Canadian Industry Minister Tony Clement said yesterday he will review the proposed merger of London Stock Exchange and TMX Group under federal legislation, and he has to be satisfied that it's of "net benefit" to Canada to approve the deal.

"The investor has informed me that an application will be filed soon," Clement said in a brief news conference. "Where a transaction is subject to review, the investor must obtain my approval prior to implementing the investment. I only approve an application where an investment demonstrates that it is likely to be of net benefit to Canada."