News Release

TMX Group Supportive of OSC Emerging Markets Issuer Review

March 20, 2012

Parallel consultations conducted by TMX Group will lead to enhancement of guidelines for emerging markets issuers

March 20, 2012 (TORONTO) – TMX Group today announced that it is supportive of the Ontario Securities Commission's Emerging Markets Issuer Review (OSC Review) and welcomes the publication of its report.

In parallel with TMX Group's co-operation with the OSC Review, Toronto Stock Exchange and TSX Venture Exchange initiated extensive consultations with market participants, publicly-listed companies and other stakeholders over the last several months. Following this review and industry consultation, TMX Group prepared and will soon provide additional guidance to emerging markets issuers. This guidance will complement existing rules and working practices, pending regulatory consultation and review by securities commissions, as applicable. Areas of focus will include additional detail regarding senior management and director qualifications, corporate governance matters, and disclosure and financial reporting expectations.

Kevan Cowan, President, TSX Markets and Group Head of Equities, TMX, said:

“While provincial securities regulators are the primary authority overseeing reporting issuers, TMX Group takes its responsibility and public interest mandate very seriously. With the growth of emerging market economies, issuers and investors from these markets are expected to increasingly seek opportunity in Canada and other developed economies around the world. The work currently being conducted by TMX Group is part of our ongoing efforts to enhance the quality and integrity of Canada's capital markets, a key competitive advantage both for us and for Canada.”

The OSC Review noted the inter-connected responsibility of a broad group of stakeholders in ensuring investor confidence in Canada's markets, including reporting issuer management and directors, auditors, underwriters and other legal and financial professionals. TMX Group's equity exchanges contribute to this oversight through well-established guidelines and standards and by enforcing issuer rules and standards that promote a quality market.

For more information on the rules, regulations and procedures governing Toronto Stock Exchange issuers, please visit:

For more information on the rules and regulations and procedures governing TSX Venture Exchange issuers, please visit:

The OSC's Emerging Markets Issuer Review, Staff Notice 51-719, can be found at:

About TMX Group (TSX-X)

TMX Group's key subsidiaries operate cash and derivative markets for multiple asset classes including equities, fixed income and energy. Toronto Stock Exchange, TSX Venture Exchange, TMX Select, Montreal Exchange, Canadian Derivatives Clearing Corporation, Natural Gas Exchange, Boston Options Exchange (BOX), Shorcan, Shorcan Energy Brokers, Equicom and other TMX Group companies provide listing markets, trading markets, clearing facilities, data products and other services to the global financial community. TMX Group is headquartered in Toronto and operates offices across Canada (Montreal, Calgary and Vancouver), in key U.S. markets (New York, Houston, Boston and Chicago) as well as in London and Beijing. For more information about TMX Group, visit our website at Follow TMX Group on Twitter at

For more information please contact:

Ronald Alepian
TMX Group