TMX Group Ltd. disclosed three long-term ‘transformational objectives’ alongside largely in-line financial results for the final three months of 2022
The operator of Canada’s main stock exchange is planning to generate most of its revenues from outside of the country and the traditional stock exchange business.which owns the Toronto Stock Exchange, TSX Venture Exchange, Montreal Exchange and TSX Alpha Exchange, disclosed three long-term “transformational objectives” late Monday alongside largely in-line financial results for the final three months of 2022.
“Those transformation pieces are where we see the long-term transition of the company going to in terms of more global, more recurring revenue and more data,” chief executive officer John McKenzie said in an interview discussing the strategy. “We wanted to show what long-term success looks like.” TMX also plans to lean heavily on another relatively recent acquisition in order to increase revenues in the shorter term. In 2017, the company bought London-based wholesale energy market trading platform Trayport Ltd. for nearly $1-billion, and price increases for Trayport clients that took effect at the end of 2022 are expected to lift total revenues by between 7 per cent and 8 per cent in 2023.
The issue, Mr. Hardie said, “relates to uncertainty in the midterm outlook for capital markets activity and what the ‘new normal’ might look like for trading and financing, given volatile market conditions.”
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