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TMX Group

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TMX Group Limited is a Canadian financial services company that operates equities, fixed income, derivatives, and energy markets exchanges. The company provides services encompassing listings, trading, clearing, settling and depository facilities, information services as well as technology services for the international financial community.

TMX Group Limited
Company typePublic
TSX: X
IndustryFinancial services
Founded1 May 2008; 16 years ago (2008-05-01)
HeadquartersToronto, Ontario, Canada
Key people
Luc Bertrand, Chairman
John McKenzie, CEO
ProductsStock exchange, futures exchange, market data
Revenue$1.1 billion (2022) [1]
$524.5 million (2022) [1]
$542.7 million (2022) [1]
Total assets$55,983.1 million (2022) [1]
Total equity$4,207.4 million (2022)[1]
Number of employees
1,693 (2022) [1]
DivisionsToronto Stock Exchange
TSX Venture Exchange
Montreal Exchange
Boston Options Exchange
Trayport
Websitetmx.com
TMX Group offices at 130 King Street West in Toronto, Ontario, Canada.

TMX Group is best known for its stock exchanges, Toronto Stock Exchange (TSX), which serves the senior equity markets, and TSX Venture Exchange (TSXV), which serves the public venture equity market. TSXV was formerly known as the Canadian Venture Exchange (CDNX), but it also owns and operates other exchanges in Canada, including Montréal Exchange and TSX Alpha Exchange, as well as the country's depository, clearing and settlement business, CDS. TMX Group also owns and operates TMX Equity Transfer Services, Shorcan Brokers Limited, the Canadian Derivatives Clearing Corporation (CDCC), as well as stakes in both CanDeal.ca Inc. and BOX Options Exchange. Other notable subsidiaries of TMX Group include Trayport Limited, the developer of the Joule electronic trading platform for energy markets, and TMX Datalinx, which provides data products and services.

TMX Group is headquartered in Toronto and operates offices across Canada (Montreal, Calgary and Vancouver), in key U.S. markets (New York City, Houston, Boston and Chicago), and overseas (London, Beijing, Singapore and Sydney).

History

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In 2001, the Toronto Stock Exchange acquired the Canadian Venture Exchange (formed by the merger of the Vancouver Stock Exchange and Alberta Stock Exchange on November 29, 1999), which was renamed the TSX Venture Exchange on July 31, 2001. The acquisition was carried out through a parent company, TSX Group Inc.

The Montreal Exchange was acquired on December 10, 2007, for C$1.31 Billion.[2][3] The acquisition was completed on May 1, 2008, and the corporation subsequently renamed to TMX Group Inc.

On June 11, 2008, at a meeting of shareholders of TSX Group Inc, a resolution to change the name of the corporation to TMX Group Inc. was put forward. The formal vote for the deal took place in September.[4]

On February 9, 2011, the London Stock Exchange Group announced that they had agreed to merge with the TMX, creating a combined entity with a market capitalization of $5.9 billion (£3.7 billion). Xavier Rolet, CEO of the LSE Group, will head the company, while TMX Chief Executive Thomas Kloet will become president. Based on data from November 30, 2010, the new stock exchange would be the second largest in the world with a market cap 47% greater than the Nasdaq.[5] Announced on June 1, 2011, the provisional name for the combined group would be LTMX Group plc.

On June 13, 2011, a rival bid from the Maple Group of Canadian interests, was unveiled: a cash and stock bid of $3.7 billion CAD, in hopes of blocking the LSE Group's takeover of TMX. The group is composed of the leading banks and financial institutions of Canada.[6] Luc Bertrand, spokesman for Maple Group and one of the drivers of the bid, is vice chairman of the National Bank of Canada and also TMX Group's largest individual shareholder.[7]

On June 22, 2011, the LSE Group and TMX agreed to pay a special dividend to shareholders. The special dividend is meant to sway voters away from Maple Group's rival bid.[8] The dividend was valued at $678 million, with TMX shareholders receiving $4 per share and LSE shareholders receiving $1.36 per share. Including the special dividend, the LSE agreement would be valued at $48.90 per share versus the $48 per share of Maple. The exchanges also pledged to maintain the dividend at least as high as the current TMX annual payout, which is C$1.60 a share.[8]

On June 29, LSEG and TMX terminated the merger plans after it appeared that the merger would not be approved by the needed two-thirds majority of TMX shareholders.[9]

On July 11, 2012, Maple Group's deal was approved by all federal and provincial regulatory authorities, including the Ontario Securities Commission[10] and the Autorité des marchés financiers.

On July 31, 2012, Maple Group announced that it won control of the TMX Group, as 91% of shares were tendered for its takeover offer. The formal vote for the deal will take place in September.[11]

On January 21, 2013, TMX Group announced that combined, Toronto Stock Exchange and TSX Venture Exchange were first in the world among global exchanges by number of new listings for the fourth consecutive year, according to data from the World Federation of Exchanges (WFE) as of December 31, 2012.[12]

On February 13, 2013, TMX Group announced it had entered into an agreement with Equity Financial Holdings Inc. (Equity) to acquire its transfer agent and corporate trust services business.[13]

On July 25, 2013, the S&P Dow Jones Indices and TMX Group announced the launch of the S&P/TSX High Income Energy Index. The new index was licensed by S&P Dow Jones Indices to Guggenheim Investments for an Exchange Traded Fund listed on the New York Stock Exchange.[14]

On February 12, 2014, TSX Venture Exchange announced the 2014 TSX Venture 50, an annual ranking of strong performing companies from five sectors: Clean Technology, Diversified Industries, Mining, Oil & Gas, and Technology & Life Sciences.[15]

On March 25, 2014, TMX Group announced plans to launch a business to facilitate capital raising and the trading of securities in the exempt market. TSX Private Markets enables TMX Group to serve companies throughout their evolution from start-up, to private issuer, to public issuer.[16]

On October 31, 2014, TMX completed its acquisition of the microwave network business of Strike Technologies Services LLC.[17]

On June 2, 2015, TMX Group announced a realignment of the organization. The changes follow the completion of an in-depth strategic review of the organization, which began in January 2015.[18]

On June 16, 2015, TMX Group announced a new initiative. AgriClear, an online platform designed to provide U.S. and Canadian cattle buyers and sellers with an efficient, cost-effective transaction and payment service.[19]

On November 12, 2018, TMX Group launched TMX Matrix, a platform designed to showcase regulated growth companies listed on TSX Venture Exchange.

On June 30, 2020, TMX Group integrated TMX Matrix with TMX Money, its flagship site that provides free real-time stock quotes for retail investors.

In November 2022, it was announced TMX Group had acquired the Boston-based provider of global market-moving action and corporate event data, Wall Street Horizon.[20]

In December 2023, TMX Group acquired a 78% stake in U.S. data analytics company VettaFi Holdings for $848 million.[21]

Management

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In September 2004, Stymiest announced the resignation of Barbara Stymiest as CEO of the TSX Group so that she could join the RBC Financial Group to serve as its COO. In December 2004, the TSX Group announced the appointment of Richard Nesbitt as the new CEO of TSX Group. Nesbitt had previously served as president and chief executive officer of HSBC Securities Canada. Nesbitt stepped down in January 2008, and was replaced by Thomas Kloet on July 14, 2008.

On January 18, 2013, TMX Group Limited announced the appointment of Jean Desgagne as president and chief executive of the Canadian Depository for Securities Limited (CDS), Canada's national securities depository, clearing and settlement hub for equity, fixed income and money markets. He replaced Ian Gilhooley, who retired on December 31, 2012.[22]

On May 30, 2013, TMX Group announced the appointment of Deana Djurdjevic to senior vice president, Equities Trading.[23]

On March 17, 2014, TMX Group announced that chief executive Thomas Kloet would retire from the company effective August 31, 2014.[24] The company later announced on August 12, 2014, that Kloet would remain in the role of CEO until October 31, 2014.[25]

On September 29, 2014, TMX Group announced that it had selected Lou Eccleston to lead the organization as its CEO effective November 3, 2014.[26]

On March 2, 2015, TMX Group announced the promotion of Cheryl Graden to senior vice president, Group Head of Legal and Business Affairs and Corporate Secretary. She was also appointed an officer of TMX Group Limited and its subsidiaries.[27]

On July 16, 2015, TMX Group announced that it had named Nicholas Thadaney, president & CEO, Global Equity Capital Markets effective September 1, 2015. Mr. Thadaney, who reports to TMX Group's Chief Executive Officer, is responsible for all of TMX Group's equity listing and trading activity.[citation needed]

References

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  1. ^ a b c d e f "Annual Report" (PDF). s1.q4cdn.com. March 31, 2023. Archived (PDF) from the original on 1 June 2023. Retrieved 1 June 2023.
  2. ^ Bloomberg, "TSX Group Buys Montreal Exchange for C$1.31 Billion", Doug Alexander, 22 June 2011
  3. ^ "TSX GROUP AND MONTRÉAL EXCHANGE JOIN FORCES TO CREATE TMX GROUP" (PDF). TSX Group. 2007. Retrieved 2 July 2011.
  4. ^ "TMX GROUP HISTORY AT A GLANCE" (PDF). TMX Group. Archived from the original (PDF) on 2010-12-25. Retrieved 2 July 2011.
  5. ^ "TMX Group Inc. to Discuss merger with London Stock Exchange Group plc". TMX Group. 9 February 2011. Archived from the original on 17 September 2012. Retrieved 2 July 2011.
  6. ^ Reuters, "Maple Group goes hostile for TMX", Solarina Ho
  7. ^ Alexander, Doug; Pasternak, Sean B. (2011-05-17). "National Bank's Bertrand Returns to Exchange Roots in Counterbid for TMX". Bloomberg.
  8. ^ a b BusinessWeek, "LSE, TMX Sweeten Merger With C$660 Million Special Dividend", Sean Pasternak
  9. ^ Flavelle, Dana (29 June 2011). "Toronto-London stock exchange merger terminated". The Star. Toronto.
  10. ^ Erman, Boyd (11 July 2012). "Maple bid for TMX clears last regulatory hurdles". The Globe and Mail. Retrieved 16 July 2012.
  11. ^ Freeman, Sunny (31 July 2012). "Maple Group wins control of TMX, with 91 per cent of shares tendered". The Globe and Mail. Retrieved 15 August 2012.
  12. ^ "TMX - Newsroom - TMX Group Equity Exchanges Ranked First in the World for Number of New Listings in 2012". www.tmx.com.
  13. ^ "TMX - Newsroom - TMX Group Expands into Transfer Agent Business". www.tmx.com.
  14. ^ "TMX - Newsroom - S&P Dow Jones Indices, TMX Group Launch High Income Energy Index". www.tmx.com.
  15. ^ "TMX - Newsroom - TSX Venture Exchange Announces the 2014 TSX Venture 50". www.tmx.com.
  16. ^ "TMX - Newsroom - TMX Group to Expand Into Private Markets". www.tmx.com.
  17. ^ "TMX - Newsroom - Press Releases - Acquisition of Strike Technologies Services' Microwave Network Business Completed". www.tmx.com.
  18. ^ "TMX - Newsroom - Press Releases - TMX Group Announces Strategic Realignment". tmx.com. Retrieved 2015-11-17.
  19. ^ "Archived copy" (PDF). Archived from the original (PDF) on 2016-03-11. Retrieved 2016-03-10.{{cite web}}: CS1 maint: archived copy as title (link)
  20. ^ "TMX Group acquires Wall Street Horizon". www.hedgeweek.com. 2022-11-08. Retrieved 2022-11-08.
  21. ^ "Toronto Stock Exchange operator TMX buys remaining stake in VettaFi for $848 million". Yahoo Finance. 2023-12-14. Retrieved 2023-12-14.
  22. ^ "TMX - Newsroom - TMX Group Names Jean Desgagne to Head CDS". www.tmx.com.
  23. ^ "TMX - Newsroom - TMX Group Appoints Deana Djurdjevic to lead equity trading". www.tmx.com.
  24. ^ "TMX - Newsroom - Thomas Kloet, Chief Executive Officer, will retire from the company effective August 31, 2014". www.tmx.com.
  25. ^ "TMX - Newsroom - TMX Group CEO Thomas Kloet Extends Contract". www.tmx.com.
  26. ^ "TMX - Newsroom - TMX Group Limited Appoints Lou Eccleston as Chief Executive Officer". www.tmx.com.
  27. ^ "TMX - Newsroom - TMX Group Limited Appoints Cheryl Graden Senior Vice President, Group Head of Legal and Business Affairs". www.tmx.com.
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