TMX Group, the operator of the Toronto Stock Exchange (TSX), anticipates a significant increase in stock market listings heading into 2026. Executives at the firm told Reuters that this optimism is driven by a strong pipeline of companies looking to access capital markets in the coming months. TMX Group also operates an off-exchange trading platform for equities in the U.S. called AlphaX US, and it is looking to expand the platform.
Canadian initial public offering (IPO) activity has been relatively subdued this year compared to the U.S. market, which is experiencing its strongest year for stock market launches since 2021. However, the recent C$704 million Toronto IPO of Brookfield-backed energy firm Rockpoint Gas Storage has raised hopes for a revitalisation of Canadian listings. IPOs in the U.S. have raised approximately $30 billion this year, nearly 13% higher than the previous year, according to data from LSEG.
TMX Group is also exploring a greater push into fixed-income trading and is considering launching a new alternative trading system (ATS) for this asset class, according to Heidi Fischer, president of U.S. equity trading at TMX. Plans for the new ATS are still preliminary and are not expected to be revealed in the immediate future. TMX opened a New York office in November to attract more U.S. business and generates more than half of its total revenue outside of Canada.
John McKenzie, CEO of TMX, stated that the organisation is taking a more cautious stance on prediction markets compared to some of its larger U.S. counterparts. “We’re not comfortable with the risk associated with it for us to provide to our clients,” said McKenzie. He added that any move into prediction markets would be dependent on demonstrable client demand.
