Summary

  • TMX Group is an integrated, multi-asset class exchange group.
  • TMX operates global markets, and builds digital communities and analytic solutions.
  • TMX Group started in 1852 as an Association of Brokers later in 1861 they formedToronto Stock Exchange
  • TMXXF0.png

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Company Overview

TMX Group (TSX:X, OTC:TMXXF) is an integrated, multi-asset class exchange group. TMX Group's key subsidiaries operate cash and derivative markets and clearinghouses for multiple asset classes including equities, fixed income and energy. The company also provide clearing facilities, data products and other services to the international financial community.1

TMX operates global markets, and builds digital communities and analytic solutions that facilitate the funding, growth and success of businesses, traders and investors.

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Company History

A group of Toronto businessmen met on October 24, 1852 with the intention of forming an "Association of Brokers". The association created that day established the framework for Toronto Stock Exchange2

YearMilestones
1852A group of Toronto businessmen met on October 24,1852 with the intention of forming an "Association of Brokers". The association created that day established the framework for Toronto Stock Exchange
1861In 1861, a resolution was passed by the association to formally create the Toronto Stock Exchange.
1913The Exchange built and moved into its own building on Bay Street. Technological advances led to the introduction of the first print-out-ticker which carried a series of trading prices as well as bid and ask offering quotations.
1914The fear of financial panic when World War I was declared prompted The Toronto Stock Exchange to cease operations for three months, beginning July 28, 1914.
1924Canadian corporations issued securities worth more than $700 million. The number of shares traded in 1924 was 908,000. Five years later, the number of shares traded grew to over 10 million a year.
1936In 1934, Toronto Stock Exchange merged with its key competitor, The Standard Stock and Mining Exchange. The merged markets adopted the name, Toronto Stock Exchange and became North America’s third largest exchange in 1936.
1955In 1955, the price of Toronto Stock Exchange membership was $100,000 and a record 1 billion shares traded worth $2.6 billion.
1977Toronto Stock Exchange launched the world's first Computer Assisted Trading System (CATS™). The same year the TSE 300 Composite Index™ was launched.
1983Toronto Stock Exchange moved to the Exchange Tower at 130 King Street West.
1987On October 19, 1987, stock markets around the world suffered a major correction. The TSE 300 Composite Index dropped more than 400 points in very active trading.
1990The Toronto 35 Index® and the world’s first ETF the Toronto 35 Index Participation Fund was created.
1996Toronto Stock Exchange became the first exchange in North America to introduce decimal trading.
2002In April 2002, The Toronto Stock Exchange Inc. re-branded its organization and adopted the acronym TSXⓇ.
2002In September 2002, TSX Group Inc. filed a preliminary prospectus for an initial public offering of its common shares, as the holding company of TSX Inc.
2002In November 2002,TSX Group Inc. became a public company with shares listed on its own exchange.
2008In June 2008, TSX Group Inc. was renamed TMX Group Inc. with the approval of shareholders.
2011On February 9, 2011, London Stock Exchange Group Plc and TMX Group Inc. announced plans to join forces in a merger of equals.
2012On July 31, 2012, Maple and TMX Group Inc. announced that all of the conditions to Maple's offer to acquire up to 80% of the TMX Group shares (including the receipt of all regulatory approvals) had been satisfied.
2017In October 2017, TMX Group announced an agreement to acquire London-based Trayport, the primary connectivity network and data analytics platform for European wholesale energy markets. As part of the transaction, TMX Group sold both NGX and Shorcan Energy Brokers. The transaction closed in December 2017.
2020In September 2020, TMX Group announced an agreement to acquire AST Investor Services Inc. (Canada) and its subsidiary AST Trust Company (Canada), a leading provider of transfer agency, corporate trust and related services to Canadian public and private companies.
2020In December 2020, we completed construction of TMX Market Centre, a state-of-the-art modern digital facility located at the base of our Toronto headquarters.
2021

In February 2021, Toronto Stock Exchange listed the World’s First Bitcoin ETF

In June 2021, David Arnold was appointed as CFO.

In August 2021, we completed the acquisition of AST Investor Services Inc. (Canada) and its subsidiary AST Trust Company (Canada), a leading provider of transfer agency, corporate trust, and related services.

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TMX Group Companies

  • Toronto Stock Exchange
  • TSX Venture Exchange
  • TSX Trust
  • Montréal Exchange
  • TSX Alpha Exchange
  • Shorcan
  • CDCC
  • CDS
  • TMX Datalinx
  • TMX Insights
  • Trayport

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Business Overview

The COVID-19 pandemic has had an unprecedented impact on market and general economic conditions. The rise in retail trading activity the company saw at the start of the pandemic in 2020, peaked in Q1/21 and have since returned to prepandemic levels. The average CBOE Volatility Index (VIX) was 19.7 in 2021 compared with 29.3 in 2020. Overall, Canadian equities trading volumes were up 13% in 2021 compared with 2020. 19 Across all of its equities markets, overall trading volumes were up 2% in 2021 compared with 2020 with trading volumes on TSX Alpha Exchange (Alpha) and TSX Venture Exchange (TSXV) increasing by 19% and 24%, respectively while trading volumes on Toronto Stock Exchange (TSX) decreased by 10%. In Canadian derivatives trading, the volume of contracts traded on MX was up 29% in 2021 compared to 2020.3

On TSX, the total amount of financing dollars raised increased by 27% from 2020 to 2021, and the total number of financings increased by 20% over the same period. On TSXV (including NEX) there was a 66% increase in the total amount of financing dollars raised, while the total number of financings declined 2% in 2021 over 2020.

On January 26, 2022, the Bank of Canada (the Bank) held its target for the overnight rate at ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent. The Bank removed its exceptional forward guidance on its policy interest rate. The Bank said the global recovery from the COVID-19 pandemic is strong but uneven. The US economy is growing robustly while growth in some other regions appears more moderate, especially in China due to current weakness in its property sector. Strong global demand for goods combined with supply bottlenecks that hinder production and transportation are pushing up inflation in most regions. As well, oil prices have rebounded to well above pre-pandemic levels following a decline at the onset of the Omicron variant of COVID-19. Financial conditions remain broadly accommodative but have tightened with growing expectations that monetary policy will normalize sooner than was anticipated, and with rising geopolitical tensions. Overall, the Bank projects global GDP growth to moderate from 6¾ % in 2021 to about 3½ % in 2022 and 2023.

The Bank added that the Omicron variant is weighing on activity in the first quarter. While its economic impact will depend on how quickly this wave passes, it is expected to be less severe than previous waves. Economic growth is then expected to bounce back and remain robust over the projection horizon, led by consumer spending on services, and supported by strength in exports and business investment. After GDP growth of 4½ % in 2021, the Bank expects Canada’s economy to grow by 4% in 2022 and about 3½ % in 2023.

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Business Overview

Capital Formation

TMX Group operates a unique two-tiered ecosystem, comprised of Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV), to help companies access the public markets, raise capital and provide liquidity to shareholders. TSX is a leading listings venue for established domestic and international issuers. TSXV is the pre-eminent global platform for facilitating venture stage capital formation.

In general, established issuers initially list on TSX through an Initial Public Offering (IPO), by graduating from TSXV, or by seeking a secondary listing (to complement an existing listing on another listing venue). Venture stage companies generally list on TSXV either in connection with an IPO, or through alternative methods such as TSXV’s Capital Pool Company program or a reverse takeover. The company also operate NEX, a market for issuers that have fallen below the listing standards of TSXV.

Issuers list a number of different types of securities including conventional securities such as common shares, preferred shares, rights and warrants; and a variety of alternative types of structures such as exchangeable shares, debt or convertible debt instruments, limited partnership units, ETFs, and structured products such as investment funds.

TMX Group is a global leader in listing small and medium-sized businesses with concentration in resource sector listings and a growing number of innovation companies, including those in the technology, clean technology, renewable energy and life science sectors. In 2021, the company welcomed 449 new listings, of which 110 were innovation companies and 49 were international (non-Canadian) companies. Issuers listed on TSX and TSXV raised a combined $56.9 billion in 2021 ($45.9 billion on TSX and $11.0 billion on TSXV).

In addition to its listing facilities, the company offer other services to its listed issuers. TSX Company Services is focused on enhancing and expanding its service offering to support the funding, growth, and success of its listed companies. Together with industry leading service providers, the company offer services, solutions and resources designed to help its clients reach their corporate objectives. Additionally, the company provide ESG reporting best practice information, materials and educational opportunities for its issuers as well as service offerings to help facilitate companies’ ESG disclosures into leading frameworks and standards for investors.

Within Capital Formation is TSX Trust, second by market share, servicing approximately 31% of listed issuers when measured by clients on the TSX, TSXV, and Canadian Securities Exchange (CSE). The business supports over 2,500 equity and debt issuers and private companies with corporate trust, transfer agent, registrar and registered plan services. In August 2021, the company acquired AST Canada.

Equities and Fixed Income Trading & Clearing

Equities Trading

TSX, TSXV and Alpha operate fully electronic exchanges that facilitate secondary trading in TSX and TSXV-listed securities on a continuous auction basis throughout the trading day.

Retail, institutional and other proprietary investors and traders place orders to buy or sell securities through Participating Organizations (POs)/Members of the exchanges. In addition to continuous trading throughout the day, TSX and TSXV also operate opening and closing auctions, which are central sources of liquidity for trading in Canada during those times. The closing auctions also establish the industry benchmark closing price for its listed securities. A post-closing trading session on TSX and TSXV allows for further opportunity to trade at the closing price. Additional trading features and functionalities are offered to accommodate a range of trading strategies and provide flexibility and optionality to clients. Each of TSX, TSXV and Alpha also allow POs to report their internally matched orders, by printing them as crosses on the exchanges at no cost.

Fixed Income Trading

Shorcan acts as an inter-dealer bond broker (IDB) that specializes in the Canadian fixed income marketplace, brokering products that include Government of Canada, provincial, corporate, strip, and mortgage bonds, repurchase agreements (repos) and swaps. Shorcan serves financial institutions that are broker-dealers registered with IIROC and that are CDCC members; the buy-side does not participate. Inter-dealer brokers can be accessed via broker screens that run on desktop computers at a trader’s desk or via voice lines.

CDS is Canada's national securities depository, clearing and settlement hub for domestic and cross-border depositoryeligible securities. CDS supports Canada's equities, fixed income and money markets and is accountable for the safe custody and movement of securities, the processing of post-trade transactions, and the collection and distribution of entitlements relating to securities deposited by participants.

CDS’s domestic clearing and settlement services enable participants to report, confirm or match, reconcile, net and settle exchange and OTC traded equity, debt and money market transactions, as well as derivative transactions in depository-eligible securities (e.g., the processing of rights and warrants and the settlement of exercised options). CDS also offers related services such as buy-ins, risk controls and reporting, and facilitates trading in CDSX (CDS’s multilateral clearing and settlement system) eligible securities before they are publicly distributed (trades in these securities settle after public distribution). CDSX is designated by the Bank of Canada as being systemically important, under the Payment Clearing and Settlement Act (Canada).

CDS Depository is accountable for the safe custody and movement of depository-eligible domestic and international securities, accurate record-keeping, processing post-trade transactions, and collecting and distributing entitlements arising from securities deposited by participants.

Other CDS services include, the issuance of International Security Identification Numbers (ISINs), depository eligibility, securities registration as well as entitlement and corporate action (E&CA) event management.

For the period starting November 1, 2012 and subsequent fiscal years starting on January 1, 2013, CDS shares with participants, on a 50:50 basis, any annual increases in revenue on clearing and other core CDS Clearing services, as compared with revenues in fiscal year 2012 (the 12-month period ending October 31, 2012). Beginning January 1, 2015 and subsequent years, CDS also shares with Participants, on a 50:50 basis, any annual increases in revenue applicable to the New York Link/Depository Trust Company Direct Link Liquidity Premium. Rebates are paid on a pro rata basis to participants in accordance with the fees paid by such participants for these services. Effective August 1, 2021, as a result of New York Link fee change, the pass through liquidity facility fees are no longer subject to 50:50 rebate.

Derivatives Trading and Clearing

The company's domestic financial derivatives trading is conducted through MX, Canada’s standardized financial derivatives exchange. Headquartered in Montréal, MX offers trading in interest rate, index, equity and currency derivatives. BOX is an equity options market located in the U.S and as at December 31, 2021, MX held approximately 42.6% ownership interest in BOX.

MX

MX offers interest rate, index, equity and currency derivatives to Canadian and international market participants. MX connects participants to its derivatives markets, builds business relationships with them and works with them to ensure that the derivatives offerings meet investor needs. In 2021, approximately 53% of MX’s volume was represented by four futures contracts – the Three-Month Canadian Bankers’ Acceptance Futures contract (BAX), the 5-Year Government of Canada Bond Futures contract (CGF), the 10-Year Government of Canada Bond Futures contract (CGB) and the S&P/TSX 60 Standard Futures contract (SXF) – with the balance largely represented by its equity and ETF options market.

BOX

BOX (BOX Holdings Group LLC and BOX Exchange LLC) is an all-electronic equity derivatives market and is one of a number of equity options markets in the U.S. All BOX trade volume is cleared through the Options Clearing Corporation. See discussion under Initiatives and Accomplishments - Derivatives Trading and Clearing - BOX.

Derivatives – Clearing

CDCC acts as the central clearing counterparty for exchange-traded derivative products in Canada and for a growing range of customized financial instruments. CDCC’s role is to ensure the integrity and stability of the markets that it supports. CDCC provides central clearing counterparty (CCP) clearing and settlement services for all MX transactions and certain over-the-counter (OTC) derivatives, including fixed income repurchase and reverse repurchase agreement (REPO) transactions. In addition, CDCC is the issuer of options traded on MX markets.

CDCC is an integrated central clearing counterparty in North America that clears and settles futures, options and options on futures. The Canadian Derivatives Clearing Service (CDCS) operated by CDCC has been designated by the Bank of Canada as being a systemically important financial market infrastructure under the Payment Clearing and Settlement Act (Canada).

Derivatives – Regulatory Division

MX is recognized by the Autorité des marchés financiers (AMF) as a Self-Regulatory Organization (SRO) that has responsibility for maintaining the transparency, credibility and integrity of the exchange-traded derivatives market in Canada. MX’s Regulatory Division oversees the regulatory functions. It is responsible for the regulation of its markets and its trading participants.

The Regulatory Division operates as a separate and independent unit of MX. It is subject to the oversight of MX’s Special Committee – Regulatory Division. The Special Committee – Regulatory Division, which is appointed by the Board of Directors of MX, is composed of a majority of independent members, none of whom is a member of the Board of Directors of MX or CDCC. The Regulatory Division operations are self-funded and are carried out on a not-for-profit basis.

The Regulatory Division generates revenue from regulatory fees principally comprised of market surveillance fees collected by MX on behalf of its Regulatory Division. Market regulation fees are recognized in the month in which the services are provided.

Any surplus in the Regulatory Division must be, subject to the approval of the Special Committee – Regulatory Division, redistributed to MX’s approved participants and any shortfall must be made up by a special assessment by MX’s participants or by MX upon recommendation of the Special Committee – Regulatory Division. Regulatory fines are accounted for separately from regulatory fees revenues. The regulatory fines can be used only for specifically approved purposes, such as educational initiatives.

Global Solutions, Insights, and Analytics

The company deliver data to fuel high-value proprietary and third party analytics to help clients make better trading and investment decisions, and provide solutions to European wholesale energy markets for price discovery, trade execution, post-trade transparency, and post-trade straight through processing.

TMX Datalinx

Trading activity on TSX, TSXV and Alpha produces a stream of real-time data reflecting orders and executed transactions. This stream of data is supplemented with value-added content (e.g. dividends, earnings) and packaged by TMX Datalinx, its information services division, into real-time market data products and delivered to end users directly or via Canadian and global redistributors that sell data as feeds and for desktop product use. The company's market data is available globally through a large number of network carriers and extranets.

The company offer its subscribers Level 1, and Level 2 real-time services for TSX, TSXV and Alpha. Level 1 provides trades, quotes, corporate actions and index level information. Level 2 provides a more in-depth look at the order book and allows distributors to obtain Market Book for TSX, TSXV and Alpha. Market Book is an end-user display service that includes Market-by-Price, Market-by-Order and Market Depth by Broker for all committed orders and trades.

The company also provide market participants with low-latency access to real-time Level 1 and Level 2 market data consolidated to include all domestic equities marketplaces, by way of its TMX Information Processor Consolidated Data Feed (CDF), Canadian Best Bid and Offer (CBBO), Consolidated Last Sale (CLS), and Consolidated Depth of Book (CDB) services. The company's Information Processor mandate from securities regulators was approved in June 2018 for an additional four year period.

Historical market data products include market information such as historical tick data, official market statistics and close prices and corporate information such as dividends and corporate actions used in research, analysis and trade clearing, including via TMX Analytics product suites to enable increased usability for clients.

TMX Group has an arrangement with S&P Dow Jones Indices (S&P DJI) under which the company share license fees received from organizations that create products, such as mutual funds and ETFs, based on the S&P/TSX indices. In general, these license fees are based on a percentage of funds under management in respect of these proprietary products. The multiyear Index Operation and License Agreement between TSX Inc. and S&P DJI covers the creation and publication of all S&P/TSX indices22, while also providing MX with the rights to list futures and options on the S&P/TSX indices.

Co-location Services

The company provide co-location services to a broad range of domestic and international market participants. The company's co-location services clients benefit from stable, low-latency access to TSX, TSXV, Alpha, and MX trading engines and market data feeds, as well as access to other capital market clients, financial content providers, and technology providers.

Trayport

Trayport is the primary connectivity network and data and analytics platform for the European wholesale energy markets. Trayport's solutions provide price discovery, trade execution, post-trade transparency, and post-trade straight through processing.

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Financial Highlights

Revenue was $980.7 million in 2021 up $115.6 million or 13% compared with $865.1 million in 2020 attributable to increases in revenue from Capital Formation, Equities Trading, CDS, Derivatives Trading and Clearing as well as Global Solutions, Insights and Analytics, partially offset by a decrease in Fixed Income Trading revenue.

Operating expenses in 2021 were $489.5 million, up $40.3 million or 9%, from $449.2 million in 2020. There were approximately $21.9 million of expenses included in 2021 related to AST Canada (acquired August 12, 2021), including $2.0 million related to amortization of acquired intangibles (3 cents per basic and diluted share), $2.0 million related to the TSA, acquisition and related costs of $3.1 million (5 cents per basic and diluted share), as well as integration costs of $3.4 million (4 cents per basic and diluted share).

The increases were somewhat offset by net litigation settlement costs of $12.4 million (16 cents per basic and diluted shared) in 2020. The company also incurred $1.7 million (3 cents per basic and diluted share) in acquisition and related costs related to AST Canada in 2020. There was a $1.8 million decrease in expenses largely relating to the release of a provision for restoration costs for its data centre in 2021. There was also a reduction in long term incentive plan costs of approximately $7.0 million, and lower severance costs in 2021 compared with 2020. In addition, there was a $1.5 million reduction in commodity tax provision (2 cents per basic and diluted share) in 2020.

Selling, general and administration expenses decreased by $0.4 million in 2021 compared with 2020 primarily due to net litigation settlement costs of $12.4 million (16 cents per basic and diluted share) in 2020. There was also a $1.8 million decrease in expenses largely relating to the release of a provision for restoration costs for its data centre in 2021.

Net income in 2021 was $338.5 million, or $6.03 per common share on a basic and $5.99 per common share on a diluted basis, compared with a net income of $279.7 million, or $4.96 per common share on a basic and $4.91 on a diluted basis, for 2020. The increase in net income reflected an increase in income from operations of $75.3 million. The increase in income from operations from 2020 to 2021 was driven by an increase in revenue of $115.6 million, which included $13.7 million related to AST Canada (acquired August 12, 2021), slightly offset by an increase in operating expenses of $40.3 million. The increase in operating expenses included approximately $21.9 million of expenses included in 2021 related to AST Canada, including $2.0 million related to amortization of acquired intangibles (3 cents per basic and diluted share), $2.0 million related to the TSA, acquisition and related costs of $3.1 million (5 cents per basic and diluted share), as well as integration costs of $3.4 million (4 cents per basic and diluted share). In 2021, the company also incurred a $19.6 million (35 cents per basic and diluted share) increase in income tax expenses relating to the previously announced increase in the U.K. corporate income tax rate.

First Quarter 2022 Results

May 2, 2022; TMX Group Limited announced results for the first quarter ended March 31, 2022.4

Commenting on the first quarter of 2022, John McKenzie, Chief Executive Officer of TMX Group, said:

“The company's results for the first three months of the year reflect the balanced strength and resiliency of TMX's enhanced business model, and the benefits of its consistent, long-term strategy to drive sustainable growth. While external factors, including increased volatility and geopolitical events impacted capital raising activity and equities trading volumes here in Canada and across the world, TMX delivered positive revenue growth compared with the first quarter of last year, highlighted by year-over-year growth from Trayport, and revenue from AST Canada, acquired in August 2021. As the company look to the future, TMX's people remain dedicated to building on its success; focused on serving the diverse and continually evolving needs of its dynamic and global client base, and executing on its growth strategy."

Commenting on TMX Group's performance in the first quarter of 2022, David Arnold, Chief Financial Officer of TMX Group, said:

"The company delivered a solid start to 2022 this past quarter with revenue growth of 14% including revenue increases across all its business with the exception of Equities and Fixed Income Trading and Clearing. Revenue excluding BOX, AST Canada, and Tradesignal was down 3% compared with a record first quarter last year. The company managed costs to below the rate of inflation as reflected in the 2% increase in operating expenses excluding BOX, AST Canada, and Tradesignal. The company reported a 179% increase in diluted earnings per share, which included a gain from the revaluation of its interest in BOX upon acquisition of voting control on January 3, with adjusted diluted earnings per share lower by 3%.”

BOX

On January 3, 2022 BOX Holdings Group LLC (BOX) executed a unit buy-back with certain members which resulted in TMX Group's economic and voting interests increasing from 42.6% and 45.5%, to 47.9 % and 51.4%, respectively. As a result, effective January 3, 2022, TMX Group obtained voting control over BOX and commenced consolidating the entity. Going forward, non-controlling interests ("NCI") related to BOX (52.1%), including net income and equity attributable to NCI will be reported in its financial statements. The transaction has been accounted for as a business combination in accordance with IFRS 3, Business Combinations. TMX Group remeasured its previously held interest, resulting in a non-cash gain of approximately $177.9 million, recognized in the consolidated income statements as other income. BOX is included in the Derivatives Trading & Clearing operating segment

Net income attributable to equity holders of TMX Group in Q1/22 was $267.4 million, or $4.78 per common share on a basic and $4.75 per common share on a diluted basis, compared with a net income attributable to equity holders of TMX Group of $96.4 million, or $1.71 per common share on a basic and $1.70 on a diluted basis, for Q1/21. The increase in net income attributable to equity holders of TMX Group reflected a gain on the revaluation of its interest in BOX upon acquisition of voting control of $177.9 million in Q1/22, and an increase in income from operations of $9.1 million. The increase in income from operations from Q1/21 to Q1/22 was driven by an increase in revenue of $35.1 million, which included $33.0 million related to BOX (consolidated January 2022) and $8.8 million related to AST Canada (acquired August 12, 2021), somewhat offset by an increase in operating expenses of $26.0 million. The increase in operating expenses included approximately $24.5 million in Q1/22 related to AST Canada (acquired August 12, 2021), BOX (consolidated January 2022), and Tradesignal (acquired June 1, 2021). The increased expenses included $2.8 million related to amortization of acquired intangibles for AST and BOX (4 cents per basic and diluted share), $1.3 million related to the TSA, as well as AST Canada integration costs of $1.2 million (2 cents per basic and diluted share). The increase in earnings per share was also partially attributable to a decrease in the number of weighted average common shares outstanding from Q1/21 to Q1/22.

Adjusted net income decreased by 3% from $106.4 million in Q1/21 to $102.7 million in Q1/22 largely driven by higher operating expenses, partially offset by higher revenue.

Adjusted diluted earnings per share decreased by 3% from $1.88 in Q1/21 to $1.82 in Q1/22 largely driven by higher operating expenses. This decrease was partially offset by higher revenue, and an increase in adjusted earnings per share attributable to a decrease in the number of weighted average common shares outstanding from Q1/21 to Q1/22.

References

  1. ^ https://investors.tmx.com/English/overview/about-us/default.aspx
  2. ^ https://investors.tmx.com/English/overview/historical-timeline/default.aspx
  3. ^ https://s1.q4cdn.com/620427297/files/doc_financials/2021/ar/2021-annual-report-en.pdf
  4. ^ https://s1.q4cdn.com/620427297/files/doc_financials/2022/q1/05_02_2022-TMX-Group-Limited-Q1-2022-English.pdf
Tags: US:TMXXF CA:X
Created by Asif Farooqui on 2022/05/20 04:43
     

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