The Globe and Mail reports in its Tuesday edition that what might make the second half of 2014 exciting is the changing of the guard at the TMX Group. The Globe's Boyd Erman writes that by contrast, investors last year had the excitement of watching Barrick and BlackBerry struggle. This year, the big deals announced so far have been largely clean and sailed through with few problems. TMX chief executive officer Tom Kloet is stepping down Aug. 31, and there is no word on his successor. One of the first tasks for any new boss will be to decide what tack to take on the debate about high-frequency trading, which has increased in pitch since the Michael Lewis book Flash Boys was published; and to decide whether TMX wants to go ahead with projects such as a microwave connection to New York, which would potentially stir that debate even more. At last check, the TMX had no update on the microwave scheme. Mr. Erman also wonders whether TMX is done with consolidation. One deal that was out there for a time was a potential tie-up with the Nasdaq Stock Market. TMX is still smaller, but now trades at a significantly higher earnings multiple.