Canadian Innovation Sector on the Upswing

Earlier this month, our resident technology expert, Michael Kousaie, Head, Business Development (Technology) at Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV), contributed a spotlight article about the innovation sector* to TechVibes, Canada’s leading technology news property. The editorial titled “Technology Resurgence on Canadian Public Markets Gives Companies New Funding Options” takes a close look at the state of (and outlook for) technology and innovation companies listed on TSX and TSXV, as well as the innovation sector’s performance so far in 2014.

Below is a brief selection from the article:

Some of the world’s most exciting technology and innovation companies are being founded, built, and funded in Canada—and investors from around the world are taking notice. These investors, though, aren’t just venture capitalists. As companies with an impressive depth of talent and dynamism turn to public markets to help them achieve their growth plans, demand is growing among public investors seeking to diversify their investments beyond typically dominant sectors such as mining and oil.

Click here to read the editorial in full.


*The innovation sector is comprised of the technology, clean technology, renewable energy, and life sciences sectors.

Monthly Insight into Your Exchange

We operate in a fast-paced, ever changing environment. No matter what business you are in, the simple fact remains that staying current is not only important – it is necessary. Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV)’s Market Intelligence Group (MiG) provides detailed market information through a monthly publication called The MiG Report. The Report provides year-to-date data on listings, equity financings and trading activity across TSX and TSXV, broken down by sector and region. With both monthly and full-year data reports going back to 2008, the MiG Report helps listed companies, analysts and other market participants get a full view of activity taking place on Canada’s capital markets.

Listed below are some of the statistics available through the MiG Report:

  • Year-to-date going public activity and new listings, both domestic and international
  • Equity capital raised by sector on TSX and TSXV
  • Comparison of major index performance
  • Trading volumes by sector on TSX and TSXV
  • Top 10 financings on both equities markets for the month and year-to-date
  • Sector snapshots

The MiG team also provides detailed lists of all listed companies on TSX and TSXV, including international and dual-listed companies, as well as up-to-date records of year-to-date new listings and a report of Capital Pool Companies (CPC) that have not announced their Qualifying Transactions.

Click here to view the latest MiG Report (June 2014) and other lists. If you would like to have the MiG Report delivered directly to your inbox each month, please register here: http://www.tmx.com/en/mig/register.html


Celebrate A Company Milestone with a Market Open Ceremony

Whether a company is celebrating a new listing on Toronto Stock Exchange (TSX) or TSX Venture Exchange (TSXV) or a subsequent corporate milestone, we are delighted to host their Market Open Ceremony* at the TMX Broadcast Centre in the heart of Toronto’s financial district.

Listing on TSX or TSXV is one of the most exciting days in a businesses’ growth for both staff and shareholders. To mark the occasion, we invite new listings to ‘Open the Market’ with Canada’s capital markets as their backdrop. In addition, if a company is issuing a new ETF, celebrating a corporate milestone, or a notable anniversary, the Market Open Ceremony can be an excellent opportunity to celebrate recent successes.

Calgary-based Prairie Sky Royalty Ltd. (TSX:PSK), for instance, celebrated their initial public offering (IPO) on TSX in May 2014 with a Market Open Ceremony. At nearly $1.5 billion, Prairie Sky’s IPO was the second-largest public offering in the history of the exchange. The company’s President and CEO joined Kevan Cowan, President, TSX Markets and Group Head of Equities, TMX Group, and Tom Kloet, CEO, TMX Group, to open the market to celebrate their listing on TSX.

WestJet Airlines Ltd. (TSX:WJA) celebrated an important corporate milestone with a Market Open Ceremony. The company first listed on TSX in 1999 and marked the 15thanniversary of being a publicly listed company with a market open. WestJet also held their annual general meeting (AGM) in the TMX Gallery on the same day, the company’s first AGM outside of Calgary.

Traditional and Social Media Coverage

Media can be invited to attend the ceremony and our fully-equipped, state-of-the-art TMX Broadcast Studio can be made available for media interviews. Following a Market Open Ceremony, the TMX Broadcast Studio can be used to launch a media campaign to raise a company’s profile in the investment community.

Market Open Ceremonies are featured on business news, such as the Business News Network, and showcased on TMX Group websites including TMXmoney.com, Canada’s trusted financial portal with over one million visitors each month to gather timely information about North American capital markets.


Market Open Ceremony is subject to availability and approval.

Celebrating the 2014 TMX Charity Golf Classic

Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) yesterday hosted the 3rd Annual TMX Charity Golf Classic in beautiful Vancouver, British Columbia. Held at the University Golf Club, the event brought together more than 140 securities industry participants to network, socialize and – just as importantly – help raise funds for charity.

After two successful years, the TMX Charity Golf Classic has raised almost $200,000 to support Learning Disabilities Association of Vancouver, Canadian National Institute for the Blind (CNIB) and Room to Read. Proceeds from this year’s tournament will once again go to these organizations.

Now in its third year, we are pleased to once again be hosting the TMX Charity Golf Classic. It’s a great event that brings together friends and clients of TMX Group to participate in a fun day of golf and activities, while supporting worthwhile causes in our community and beyond.
– John McCoach, President, TSX Venture Exchange

TSX and TSXV would like to thank all of our sponsors, capital market partners, prize donors and participants for making the tournament an overwhelming success. It was a terrific day of golf and supporting our community, and we look forward to another successful tournament next year.


Thank you to the nearly 40 sponsors who helped make this possible. This year’s sponsors include Blake, Cassels & Graydon LLP (Blakes), TSX, and TSXV (Diamond sponsor); Adventus Realty Services Inc., Boughton Law Corporation, Cassels Brock & Blackwell LLP, Chase Management Ltd., MNP LLP, Orca Gold Inc., and Western Potash Corp. (Platinum sponsors); Cannacord Genuity Corp., DuMoulin Black LLP, Fiore, Haywood Securities Inc., Laughing Stock Vineyards, New Gold Inc., RBC Foundation, and Varshney Capital Corp. (Gold sponsors); Fasken Martineau DuMoulin LLP and Sangra Moller LLP (Hole in One sponsors); Kreller Group, Lawson Lundell LLP, McMillan LLP, Morton Law LLP, Office Team (a Robert Half Company), and Raymond James Ltd. (Silver sponsors); and Ernst & Young LLP, MicroAge, and Starcore International Mines Ltd. (Bronze sponsors).

Click here to see a complete list of this year’s sponsors.

New TSX Company Services Manual Available Now

Companies listed on Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) have unique needs. Public companies need to understand the intricacies of Canadian equities markets and corporate governance matters, to reach shareholders and the investment community effectively while continuing to learn and remain compliant with the evolving marketplace.

The TSX Company Services portfolio supports the growth of TSX and TSXV-listed companies at any stage in their development. With over 160 years serving public companies, the exchanges offer a suite of products and services that are designed to support your business. TSX Company Services helps public companies understand your stock’s trading activity on our equities marketplaces; target the investment community to better understand your business environment; connect with current or potential investors to grow your business; learn about your marketplace to keep apprised of developments in a fast-changing landscape; and receive information and services to help you navigate complex transactions, policies and regulations that public companies face. Learn more about the tools and services available to your business by reading the new TSX Company Services Manual.

In all we do, our team is focused on supporting a vibrant marketplace for your company’s public listing. The TSX Company Services team is committed to providing value by bringing greater awareness to listed companies and the marketplace, helping maintain the integrity of TSX and TSXV, and delivering a suite of products and services designed to meet your company’s needs as they evolve.

Learn more at tsxcompanyservices.com


Equity Markets Report: Update from TSX and TSXV

Today, a Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) sponsored equity markets report was published in Canadian Business magazine and online. The report provides fresh insight into activity on TSX and TSXV during the latter part of last year and during the first quarter of 2014.

Some of the topics covered in the report include:

  • Private equity finds an exit through TSX and TSXV – With the recent strength in the equity market, private equity (PE) firms have been increasingly looking to Canada’s leading public equities markets to monetize their holdings.
  • Domestic market, global focus – Several companies have set their sights on TSX and TSXV to raise all-important equity capital to help achieve their business goals, both in Canada and around the world. DIRTT Environmental Solutions Ltd. (TSX:DRT) and Lumenpulse Inc. (TSX:LMP) are two examples.
  • Using options as investment tools – Some investors may not realize that derivatives products, such as options, have a variety of applications. Although not without risks, investors can use options to potentially optimize returns on capital, for example, and to help protect their assets from volatility that has become commonplace in the global economy.
  • TSX Ignite: Essentials for great Canadian companiesTSX IgniteTM is a new program designed to help Canadian companies grow and develop, with a primary focus on small- and medium-sized enterprises (SMEs). The program provides companies and entrepreneurs – at all stages of growth and from all sectors – with tools and resources to help them reach their full business potential.

We are also thrilled to welcome new listings to TSX and TSXV, including newly listed companies, Capital Pool Companies (CPCs), exchange traded products and structured products. A warm welcome to all newcomers! Click here to see the complete list.

To view these articles and others, visit canadianbusiness.com/exchange.


Celebrating the 2014-2015 Canadian Derivatives Exchange Scholars

Each year, the Montréal Exchange (MX) awards scholarships to support graduate and post-graduate students enrolled in Canadian-based universities who undertake research projects related to derivatives, financial risk management or another subject related to MX operations.

Launched in February 2012, the Canadian Derivatives Exchange Scholars Program is awarded to students whose projects are evaluated by a panel of five judges, based on a set of criteria such as originality and innovation. This is the first academic year for which we doubled the number of scholarships available, as well as awarding them to students outside of the province of Québec. Listed below are this year’s recipients.

Two graduate students have been awarded scholarships of $15,000 for the 2014-2015 program year:

  • Florian Piermattei, M.Sc. student in finance at HEC Montréal. The topic of his research project is the introduction on the Canadian market of a volatility index on interest rate products.
  • Denis-Alexandre Trottier, M.Sc. student in financial engineering at Université Laval. The topic of his research project is the counterparty credit risk in catastrophe bonds.

Two post-graduate students have been awarded scholarships of $20,000 for the 2014-2015 program year:

  • Yaovi Gassesse Siliadin, Ph.D. student in financial engineering at HEC Montréal. The topic of his research project is the heterogeneity of credit rating categories and the credit spread puzzle.
  • Shengzhe Tang, Ph.D. student in finance at University of Toronto. The topic of his research project is liquidity and market making cost dynamics in the equity option market.

Congratulations to these students! We wish them well as they complete their academic research projects in the forthcoming academic years.


TMX Group launches TMX Quantum XA on Toronto Stock Exchange

TMX Group today announced the successful launch of its  award-winning, high performance equity trading engine, TMX Quantum XA™ on Toronto Stock Exchange.

We have reached a major milestone in our technology history. We are very proud to have set this organization on a bold new technology path and delivered the best trading platform in the world.
– Brenda Hoffman, Senior Vice President, Group Head of Information Technology, TMX Group

Customer feedback from the initial phases of the TMX Quantum XA implementation has been exceedingly positive. We have set a new standard in our competitive global industry for the quality and efficiency of TMX Group’s equities markets. As a result, Canada is better positioned to compete for global capital flows.
– Kevan Cowan, President of TSX Markets and Group Head of Equities, TMX Group

Last month, TMX Quantum XA received the “Sprott School of Business at Carleton University Outstanding Product Achievement Award” at the 29th Annual CATAAlliance Innovation and Leadership Awards. The award recognizes outstanding technology engineering and the development of a world-class product which enhances Canada’s international reputation for innovation and excellence.

The launch of TMX Quantum XA on Toronto Stock Exchange is a true feat of innovation. Today we salute the combined efforts of our technology and equity markets teams to propel our trading technology to the forefront of the exchange industry.
– Thomas Kloet, CEO, TMX Group


Introducing the S&P/TSX 60 ESG: A Sustainable Version of Canada’s Premier Benchmark

S&P Dow Jones Indices, RobecoSAM and Toronto Stock Exchange (TSX) today announced the launch of the S&P/TSX 60 ESG (Environment, Social and Governance) index. The new Index is designed to track the performance of the constituent companies of the S&P/TSX 60, Canada’s leading equity benchmark, while taking into account each company’s sustainability performance relative to the corresponding industry-specific standards. RobecoSAM, the investment specialist focused exclusively on Sustainability Investing, evaluates companies’ sustainability profiles using their proprietary assessment methodology.

The S&P/TSX 60 ESG index is designed for market participants who currently use the S&P/TSX 60 and are looking to deepen the scope of their stock analysis to include sustainability criteria.  The construction methodology is based on the S&P/TSX 60, while companies’ sustainability profiles are evaluated using the RobecoSAM Corporate Sustainability Assessment (CSA). Companies are then re-weighted according to their sustainability score, meaning those with a higher score are weighted higher in the S&P/TSX 60 ESG index than in the S&P/TSX 60.

Click here to learn more about the S&P 60 ESG.


S&P is the trademark of S&P Dow Jones Indices LLC, a part of McGraw Hill Financial.

Transatlantic Connection: Promoting Canadian equities and derivatives markets in London

Toronto Stock Exchange (TSX) and Montréal Exchange (MX) were in London, U.K. earlier this week to host the 3rd annual Trade Canada conference. The event was designed to help raise awareness of trading opportunities in the Canadian capital markets, strengthen relationships with international partners and encourage new business opportunities.

With the support of our sponsors – ITG, Jitneytrade, Société Générale and TD Bank Group – the half-day event brought together market experts who shared their perspectives on multi-class trading opportunities in Canadian fixed income, equities and derivatives. The event opened up with Avery Shenfeld, Managing Director and Chief Economist at CIBC World Markets Inc., who provided his global and North American economic outlook and the implications for Canadian equities.

While in London, TSX also hosted a TSX Investor Day, which showcased five TSX-listed companies from a range of sectors:

  • Bombardier Inc. (BBD.B);
  • Agrium Inc. (AGU);
  • Whitecap Resources Inc. (WCP);
  • Keyera Corp. (KEY); and
  • CGI Group Inc. (GIB.A).

The luncheon event gathered a diverse audience, including asset allocation managers, portfolio managers, buy-side analysts, representatives of sovereign wealth funds and selected financial media, and positioned TSX and TSX Venture Exchange (TSXV)-listed companies as investment opportunities for institutional investors that deploy capital on a global basis.

The U.K. market is important to TSX, TSXV and MX, as well as to our businesses providing complementary services, including TMX Atrium® and TMX Datalinx®. The market represents an important facet of our growth strategy for our equities, derivatives and information services businesses. The TMX office in London is both symbolically and strategically significant to bring attention to investment opportunities that can be found in Canada, while also helping us to better serve our U.K.-based clients.

With over 280 international listings on TSX and TSXV, the exchanges are ideal platforms for companies to access capital and for investors to discover new investment opportunities. More than 114 billion shares were traded on the exchanges in 2013, which represents a total value of over $1 trillion. Altogether, an estimated 40% of all trading on TSX and TSXV originates from outside Canada. Our country’s financial derivatives market also continues to grow. MX set a new overall volume record in 2013 of 66.2 million contracts traded, and this momentum carried over to the first quarter of 2014, with MX volume up 6% over the same quarter last year.