Who owns Canada’s largest stock exchange is attempting to help make the company more enticing to technology startups amid new competition from Nasdaq Inc., the global heavyweight in tech listings.
TMX Group Ltd. wants more tech firms on its venue for businesses, the TSX Venture Exchange, with the objective of attracting companies from Silicon Valley and Canada’s technology hubs, Ceo Lou Eccleston told reporters in Toronto on Thursday. TMX is cutting administrative and compliance costs and combating the perception the Venture Exchange is only for natural-resource firms, he added.
Nasdaq recently agreed to buy Chi-X Canada, which competes with the TMX platforms and handles roughly an eighth from the country’s stock trading. Nasdaq’s main U.S. exchange is home to the 4 biggest technology companies in the world – Apple Inc., Alphabet Inc., Microsoft Corp. and Facebook Inc. – which together possess a market price of US$1.9 trillion. That’s bigger than the entire US$1.6 trillion Canadian equity market. Eccleston said his company can fend off Nasdaq.