TMX Group (X) UBS Financial Services Conference 2026 summary

Business overview and growth objectives

• Operates across Canadian capital markets, including exchanges, derivatives, clearing, and data platforms, with significant international presence and recurring revenue focus.

• About half of business is outside Canada, with 51% international revenue and 44% from Global Insights, targeting 50%.

• Long-term goal remains 2/3 recurring revenue, though recent strong trading performance temporarily reduced the percentage.

Global Insights and data businesses

• Trayport continues double-digit growth, with European energy markets maturing but U.S. and Asia offering new expansion opportunities.

• VettaFi achieved 25% growth in 2025, split between organic and inorganic expansion, with assets under management rising from CAD 32B to over CAD 80B in two years.

• Acquisitions focus on scalable, integratable assets with strong client growth profiles and synergies.

AI strategy and impact

• Proprietary data platforms like Trayport and Datalinx are seen as resilient to AI disruption, with AI tools used to unlock and commercialize previously inaccessible data.

• AI is driving efficiency in development and product testing, enabling faster innovation and improved client offerings.

• Over 90% of the company has adopted Gen AI tools, with ongoing evaluation of productivity and value creation.