Toronto stock exchange eyes partnerships with GCC bourses

The Toronto Stock Exchange is exploring partnerships with GCC bourses to help it tap into the region’s energy privatizations, Reuters reported.

The exchange which is vying to host Saudi Aramco's IPO listing, expects such collaborations to encourage parallel listings of Middle East companies, said Monica Rovers, head of business development for global energy and and TSX Venture Exchange, part of the TMX Group.

The cost of listing in Canada is around 30 percent less than in New York, while the time taken to list was also shorter. A well-prepared company could list within about three months, she said.

"We are one of the exchanges that would love to have Aramco listed with us and we worked together with a consortium of major Canadian banks and broker-dealers to try to bring that listing to TSX," Rovers told Reuters during a visit to the United Arab Emirates and Oman.

Saudi Aramco aims to list up to 5 percent on both the Saudi Stock Exchange (Tadawul) and one or more international markets in an initial public offering (IPO) that could raise $100 billion.

New York and London are widely seen as the frontrunners in the race to secure the overseas listing, but Toronto, Hong Kong, Singapore and Tokyo are also among contenders to attract a slice.