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An Update from TSX Equities

November 14, 2014

The year is fast coming to a close and I wanted to take a few minutes to provide an update on two initiatives undertaken by our team that have recently garnered headlines, including new services for exempt market participants and important changes to equities trading.

Earlier this year, we announced plans to extend our experience and expertise into Canada's exempt market through a new initiative, TSX Private Markets, which will work with the dealer community to serve companies – both public and private – as well as their investors. TSX Private Markets is designed to support capital raises and secondary trading within Canada's exempt market, and today I am pleased to share an update on the service.

In the days following our initial announcement, we received much interest from companies and dealers, and more recently we have begun the process of onboarding participants interested in the service.

The initial phase of the TSX Private Markets offering encompasses a dealer-to-dealer voice-brokered service complemented by an informational website. Our team now stands ready to enable:

  • Exempt market capital raising for private and public companies
  • Secondary trading of public company "hold period" securities, issued pursuant to a private placement
  • Secondary trading of exempt market securities (including various categories of debt and equity)

Companies interested in posting their securities or a capital raise offering with TSX Private Markets can contact our team to get started. Once approved, the company's posting will be accessible by Approved Participants through the website.

A comprehensive document of Frequently Asked Questions has been developed to address specifics of our services, including capital formation, secondary trading, clearing and settlement. In addition, the TSX Private Markets team is eager to discuss the offering in more detail and to answer any additional questions. They can be reached at or 1-800-268-9301.

tmx.comI would also like to share an update regarding another important initiative that we shared with you a few weeks ago. Our team proposed important changes to Canada's public equities market and published a position paper Reshaping Canada's Equities Trading Landscape, which details three primary issues facing our markets and bold steps to tackle each one. Specifically, we are proposing new initiatives designed to:

  • Preserve order flow in Canada by providing superior, domestic execution for active natural order flow
  • Leverage the benefits of technological advancements while enabling all to trade with confidence, by empowering natural investors and other non-latency sensitive participants
  • Address rising market complexity by reducing fragmentation, and simplifying and streamlining market features and functionality

We have submitted a number of the proposed changes for regulatory review and they were published for comment last week. We encourage all market participants to carefully consider our submission and to provide their views and feedback. The comment period is open until December 8, 2014 and the related documents can be accessed here.

I am excited by the implications of these initiatives – both the changes we have proposed to Canada's public equities market and the launch of TSX Private Markets – and I strongly believe that each will make a positive impact on our capital markets. Evolution is relentless and as Canada's national market operator we work to keep pace and to lead with innovative and thoughtful initiatives that serve all market participants.