TMX Group (X) UBS Financial Services Conference 2026 summary

Business overview and growth objectives

• Operates across Canadian capital markets, including exchanges, derivatives, clearing, and international data platforms like Trayport and VettaFi.

• About half of revenue is generated outside Canada, with a focus on recurring, data-driven revenues.

• Long-term goal is for two-thirds of revenue to be recurring; currently at 52% due to strong trading performance.

• Global Insights segment targets 50% of business; currently at 44%.

Global Insights and Trayport performance

• Trayport remains a high-growth business, with European energy markets as a core driver and ongoing expansion in the U.S. and Asia.

• Growth in Trayport slowed slightly due to lower market volatility but remains strong with new products and clients.

• U.S. and Asian markets present long-term growth opportunities, especially as market fragmentation increases.

VettaFi and index business expansion

• VettaFi achieved 25% year-over-year growth in 2025, split between organic and inorganic expansion.

• Assets under management grew from CAD 32 billion to over CAD 80 billion in two years.

• Strategy focuses on new product development, global sales, and selective M&A for scalable, integratable assets.