The Globe and Mail reports in its Friday edition that by bidding for U.S. exchange DirectEdge, TMX Group is making it clear it thinks high-speed trading is key to the future of exchanges. The Globe's Tim Kiladze writes the TMX has an insider's view on the market, and it sees just how much the lightning-fast trades are changing the game. The data back up this view. A new study by the Investment Industry Regulatory Organization of Canada found HFTs can account for as much as 42 per cent of all Canadian trades. Seeing this growth from the early stages, TMX started developing its Quantum XA servers that allow for trade execution in mere microseconds in 2009. Also, should TMX secure DirectEdge, the company will take a position in the U.S. market where pretty much all of Canada's biggest companies are traded because of dual listings. TMX wants to make sure it has a stake in trading south of the border. Plus, there has been chatter that TMX is looking to create a small cap listings venue in the U.S. Buying an exchange that is already up and running makes this much easier. If the acquisition goes through, TMX will take ownership of the fourth-largest exchange in the U.S. with a 9.3-per-cent market share.