Unfortunately the TSX.V may only be getting a glimpse of what we suspect is in the tea-leaves for this Exchange. NASDAQ is knocking at the door with plans to grab a big slice of the Canadian market share and we suspect NASDAQ may just have its way. The TSX.V has been quite lucky that the CSE has been slow to ramp up to scale. With a good sales team the CSE could have taken a much healthier chuck of the TSX.V market share. We’ll see if the CSE realizes what an opportunity is sitting out there on the silver platter. The TSX.V has a number of significant weaknesses and we are not so sure they or parent the TMX Group have a team with the acumen to really understand what they will need to fight off NASDAQ. Recent comments by the TMX CEO Mr. Lou Eccleston clearly demonstrate to us why the TMX Group may soon be in serious trouble. Comments from Eccleston such as; ”Just being a big name in the U.S. doesn’t mean automatically they’ve got advantages in Canada” and “Nobody is just going to walk in and hang and shingle and take business” could meet with doom for TMX Group. These comments remind us of the kinds of comments that came out of American Express when Visa and MasterCard appeared on the scene. Soon after, American Express who had a virtual monopoly on the credit card business at the time, became the distant me-too player. We suspect Eccleston and group may be about to get a marketing lesson and lots of regrets.