TMX Group (X) Bank of America Financial Services Conference 2026 summary

IPO and capital formation trends

• IPO activity nearly doubled in 2025, but from a low base; a deep pipeline of private companies is ready to go public, indicating strong future potential.

• Financing activity for listed companies rose 60% last year, signaling robust market conditions.

• Multiple pathways exist for companies to list, with 11 firms graduating from the junior to senior market, contributing to global leadership in new listings.

Growth drivers and business segments

• Over half of business segments are classified as high growth, including global insights, energy platform Trayport, VettaFi, and derivatives.

• VettaFi saw 25% growth last quarter, split between organic and inorganic sources.

• Corporate solutions now represent 44% of capital formation revenue, with ambitions to exceed 50%.

U.S. expansion and product innovation

• U.S. headcount has grown to 240-250, with expansion across energy, market data, and index solutions.

• AlphaX U.S., an ATS, exceeded volume expectations in its first year and is among the fastest-growing ATS launches in recent years.

• The firm leverages Canadian-developed capabilities for U.S. market needs, serving clients active in both countries.