TMX Group (X) NBF’s 24th Annual Financial Services Conference summary

Business performance and market trends

• Strong capital formation in early Q1 2026, with robust secondary financings and IPO pipeline, though some slowdown due to Middle East events.

• Derivatives business surged after initial quiet period, with equity volumes matching pandemic highs; volatility driven by central bank uncertainty.

• Global Insights segment, including Datalinx, VettaFi, and Trayport, continues to deliver high single to double-digit growth.

Technology, AI, and data strategy

• AI seen as an opportunity to enhance productivity and efficiency, with proprietary data as a key competitive moat.

• Demand for high-quality raw data is rising, as clients prefer to generate their own insights using AI.

• Internal adoption of AI tools is helping scale operations without significant headcount increases.

Tokenization and market infrastructure

• Tokenization viewed as beneficial for payment facilitation and reducing post-trade friction, with focus on regulatory alignment with the U.S.

• Concerns about liquidity fragmentation if tokenization is not tied to underlying assets; preference for models that connect tokens to registries.

• Ongoing collaboration with U.S. partners to develop best practices and solutions for tokenized assets.