From big box retailers to bank satellite offices, Canada is a tough nut to crack for foreign companies. Add CBOE to the list, who’s selling its Canadian exchange after bleeding share to homegrown peers.

The CSE and Tradelogiq are said to be bidding, but it’s tough to imagine a different outcome. TMX Group (X) is the only platform that can handle competition in the segment without blinking…

… given equities and fixed income represent less than 20% of revenue. With control over most of the country’s public listings (at least the ones it wants), there’s a reason it trades at a premium.