TMX Group Limited (X: CA) 25th CIBC Eastern Institutional Investor Conference September 24, 2026 4:00 PM EDT
Company Participants
David Arnold – Chief Financial Officer
Conference Call Participants
Scott Fletcher – CIBC Capital Markets, Research Division
Presentation
Scott Fletcher
CIBC Capital Markets, Research Division
well. Good evening, everyone. My name is Scott Fletcher, and I cover various financials for CIBC. And the next presentation is TMX Group. And joining us today is David Arnold. David, thanks for joining us today.
David Arnold
Head of Finance
Thank you, Scott. Nice to see you in person.
Question and Answer Session
Scott Fletcher
CIBC Capital Markets, Research Division
yes already. So at CIBC, we just reopened our TMX coverage last month and look forward to the opportunity to discuss the business today.
So I want to start with the big picture. And over the last decade, TMX has really evolved into a broad market infrastructure business that spans equities, derivatives, trading and clearing, market data, indexing, capital formation and enterprise solutions, now in abundance. So when you look at organizations today, where do you think the evolution of the business is most visible? And then what do you see as the next step in your TMX journey because you’ve achieved so much now?
David Arnold
Head of Finance
There’s a lot to unpack, Scott. So let’s start with the first part. Like, I mean, we’ve – you’re right, we’ve evolved. The journey is incomplete. We set several long-term aspirational transformation steps. The first one really has a recurring revenue of about 2/3 of the revenue pie. We’re not there yet, so there’s a way to get there. We are obviously very, very Canada-centric, less of a global market infrastructure player. So we really want to grow into a global information business. And let us