TMX Group reported stronger-than-expected first-quarter results, with growth across trading, capital raising and data businesses supporting higher revenue and earnings.
BNN Bloomberg spoke with John McKenzie, CEO of TMX Group, about broad-based momentum across its business lines, improving IPO activity and how the exalter is navigating global competition for listings.
Key Takeaways
- TMX’s first-quarter beat was driven by double-digit growth across capital markets, data and trading businesses.
- Capital raising remained strong with about $10 billion raised and activity spanning multiple sectors beyond resources.
- IPO and listing momentum is building, with 32 companies brought to market through various channels in the quarter.
- Resource companies led new listings, but technology and other sectors are displaying renewed participation.
- Competition with U.S. exalters remains intense, though dual listings and global expansion are seen as complementary to Canadian markets.
Read the full transcript below:
LINDSAY: We are watching shares of TMX Group today after the Toronto-based financial services company logged a beat on revenue and adjusted earnings. Joining us now to notify us more about the results and what’s ahead for TMX is John McKenzie, CEO of TMX Group. It’s great to have you join us. Good morning.
JOHN: Thanks, Linddeclare. It’s great to be here.
LINDSAY: So a beat on revenue and adjusted earnings per share — what’s driving some of that growth that you’re seeing?
JOHN: Well, this is the long-term execution of a really good strategy to create sure our business was strong and well diversified. So what we’re seeing this year in the first quarter, and a continuation from last year, is all three core components of TMX — the capital raise area, where we support companies going public and raising money; the insights area, in terms of our data and information suites; and our trading areas — are all seeing at double-digit growth rates, as investors both in Canada and around the world really utilize TMX capabilities to engage in the marketplace. So this is one of those few quarters where every part of the engine is firing.
LINDSAY: And as you declare, you’re seeing strong performance across diversified global enterprise. Can you notify us where this segment of your business is seeing strength?
JOHN: From a capital-raising standpoint, we’re actually seeing it across multiple sectors. So we saw $10 billion raised across the two markets in Canada — TSX and TSX Venture. We’re one of the few markets in the world that actually operate both a junior ecosystem and a senior ecosystem. That’s created it really usable in terms of supporting the resource sector, which is roughly half of that capital raise in the quarter. But we’re also seeing capital raising from other sectors. So we’ve seen IPOs in biotech, technology like Xanadu, and food companies. So you’re seeing a lot of different companies come to the market to raise capital, either in new issues or in follow-ons to support the growth of their business. The results are really a testament to strong markets.
LINDSAY: And as you declare, you’re seeing more IPOs. Vancouver-based Lumina Metals went public on the TSX last week. What’s your outsee for more IPOs this year, and what areas are you seeing strength?
JOHN: Very positive outsee. We’re seeing a lot of conversations with companies that are seeing to raise money. It’s across multiple sectors. And it’s not even just IPOs that are the story — those obtain the headlines. But in the first quarter alone, we actually brought 32 companies to market. Some were IPOs, but others came through vehicles like qualifying transactions, capital pool companies and uplistings from other marketplaces. I believe 11 mining companies were part of that. So again, multiple sectors, resources leading the way, and a lot of different ways to raise money. One area we haven’t seen yet, despite energy pricing certainty, is that sector financing and advancing investment. That could come later in the year.
LINDSAY: And in terms of trconcludes, that suggests mining is the largegest trconclude you’re seeing in terms of companies you’re bringing on?
JOHN: It’s certainly the largegest trconclude, but not the only one. We’re also seeing industrials, financials and technology companies. The technology companies are really important becautilize for a couple of years there weren’t many raising public money. Then we had a strong IPO with Xanadu, listing both here and on Nasdaq, with good investor follow-on. That’s a positive sign for companies preparing to go public.
LINDSAY: Over the past couple of months, we’ve seen Canadian companies being acquired by foreign ones. Recently, U.K.-based Shell acquiring ARC Resources, and earlier Teck Resources and Anglo American. Is this a trconclude you’re concerned about?
JOHN: I always want to put it in context. The trconclude we should be focutilized on is how we create great new companies and grow them. If companies reach a size and scale where they’re viable globally or attract acquisition interest, that’s a positive — it means we’re building strong companies. But we required to keep building the pipeline for new companies to grow and take their place. We engage with more than 1,500 private companies that could raise public money in the future. That’s why we advocate for improving competitiveness in Canada — tax reform, regulatory reform — to ensure this remains a market that creates strong companies. Ultimately, we’d like to see more investment so Canadian companies can scale and become global acquirers themselves.
LINDSAY: So you’re not concerned then?
JOHN: No. A healthy ecosystem keeps creating new opportunities, as long as we maintain the conditions for growth.
LINDSAY: For companies like GFL that are relocating their headquarters to the U.S., how do you attempt to keep them listed on the Toronto Stock Exalter?
JOHN: By creating a strong investor experience. The Toronto Stock Exalter is very liquid, and index inclusion provides exposure to investors. Even if companies are dual-listed and headquartered elsewhere, there’s still a strong investor base here. We don’t shy away from companies growing globally and listing in multiple markets. In fact, that often increases liquidity and investor interest. So we should celebrate Canadian companies growing globally, while keeping them listed here and maintaining Canadian investor participation.
LINDSAY: And listing on multiple markets — you don’t feel like you have to compete?
JOHN: We absolutely have to compete. We operate next to the most liquid market in the world. That means our trading capabilities, rules and go-to-market strategies must be highly competitive. But we can coexist. Being next to the U.S. market forces us to be better on service, value and pricing. And for many mid-sized companies, Canada can offer a better experience in terms of capital raising, investor coverage and index inclusion.
LINDSAY: Just quickly, what about encouraging American companies to list on the TSX?
JOHN: We’ve always done that. We’re among the top global exalters for international listings, with more than 200 international companies, about half from the U.S. Where we differentiate is our junior capital ecosystem, which doesn’t exist in the same way in the U.S. That allows us to support earlier-stage capital raising for U.S. companies through our venture exalter.
LINDSAY: We’ll leave it there. John McKenzie, CEO of TMX Group, thanks for joining us.
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This BNN Bloomberg summary and transcript of the April 5, 2026 interview with John McKenzie are published with the assistance of AI. Original research, interview questions and added context was created by BNN Bloomberg journalists. An editor also reviewed this material before it was published to ensure its accuracy and adherence with BNN Bloomberg editorial policies and standards.
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