TMX Group (X) Canaccord Genuity's 46th Annual Growth Conference summary

Strategic growth and M&A

• Pursuing a strategy to increase recurring and international revenue, with Global Insights now contributing nearly half of profitability.

• M&A remains a key lever, with recent deals including MEMX and BOX to expand U.S. presence and Cboe Australia to accelerate entry into the Australian market.

• Integration of MEMX and BOX aims to create a scaled U.S. equities and options venue, with regulatory filings underway and closure expected within a year.

• Australian acquisition rebranded as TMX Australia Exchange, leveraging local teams and aiming for dual listings and technology upgrades.

Business segment performance and outlook

• VettaFi achieved 26–27% organic growth, with diversification into new asset classes and geographies; long-term guidance targets high single to double-digit growth.

• Trayport's network effect is a key differentiator, with future renewals expected to drive higher growth as more clients enter growth phases.

• Derivatives segment has seen strong organic growth, with 20%+ in 2024 and 32% projected for 2025, driven by expanded product offerings.

Technology, AI, and data strategy

• AI is viewed as an opportunity, enhancing productivity in software development and data analytics, but M&A targets are screened for AI defensibility.

• Proprietary data and human expertise are seen as strong moats, especially in index and analytics businesses like VettaFi and RAFI.

• TMX Datalinx is expanding co-location and next-gen hardware offerings, driven by client demand for AI-enabled trading infrastructure.