Glass, Lewis & Co, an independent adviser to institutions, has recommended that shareholders vote for a merger between Canadian exchange operator TMX Group and UK peer the London Stock Exchange Group, judging it as "superior" to Maple Group Acquisition Corp.'s counter takeover bid.

The adviser said its recommendation was a result of the "strategic merit" of the proposed transatlantic tie-up with LSE, as "the rapidly consolidating exchange industry has all but forced companies to combine in order to compete."