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TMX Group (X) investor relations material
TMX Group Barclays 23rd Annual Global Financial Services Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Macroeconomic and market environment
Elevated volumes in marketplaces driven by global uncertainty and interest rate outlook, with open interest on the Montreal Exchange up 60% year to date and equity volumes up 14% year over year.
New product launches and innovations, as well as the sunsetting of some market making programs, have contributed to performance beyond macroeconomic factors.
IPO pipeline is robust and diverse, with over 50% of companies outside Canada and over 50% in innovation sectors; ETF listings are on track to surpass previous records.
Trading and technology initiatives
Canadian derivatives on the Montreal Exchange show strong growth, with two-year and five-year contracts growing at 27% and 30% respectively, outpacing the ten-year contract.
US ATS launched in January, leveraging in-house technology, has seen compounded monthly growth and is now being considered for repatriation to upgrade Canadian matching engines.
Post-trade modernization project completed, enabling new products like SGC Notes and CCMS, expected to drive meaningful revenue into 2026 and beyond.
Global insights and data businesses
Trayport continues double-digit growth, driven by client renewals, geographic expansion (notably Japan and the US), and new asset classes like renewables and oil.
Trayport’s data is proprietary to clients, with AI expected to enhance both client trading strategies and internal software development and testing.
Vedify acquisition supports custom index creation and ETF launches, with growth tied to AUM and digital distribution; recent acquisitions expand European presence.
Cross-sell opportunities are increasing between Vedify, Trayport, and Datalinks, with unified leadership driving synergies and early dividends.
Datalinks growth supported by colocation demand, cross-selling, and US dollar contracts; focus on acquiring and integrating high-quality complementary datasets.
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