinet to block the merger, said Duncan. The Ontario Securities Commission can stop the deal, he added, but wasn't sure if cabinet could overrule the commission.
The proposed merger has split Canada's banking community, with some of the big banks supporting the deal while others were opposed.
