What changed in your business over the past year?
TMX’s business and broader operating environment is constantly evolving, and 2025 was no exception. What remains constant is TMX Group’s focus on providing excellent service to our clients and stakeholders around the world, adapting and evolving to address their needs, and ensuring our markets remain strong and resilient.
Our equities exchanges, Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV), reached a new record high market capitalisation, topping 6 trillion dollars on a combined basis. Canada has a long and proud history of leadership in the resource sector, and our exchanges are home to the most public mining companies in the world. This year, for the first time ever, the mining sector surpassed one trillion dollars in total market capitalisation.
The exchange-traded fund, a homegrown Toronto Stock Exchange innovation, celebrated its 35th birthday in March – and shows no signs of slowing down. Our ETF business continued to broaden and expand: we listed a record-breaking number of new ETFs on TSX in 2025, for the second consecutive year. The integration of TMX VettaFi into the business has enabled us to increase the depth and value of data-driven insights we provide to a growing global client base, expanding our digital capabilities and enriching our industry-leading support for ETF issuers. TMX VettaFi advanced its expansion strategy in 2025, adding new asset classes and geographies.
We also made important steps forward in our work on furthering Indigenous economic reconciliation, an initiative important to TMX and to me personally. Since 2021, we have worked to transform how our organisation, and the Canadian capital markets ecosystem more broadly, engages with Indigenous communities. In September, we published our first Reconciliation Action Plan – an important milestone in this journey. Developed through extensive engagement with Indigenous organisations, leaders and experts, it sets specific commitments towards advancing Indigenous reconciliation, and the TMX team looks forward to delivering on them.
What were your biggest achievements?
We accomplished so much this year across every segment of the business, but there are a couple of major achievements that stand out to me. TMX and our clearing businesses achieved a significant milestone: the successful implementation of Post-Trade Modernisation, or PTM. This implementation represents a major upgrade and overhaul of foundational technology powering essential functions, including clearing and settlement, as well as depository and entitlement payments. It is the largest project we have ever undertaken – the result of many years of our clearing and technology teams working closely together with our clients and stakeholders to push this complex project across the line. PTM brings a world-class, end-to-end solution to Canada’s markets and sets a new global benchmark for building agile, leading-edge capital markets infrastructure.
Another achievement I’m incredibly proud of is that, for the first time, TMX Group was named one of Canada’s Top 100 Employers. In my five-year tenure as CEO, a priority has been continually making TMX a better place to work. The company is growing and transforming: our workforce has grown by half in the past five years, and revenue has doubled in the past seven years. To sustain and support this type of growth and change, a supportive, high-performing culture in which employees can take risks and try new things, knowing that effort will be rewarded, is absolutely essential. This award is a testament to the level of commitment our team brings to delivering on our strategy and serving stakeholders around the world every day.
What are you most excited for in 2026?
In November of last year, we opened the doors of our newest office space – TMX’s official U.S. headquarters in Manhattan’s financial district. We knew we could compete in the U.S., but having the organisation show the courage to build it and see its success is a massive highlight for us, and we’re going to keep building. We now have multiple business lines on the ground, including Alpha X U.S., the ATS we introduced last year, which had a very successful launch and continues to see strong traction. I am excited to continue building out across many different areas in the year ahead.
TMX, along with our industry partners at the WFE, plays an important advocacy role on behalf of capital markets and the essential function they have in our economy and society. As the owner-operator of Canada’s major exchanges and key capital markets infrastructure, TMX has a responsibility to live our corporate purpose to make markets better and empower bold ideas. We are consistent advocates for policies and regulations that foster investment, bolster global competitiveness and support economic growth. We have seen increasing public interest in such measures, and I am confident that this momentum will continue into next year and provide opportunities to take action on bigger, bolder economic measures.
Trends for exchanges and markets
In our industry, the pace of change is rapid and unrelenting, and I only see that accelerating in the year ahead and beyond. Exchanges around the world are having important conversations about technologies and developments that could be transformative for our industry, including AI, tokenisation and 24-hour trading. The challenge for exchanges – and the entire stakeholder ecosystem – is evaluating which trends are meaningful and understanding their consequential impacts on markets. Change is inevitable. Our mission, and our responsibility as operators and solution providers, is to ensure we are ready.