TMX Group (X) Barclays 23rd Annual Global Financial Services Conference summary

Macroeconomic and market trends

• Elevated trading volumes 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.

• IPO pipeline in Canada is robust and diverse, with over 50% of prospective listings from outside Canada and over 50% in the innovation sector.

• ETF and non-corporate issuer listings are on track to surpass previous records.

Trading and technology initiatives

• Strong growth in Canadian derivatives, especially in two-year (27% growth) and five-year (30% growth) contracts, outpacing the mature 10-year product.

• U.S. ATS launched in January, leveraging in-house technology, showing consistent monthly growth and now being considered for repatriation to upgrade Canadian matching engines.

• Post-trade modernization completed, enabling new products like SGC Notes and CCMS, expected to drive revenue growth into 2026 and beyond.

Global insights and data businesses

• Trayport continues double-digit growth, driven by client renewals, geographic expansion (notably Japan and the U.S.), and new asset classes like renewables and potentially oil.

• Trayport's European market is not yet saturated, with 82 new clients in the last 18 months; U.S. revenue now at GBP 7 million per annum.

• AI is expected to enhance Trayport's software deployment and client trading strategies, with proprietary data remaining secure.