TSX

What TSX does

TSX Inc. operates the Toronto Stock Exchange, Canada's senior equities exchange, and the related TSX Venture Exchange (TSXV) for emerging issuers, under the holding company TMX Group Limited (publicly traded as X on TSX). The platform is built on the TMX Quantum XA electronic trading system, which powers TSX, TSXV, and the alternative TSX Alpha Exchange, with co-location services, market-data dissemination, and adjacent clearing, settlement, and depository infrastructure provided through subsidiaries CDCC (derivatives clearing), CDS (securities depository), and Shorcan Brokers (fixed income). Issuer services extend beyond trading via TSX Trust (transfer agent and corporate trust), the Virtual Meeting Tool, ESG Data Hub, TMX DOOR (data and deal-flow portal), TMX LINX (listing submissions portal), TMX Newsfile (press release distribution), the CARS compliance reporting system, and the TMX Learning Academy for governance and IR education. The Montreal Exchange adds a derivatives venue offering futures and options across indices, interest rates, currencies, and commodities.

The company monetises its marketplace through five primary revenue streams: recurring listing and issuer fees on TSX and TSXV; transaction-based trading fees on listed equities and derivatives; subscription-based market data and analytics via TMX Datalinx, TMX Money, and TMX AXIS; professional issuer services (transfer agent, corporate trust, virtual meetings, ESG tools); and post-trade clearing and settlement revenue. Pricing tiers differentiate by exchange (senior vs. venture), security type, and event (initial listing, follow-on offerings, annual maintenance). Distribution to investors is intermediated through a network of member firms and direct electronic access arrangements, with co-location services reducing latency for high-frequency participants. Customers span issuers (mining, life sciences, clean technology, diversified industries, real estate, ETFs, structured notes, Latin American and U.S. cross-listings), member firms, and institutional/retail investors, with mining companies representing a distinctive concentration (nearly 40% of the world's publicly listed mining companies trade on Toronto venues), reinforced by sponsorship of the PDAC conference and the TSXV-to-TSX graduation pathway.

Recent strategic actions include two significant acquisitions announced in 2026 — RAFI Indices (US$490M) and Cboe Australia/Cboe Canada (US$300M) — alongside product expansions (FTSE Canada Bank Credit Spread futures, USD-unhedged ETF units), regulatory easing of TSXV sponsorship requirements, and a 9% dividend increase.

Name

TSX

Legal name

TSX Inc.

Website

https://tsx.com

Company type

Public

Founded year

1850

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

The Toronto Stock Exchange (TSX), operated by TSX Inc. under TMX Group Limited, is Canada's senior equities exchange, providing regulated electronic listing, trading, clearing, and settlement infrastructure to issuers, member firms, and investors. It hosts nearly 40% of the world's publicly listed mining companies alongside a diversified issuer base spanning life sciences, clean technology, ETFs, and international cross-listings.

Ownership category

akta.pro rank

Product category

Stock Exchange and Capital Markets Infrastructure

NAICS

Securities and Commodity Exchanges (52321), Securities and Commodity Exchanges (523210), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Equities Trade Execution Platforms (ATS/MTF/ECN) (FSAFANAA)

akta.pro secondary industries

Fixed Income Electronic Trading Platforms (Bonds/Credit) (FSAFANAB), FX Electronic Trading Platforms (Spot/Forwards/Swaps) (FSAFANAC)

Keywords

• Stock exchange services
• Equity capital markets
• Market data services
• Post-trade clearing
• Venture exchange listings

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Listing Fees: One-time and ongoing fees charged to companies listing on TSX and TSXV, including initial listing fees, annual maintenance fees, and fees for additional offerings.
2. Trading Fees: Transaction fees charged on trades executed through TSX exchanges, including equity trades, derivatives, and other listed products. Fees vary by trade value and security type.
3. Market Data Services: Revenue from providing real-time and delayed market data, historical data subscriptions, and specialized data products through TMX Datalinx and other data services.
4. Issuer Services: Fees for additional issuer services including transfer agent services (TSX Trust), corporate trust, virtual meeting tools, printing services, and ESG solutions.
5. Post-Trade Services: Revenue from clearing and settlement services through CDCC and CDS subsidiaries, including clearing fees for derivatives and securities settlement.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

TSX operates Canada's senior equities exchange, providing companies with public listing venues, an electronic trading platform for listed securities, market data dissemination, and post-trade clearing and settlement infrastructure. Through its TSX, TSX Venture Exchange, TSX Alpha, and Montreal Exchange platforms, TMX Group serves issuers, member firms, and investors across equity, ETF, and derivatives markets, complemented by issuer services such as transfer agency, corporate trust, and shareholder meeting tools.

Product overview

TMX Group operates Canada's premier capital markets ecosystem through a platform-plus-services architecture centered on three exchanges: Toronto Stock Exchange (TSX) for senior equities, TSX Venture Exchange (TSXV) for venture companies, and TSX Alpha Exchange for alternative trading. The core trading infrastructure is powered by TMX Quantum XA. Market data and analytics are delivered through TMX Datalinx, TMX Money, and TMX AXIS. Listed companies access issuer services including TMX LINX for filings, TMX Trust for transfer agent and corporate trust functions, Virtual Meeting Tool for shareholder meetings, and Stock Quotes for IR websites. Press release distribution is handled via TMX Newsfile. Educational resources are provided through TMX Learning Academy. Additional services include ESG Data Hub, Co-Location Services, and CARS compliance reporting. The Montreal Exchange (MX) handles derivatives trading.

Differentiator

Problem solved

Functional benefit

Products and services

• Toronto Stock Exchange (TSX) Canada's premier senior equities exchange where established companies list and trade shares, providing access to equity capital and liquidity for issuers across multiple sectors.
• TSX Venture Exchange (TSXV) Canada's main venture capital exchange for emerging and growth companies, providing listing and trading services for smaller-cap issuers with a path to graduate to TSX.
• TSX Alpha Exchange
• Montreal Exchange (MX) Canada's derivatives exchange offering futures and options on indices, interest rates, currencies, and commodities.
• TMX Quantum XA
• TMX Datalinx
• TMX AXIS
• TMX ESG Data Hub
• Co-Location Services
• TSX Trust Transfer Agent Services
• Corporate Trust Services
• Virtual Meeting Tool
• TMX Learning Academy
• TMX Newsfile

Quantifiable outcome

• Capital raising of C$10 billion in 2021 and C$7.7 billion in 2022-2023
• +1 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Four partnerships are on record, tiered minor and core.

• CIBC MellonminorOthers · 22 June 2026CIBC Mellon celebrated its 30th anniversary. The company is jointly owned by The Bank of New York Mellon Corporation (BNY) and Canadian Imperial Bank of Commerce (CIBC), providing investment services to institutional investors in Canada.
• Research Affiliates Global Holdings, LLCcoreStrategic or Co-development Partner · 11 June 2026TMX Group announced agreement to acquire RAFI Indices, LLC from Research Affiliates for total consideration of US$490 million (C$683 million). RAFI Indices provides index and investment advisory services, which will expand TMX's index capabilities and data offerings.
• Cboe Global Markets, Inc.coreStrategic or Co-development Partner · 22 April 2026TMX Group announced agreement to acquire Cboe Australia and Cboe Canada Holdings from Cboe Global Markets for US$300 million (C$409 million). This acquisition will expand TMX's presence in Asia-Pacific and enhance its ability to serve clients across the global financial ecosystem.
• TMX Group Subsidiaries and AffiliatescoreOthersTMX Group operates a network of subsidiaries including: Montreal Exchange (derivatives), CDCC (derivatives clearing), CDS (securities depository), TSX Trust (transfer agent), TMX Datalinx (market data), TMX Trayport (energy trading), Shorcan (fixed income), and VettaFi (ETF data and analytics).

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Intercontinental Exchange (NYSE): Owner and operator of the New York Stock Exchange and a broad portfolio of global exchanges, clearing houses, and data services. Highly comparable to TMX as a multi-asset exchange and market infrastructure operator, though significantly larger and more globally diversified than Canada-anchored TSX.
• Nasdaq, Inc. Operator of the Nasdaq Stock Market and a major provider of exchange, clearing, market technology, and corporate services. Directly comparable to TSX in running a senior equities exchange alongside venture-tier listings and competing for global IPO flow.
• London Stock Exchange Group (LSEG): Operates the London Stock Exchange, FTSE indices, and a global data/analytics franchise including Refinitiv. Comparable to TMX as a multi-asset exchange operator with strong index and data adjacencies; LSEG's index business overlaps directly with TMX's RAFI Indices acquisition.
• Deutsche Börse: German exchange operator running cash equities, derivatives (Eurex), clearing, and indices (DAX/STOXX). Comparable to TMX as a vertically integrated exchange plus clearing plus index operator with cross-asset capabilities.

Regional players

• Japan Exchange Group (JPX): Operator of the Tokyo Stock Exchange and Osaka Exchange, plus clearing infrastructure. Comparable to TMX as an integrated equities and derivatives exchange plus clearing operator in a single national jurisdiction.
• Singapore Exchange (SGX): Asia-Pacific multi-asset exchange operating equities and derivatives markets. Comparable to TMX as a regional, multi-asset exchange operator; SGX's derivatives franchise mirrors Montreal Exchange's role within the TMX Group.
• ASX (Australian Securities Exchange): Operator of Australia's primary equities exchange, with deep resources/mining listings (similar to TSX) and significant mining-finance overlap; comparable as a national senior equities venue with concentrated exposure to the resources sector.
• Hong Kong Exchanges and Clearing (HKEX): Operator of the Hong Kong Stock Exchange and a major clearing house. Comparable to TMX as an equities exchange and clearing operator serving Asia-Pacific and cross-border listings, with similar exchange-plus-clearing vertical integration.

Direct peers

• Cboe Global Markets: Global exchange operator running equities, options, and futures venues (including former Cboe Canada and Cboe Australia recently divested to TMX). Direct peer as a global exchange operator; the divestiture actually makes TMX a buyer of former Cboe assets.

Others

• TMX Group Limited (parent): Holding company that operates TSX, TSXV, TSX Alpha, Montreal Exchange, CDS, CDCC and other market infrastructure entities. Most-comparable consolidator since TSX itself is a subsidiary; included for full picture but is not an independent peer.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/TMXGroup
• YouTubeyoutube.com/tmxgroup
• Facebookfacebook.com/Toronto-Stock-Exchange-1687465458186029
• LinkedInlinkedin.com/company/tsx-venture-exchange

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TSX