The London Stock Exchange and TMX Group, which operates the Toronto Stock Exchange, are merging. The LSE and TMX on Wednesday said they would combine in an all-share merger of equals, creating one of the world’s largest stock exchanges.

Both exchanges are heavily weighted with mining stocks and a combination would create the world’s biggest exchange for mining and energy stocks.

The companies said they expect to realize annual savings of 35 million pounds ($56 million) by the second year of the merger.