RE: Competition for XCompetition is coming to TSX via instinet, CNQ, and others. There is a cap on foreign ownership of this exchange, the growth of TSX Group is limited due to the small Cdn equity markets relative to the global picture. In my previous post I refer to TSX's recent purchase as something that, IMO, they paid way too much for. It does not take a genius to see that when a federal govt pays off debt, and runs surpluss for the last number of years, there will be a reduction in fed govt issued debt. Hence a less liquid, less profitable market for Shorcan -now owned by TSX. It just looks like bad management by the CEO.