TMX Group (X) Bank of America Financial Services Conference 2026 summary

IPO and capital formation trends

• Deep pipeline of private companies ready to go public, strongest in over a decade.

• 60% increase in financing activity for listed companies last year signals market strength.

• Multiple pathways to market, with 11 companies graduating from junior to senior markets.

• Canada ranked among the top globally for new listings.

Growth drivers and business segments

• Over half of business segments are classified as high growth, including global insights and energy platforms.

• VettaFi index and benchmark business grew 25% last quarter, with 13% organic growth.

• Derivatives franchise up 30% last year, expected to remain high growth.

• Corporate solutions now represent 44% of capital formation, with ambitions to exceed 50%.

U.S. expansion and product innovation

• U.S. headcount expanded from 8 to 240-250 in two years, spanning multiple business lines.

• Trayport energy platform and VettaFi index solutions being scaled in the U.S.

• AlphaX U.S. ATS exceeded volume expectations in its first year, among the fastest-growing ATS launches.

• Plans to add more products and capabilities to AlphaX U.S. in year two.