TMX Group (X) Canaccord Genuity 44th Annual Growth Conference & Private Company Showcase summary

Strategic direction and business model

• Focus on leveraging core exchange and data businesses, integrating services across the ecosystem rather than diversifying into unrelated sectors like some peers.

• Emphasis on recurring revenue streams and network effects from core listings, trading, and data services.

• Recent acquisition of VettaFi to enhance index and benchmark creation, supporting ETF growth and client customization.

• Growth strategy includes expanding all franchise segments, not just data and analytics.

Recent acquisitions and integration

• Acquired VettaFi after initially taking a minority stake, aiming to accelerate growth through integration and cross-selling.

• Integration focused on deploying productivity tools and forming joint sales teams to drive revenue synergies.

• Exploring monetization of index data for energy markets in Europe, leveraging Trayport and VettaFi.

• Acquired Newsfile to expand issuer services, targeting both public and pre-public companies.

Trayport and international expansion

• Trayport is a SaaS platform for energy trading, with strong retention and built-in price increases.

• North American expansion achieved 30% CAGR over five years, with plans to accelerate entry into new asset classes like oil and Japanese power.

• Expansion requires building network effects among brokers and traders, leveraging European experience.

• U.S. and other markets present significant opportunity due to lack of comparable platforms.