TSX Venture Exchange
TSX Venture Exchange is Canada's public venture equity marketplace for early-stage issuers, operated by TMX Group Limited and hosting over 1,600 companies — predominantly in mining, with growing technology and clean-tech exposure — through a tiered electronic trading platform with a graduation pathway to the Toronto Stock Exchange.
- Company typePublic
- Founded1999
- HeadquartersCalgary, Canada
- Headcount1,001–5,000
- GTM typeB2B
- OfferingServices
What TSX Venture Exchange does
TSX Venture Exchange (TSXV) is Canada's public venture equity marketplace for early-stage and growth-oriented issuers, operated as a business unit of TMX Group Limited (TSX: X). Founded in 1999 from the merger of the Alberta, Vancouver, and Winnipeg stock exchanges (CDNX) and acquired by the Toronto Stock Exchange that same year, the exchange now hosts over 1,600 issuers across mining and exploration, technology, clean technology, and life sciences — with Toronto recognized as the global center for mining finance, hosting nearly 40% of the world's publicly listed mining companies.
The platform provides a tiered listing structure (Tier 1, Tier 2, and NEX) supported by an integrated TMX technology stack: TMX Quantum XA for trading execution, TMX Linx for exchange submissions, TMX DOOR for issuer disclosure management, TMX Datalinx for market data distribution, and TSX CARS for compliance monitoring. Order types include anonymous, iceberg, limit, market, on-stop, self-trade prevention, and post-only orders with multiple duration options, executed through a fully electronic trading system accessible globally via registered member firms.
TSXV generates revenue through listing and maintenance fees, transaction-based trading fees, recurring market data subscriptions distributed via TMX Datalinx and authorized third parties, and corporate services including transfer agent and trust services via TSX Trust. The business model is anchored in capital formation for junior issuers, with a structured graduation pathway to the senior Toronto Stock Exchange for maturing companies — reinforced in 2026 by the launch of The Andean Bridge initiative expanding Latin American mining deal flow.
TSX Venture Exchange firmographics
Firmographics- Name
- TSX Venture Exchange
- Legal name
- TSX Venture Exchange Inc.
- Website
- https://tsx.com
- Company type
- Public
- Founded year
- 1999
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- TSX Venture Exchange is Canada's public venture equity marketplace for early-stage issuers, operated by TMX Group Limited and hosting over 1,600 companies — predominantly in mining, with growing technology and clean-tech exposure — through a tiered electronic trading platform with a graduation pathway to the Toronto Stock Exchange.
- Ownership category
- akta.pro rank
TSX Venture Exchange industry classification
Industry- Product category
- Venture Stock Exchange
- NAICS
- Securities and Commodity Exchanges (5232), Securities and Commodity Exchanges (52321), Securities and Commodity Exchanges (523210)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Equities Trade Execution Platforms (ATS/MTF/ECN) (FSAFANAA)
- akta.pro secondary industry
- Trade Matching & Crossing Networks (FSAFANAL)
Keywords
Where TSX Venture Exchange is headquartered
LocationHeadquarters
- HQ city
- Calgary
- HQ country
- Canada
- HQ region
- North America
Offices9 records
Markets served
TSX Venture Exchange business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales
Revenue model
- Listing Fees: Fees charged to companies for initial listing, listing maintenance, and corporate actions on the TSX Venture Exchange
- Trading Transaction Fees: Transaction fees generated from trading activities on the exchange based on volume and value of trades
- Market Data Services: Revenue from providing real-time and delayed market data, including through TMX Datalinx and third-party distribution partners like Google Analytics
- Corporate Services: Fees for issuer services including transfer agent services (TSX Trust), corporate trust, and virtual meeting tools
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | TSX Venture Tier 1 and Tier 2 Classification |
Distribution channels4 records
Marketing channels9 records
TSX Venture Exchange product offering
Product offeringCore offering
TSX Venture Exchange operates a public venture equity marketplace in Canada for early-stage and growth companies, providing electronic listing, trading, and capital formation services across Tier 1 and Tier 2 classifications. It generates revenue through listing fees, trading transaction fees, market data services, and corporate services, and is part of TMX Group's integrated market infrastructure that includes trading technology, market data, and transfer agent services.
Product overview
TSX Venture Exchange operates as part of TMX Group Limited, which operates three interconnected equity exchanges: Toronto Stock Exchange (TSX) for senior companies, TSX Venture Exchange (TSXV) for venture/growth companies, and TSX Alpha Exchange (TSXA) as a specialized execution venue. Supporting infrastructure includes TMX Quantum XA for trading technology, TMX Datalinx for market data distribution, TMX Money for investor-facing quotes and research, TMX Linx for exchange submissions, TMX DOOR for issuer disclosure management, and TSX Trust for transfer agent and corporate trust services. TMX AXIS provides analytical tools while the Market On Close (MOC) mechanism enables closing auction executions. The NEX Board serves as a lower-tier platform for TSXV companies that fall below continued listing standards.
Differentiator
Problem solved
Functional benefit
Products and services
- TSX Venture Exchange (TSXV) Canada's venture equity marketplace for early-stage and small-cap companies, providing electronic listing and trading services with a Tier 1 and Tier 2 classification system and a graduation pathway to the Toronto Stock Exchange.
- NEX Board Separate trading board within TSX Venture Exchange for issuers that no longer meet Tier 1 or Tier 2 continued listing requirements, offering a reduced regulatory burden while remaining publicly traded.
- TMX Quantum XA High-performance trading platform providing real-time market data, order execution, and connectivity services supporting TSX Venture Exchange trading.
- TMX LINX Exchange Submission Portal Online portal enabling issuers and market participants to submit filings, documents, and regulatory data to TSX and TSXV exchanges.
- TMX Datalinx Market data services providing real-time and historical trading data, statistics, and analytics for TSX Venture Exchange and other TMX markets.
- TSX Trust Transfer agent and corporate trust services including share registration, dividend distribution, shareholder record management, governance solutions, virtual meeting tools, and printing services for TSXV-listed companies.
- TMX DOOR Digital platform for issuers to manage disclosure obligations, submit regulatory filings, and interact with exchange staff.
- TMX Money Investor-facing platform providing real-time quotes, market data, stock watchlists, and financial news for TMX-listed securities.
- Corporate Access Program connecting listed companies with institutional investors through organized non-deal roadshows, conferences, and one-on-one meetings.
Quantifiable outcome
- Capital raising of C$10 billion in 2021 and C$7.7 billion in 2022-2023 in Toronto for mining sector
- +3 more outcomes
Companies that use TSX Venture Exchange
Customer profileNamed customers15 records
Segments5 records
Ideal customer profiles4 records
TSX Venture Exchange technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
TSX Venture Exchange partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered core and minor.
- IN-VRcoreIN-VR and strategic partners officially launched The Andean Bridge at PDAC 2026 in Toronto, a regional initiative designed to connect mining projects across the Andean region with local and international capital markets through a platform combining investment summits, training programs, and an accelerator. Co-founded by IN-VR, Toronto Stock Exchange, TSX Venture Exchange, BYMA, Mendoza Stock Exchange, and the Government of Mendoza. The initiative builds on a Letter of Intent signed during the 4th LATAM & Argentina Critical Minerals Summit 2025, aiming to reduce financing barriers and strengthen investor confidence.
- BYMA (Buenos Aires Mercados values), Mendoza Stock Exchange, and Government of MendozacorePartnership with BYMA, Mendoza Stock Exchange, and Government of Mendoza in The Andean Bridge initiative at PDAC 2026, creating a new capital corridor for mining investment across Latin America. The platform aims to reduce financing barriers through investment summits, training programmes, and the Andean Accelerator.
- TMX Group LimitedcoreTSX Venture Exchange is operated by TMX Group Limited (TSX: X), which also operates Toronto Stock Exchange, TSX Alpha Exchange, and other financial market infrastructure. TMX Group has headquarters in Toronto with offices in Montreal, Calgary, Vancouver, New York, London, Singapore, and Vienna.
- NewsfilecorpcoreNewsfilecorp serves as the authorized newswire and filing solution for TSX and TSXV corporate announcements, distributing press releases for listed companies and regulatory news including new listings, graduations, and trading updates.
- TMX Trust CompanycoreTSX Trust provides transfer agent services, corporate trust services, and virtual meeting tools for listed companies on TSX and TSXV. Services include shareholder record management, dividend distribution, and proxy services.
- Publift Pty LtdminorPublift provides advertising placement services on TMX websites, using technologies including ad tags, cookies, web beacons, and embedded scripts for advertising optimization and performance measurement.
- VettaFi LLCminorVettaFi, a TMX subsidiary, assists with advertising placement on the site using various technologies for ad reporting, conversions, analytics, and cross-device tracking.
- TSX TrustcoreIssuer services including transfer agent, corporate trust, governance solutions, virtual meeting tools, and printing services for TSX and TSXV listed companies.
- TMX DatalinxcoreMarket data and statistics division of TMX Group providing real-time and historical market data services, used for distributing TSX and TSXV trading information.
Scale indicators10 records
Recent moves6 records
Expansion highlights5 records
TSX Venture Exchange competitors and assessment
Company assessmentDirect peers
- London Stock Exchange (AIM): AIM is the London Stock Exchange's growth market for small and mid-sized companies, including many junior mining issuers. It is the most direct global comparable to TSXV as a regulated venture equity venue serving early-stage and resource companies.
- ASX (Australian Securities Exchange): ASX lists a deep bench of junior miners and exploration companies, making it a primary peer for TSXV's mining-heavy listing base. Both venues compete globally for resource-company IPOs and secondary financings.
- NEO Exchange: NEO is a Canadian venture and growth-stage equity exchange that directly competes with TSXV for emerging Canadian and cross-border listings, including technology and clean-tech issuers.
- Hong Kong GEM: Hong Kong's GEM is a venture market within HKEX designed for growth and small-cap companies, providing a peer template for tiered venture/senior exchange structures and competing for cross-border listings in Asia.
- Cboe Canada (formerly Neo-Next): Cboe Canada is a Canadian equities exchange operated by Cboe Global Markets targeting growth and mid-cap Canadian listings, providing a direct domestic competitor to TSXV and TSX for issuer services and trading.
Broad incumbents
- NYSE American: NYSE American (formerly AMEX) is the US small-cap growth venue operated by Intercontinental Exchange, comparable to TSXV as a listing tier for small and growth-oriented issuers, though anchored in US markets rather than resource listings.
- OTC Markets Group: OTC Markets operates US alternative trading tiers (OTCQX, OTCQB, Pink) for smaller and emerging public companies, providing a comparable alternative venue for junior issuers but with lighter regulatory oversight than a recognized exchange.
- TMX Group (parent): TMX Group operates TSX, TSXV, TSX Alpha, Montreal Exchange, and CDS. As the parent of TSXV, it provides the integrated context in which TSXV's growth and graduation pathway operate, and competes as a multi-asset exchange operator globally.
Regional players
- BME Growth: BME Growth is Spain's BME-operated growth company market for SMEs and early-stage issuers, providing a European regional comparable to TSXV's venture listing model.
- Johannesburg Stock Exchange (Alt-X): JSE Alt-X is the venture and SME board of the Johannesburg Stock Exchange focused on smaller, high-growth companies, providing a regional peer comparison for emerging-market venture exchange models.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks5 records
Key highlights7 records
Customer concentration
TSX Venture Exchange social profiles
Digital presenceTSX Venture Exchange financial estimates
Financial estimateRevenue estimate
Valuation estimate
TSX Venture Exchange leadership team
Management profileNumber of profiles
Profiles3 records
TSX Venture Exchange funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
TSX Venture Exchange M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about TSX Venture Exchange
What does TSX Venture Exchange do?
TSX Venture Exchange operates a public venture equity marketplace in Canada for early-stage and growth companies, providing electronic listing, trading, and capital formation services across Tier 1 and Tier 2 classifications. It generates revenue through listing fees, trading transaction fees, market data services, and corporate services, and is part of TMX Group's integrated market infrastructure that includes trading technology, market data, and transfer agent services.
Is TSX Venture Exchange a public or private company?
TSX Venture Exchange is a public company. It is classified as corporate owned and is currently operating.
When was TSX Venture Exchange founded?
TSX Venture Exchange was founded in 1999. It employs 1,001 to 5,000 people.
Where is TSX Venture Exchange based?
TSX Venture Exchange is headquartered in Calgary, Canada, in the North America region.
How does TSX Venture Exchange make money?
Four revenue lines are on record. Listing Fees are the primary driver. The others are trading Transaction Fees, market Data Services and corporate Services.
Who are TSX Venture Exchange's main competitors?
Direct peers on record are London Stock Exchange (AIM), ASX (Australian Securities Exchange), NEO Exchange, Hong Kong GEM and Cboe Canada (formerly Neo-Next). Broad incumbents are NYSE American, OTC Markets Group and TMX Group (parent). Regional players are BME Growth and Johannesburg Stock Exchange (Alt-X).
Does TSX Venture Exchange have an API?
No public API is recorded for TSX Venture Exchange.
What industry is TSX Venture Exchange in?
TSX Venture Exchange's product category is Venture Stock Exchange. Its primary akta.pro industry code is FSAFANAA, Equities Trade Execution Platforms (ATS/MTF/ECN), with a secondary code of FSAFANAL, Trade Matching & Crossing Networks. Its NAICS code is 5232 and its SIC code is 6199.