TMX Group Limited describes itself as an integrated, multi-asset class exchange group, a company domiciled in Canada and incorporated under the Business Corporations Act (Ontario).
Its stated mission is to power capital and commodity markets, investment, and economic growth for clients in Canada, across North America and around the world. Its stated vision is to be a technology-driven solutions provider that puts clients first.
TMX Group's key subsidiaries operate cash and derivative markets and clearinghouses for multiple asset classes including equities, fixed income and energy. It also provides clearing facilities, data products and other services to the international financial community.
Range of interests
TMX Group is headquartered in Toronto with offices in Montreal, Calgary and Vancouver. Its business is divided into four main segments.
- Capital markets
- Derivatives and energy markets
- Market insights
- Market solutions
TMX Group owns and operates the Toronto Stock Exchange, which was founded in 1852, as well as the TSX Venture Exchange.
It also owns or holds interests in Canada’s Natural Gas Exchange, Boston Options Exchange, Shorcan, Equicom and other TMX Group companies which provide trading markets, clearing facilities, data products and other services.
• TSX Inc (TSX), which operates Toronto Stock Exchange, a national stock exchange serving the senior equities market; TSX Venture Exchange Inc. (TSX Venture Exchange), which operates TSX Venture Exchange, a national exchange serving public venture equity market.
Alpha Trading Systems Inc (Alpha), which also operates an exchange for the trading of securities;
• Montréal Exchange Inc. (MX), Canada’s national derivatives exchange, and its subsidiaries, including Canadian Derivatives Clearing Corporation (CDCC), the clearing house for options and futures contracts traded at MX and over-the counter (OTC) products and repo.
• The Canadian Depository for Securities Limited and its subsidiaries (CDS), including CDS Clearing and Depository Services Inc (CDS Clearing), which operates the automated facilities for the clearing and settlement of equities and fixed income transactions and custody.
• Natural Gas Exchange Inc, which operates NGX, an exchange for the trading and clearing of natural gas, electricity, and crude oil contracts in North America and its subsidiaries;
• Shorcan Brokers Limited (Shorcan), a fixed income inter-dealer broker and registered exempt market dealer and Shorcan Energy Brokers Inc (Shorcan Energy), a wholly-owned subsidiary of Shorcan, for brokering of crude oil contracts;
• TSX Trust Company (TSX Trust formerly TMX Equity Transfer Services Inc), a provider of corporate trust, registrar, transfer agency and foreign exchange services; and
• Finexeo S.A. (Finexeo), a provider of low latency network and infrastructure solutions for the global investment community.
In 2016, TMX claims to have been the world's leading exchange for new international listings and number one in listed mining, oil and gas, energy service and clean technology and renewable energy companies.
It adds in its investor brochure that it was the world's number two by the number of new listings.
Founded: 1852 as Toronto Stock Exchange
Headquarters address: The Exchange Tower, 130 King Street West, Toronto, Ontario, Canada.
Telephone: (416) 947-4277 (Toronto Area investor relations); 1-888-873-8392 (North America investor relations)
Chief Executive Officer: Louis Eccleston
Chairman: Charles Winograd
Well known indices
S&P/TSX Composite Index
S&P/TSX 60 Hedged
S&P/TSX ESG Factor Weighted
S&P/TSX 60 Shariah
S&P/TSX 60 Carbon Efficient
S&P/TSX 60 Fossil Fuel Free
S&P/TSX Composite Metals and Mining
Opening hours: Monday to Friday
- 7am - 9.30am pre-open
- 9.30am - 4pm continuous auction
- 4.10pm - 4.15pm post-market cancel session
- 4.15pm - 5pm Extended trading session
Market capitalisation as of 31 March 3017: C$2.95 trn
Number of companies listed as of 31 March 2017: 3,128 (with TSX Venture Exchange)
Serious fact: In 2016, TMX claims to have been the world's leading exchange for new international listings
Fun fact: The original Toronto Stock Exchange was founded at the city's Masonic Hall
1852 Toronto Stock Exchange officially founded on 25 October 1852, through a resolution passed by 24 men gathered at The Masonic Hall in Toronto. The trading list consists of 18 securities.
- Toronto Stock Exchange launches the world's first Computer Assisted Trading System
- TSE 300 Composite Index also launches
1997 Toronto Stock Exchange trading floor closes and the exchange becomes the largest stock exchange in North America to choose a floorless, virtual trading environment.
2000 Toronto Stock Exchange becomes a for-profit company.
- Toronto Stock Exchange completes acquisition of Canadian Venture Exchange, renamed the TSX Venture Exchange in 2002
- S&P/CDNX Index launches
- Standard and Poor's takes over management of Toronto Stock Exchange 300 Composite Index, renamed the S&P/TSX Composite Index
- TSX files a preliminary prospectus for an initial public offering of its common shares.
2005 Trading on Toronto Stock Exchange tops C$1trn for the year.
2007 Montreal Exchange and TSX Group announce agreement to combine organisations.
2008 Combination of TSX Group and Montreal Exchange completed; change of name to TMX.
- TMX Group acquires a 19.9 per cent stake in EDX London Limited, the London Stock Exchange's equity derivatives business
- NetThruPut acquired
2010 Toronto Stock Exchange and TSX Venture Exchange sign a Memorandum of Understanding with Tel Aviv Stock Exchange and with the Oslo Bors.
- TMX and London Stock Exchange Group open and terminate talks regarding a possible merger to create an international exchange leader
- Maple Group launches alternative hostile bid
- Atrium Network acquired
- Maple completes TMX buy
- Acquisition of Razor Risk Technologies
- 2013 Expansion into transfer agency business
- Montreal Exchange celebrates 140th anniversary
- NGX celebrates 20th anniversary
- Memorandum of Understanding signed with China Financial Futures Exchange and with Zhengzhou Commodity Exchange
- Louis Eccleston appointed CEO
- Memorandum of Understanding signed with Commercial Bank of China (Canada)
- Launch of Santiago Stock Exchange, a public venture capital market for small and early stage companies in Chile
- Launch of AgriClear, an online platform designed to provide US and Canadian cattle buyers and sellers with an efficient, cost-effective transaction and payment service
- Sale of Equicom to NATIONAL Public Relations Inc
- Launch of TSX Alpha Exchange, designed to improve execution quality for natural investors and reduce dealer costs
- Montréal Exchange Approved as a Foreign Board of Trade by the CFTC
- CDCC and NGX receive CCP recognition from European Securities and Markets Authorities
- AgriClear, North America’s premier online transaction and payment platform for cattle buyers and sellers, announced a new agreement with Boehringer Ingelheim (Canada)
- Sale of Razor Risk to UK-based Parabellum
- Memorandum of Understanding signed with Shanghai Clearing House
- TSX launched its new centralised mutual fund solution, TSX NAVex.
- Launches first blockchain-based prototype
- Toronto Stock Exchange and TSX Venture Exchange expand to Israel
- Sale of Atrium Network to Intercontinental Exchange (ICE)
Sources: https://www.tmx.com; TMX annual report 2016; TMX investor brochure May 2017, et al
- Animals to equity: stock market histories of the world
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Top ten stock exchanges of the world
- New York Stock Exchange (NYSE)
- NASDAQ (originally the National Association of Securities Dealers Automated Quotation exchange)
- London Stock Exchange (LSE)
- Tokyo Stock Exchange (TSE)
- Shanghai Stock Exchange (SSE)
- Hong Kong Stock Exchange (SEHK)
- Shenzhen Stock Exchange (SZSE)
- Toronto Stock Exchange (TMX)
- Frankfurt Stock Exchange (FWB)