TMX Group Inc. (Toronto Stock Exchange)

Country
Canada
Number of listed companies
3,486
Domestic market capitalization
2,429,243
SSE Partner Exchange

No

Has annual sustainability report

No

Requires ESG reporting as a listing rule

No

  • However, if any environmental or social information is deemed ‘material’, it must be immediately disclosed by a news release as required by the Exchanges’ Timely Disclosure Policies. In addition, securities rules require issuers to disclose all material information including material environmental and social issues. (Source)
  • Canadian Environmental Protection Act (1999) requires companies to provide information on specific pollutant emissions for inclusion in the National Pollutant Release Inventory. The act was expanded five years later to include the GHG Emissions Reporting Program, which requires Canadian Large Emitters to report GHG emissions.  Banks and other financial institutions with equity of CDN$1 billion or more are also required (Ban Act, 1991) to publish an annual statement describing their contributions to the Canadian economy and society. (Source)
  • The Canadian Securities Administrators requires mining companies to report on reasonably available information on environmental, permitting, and social or community factors as it relates to mineral exploration, development, and production activities on a mineral property that is material to the issuer. TSX includes a reference to this in its listing standards for mineral exploration and development stage mining companies. (Source, Source )
Has written guidance on ESG reporting

Yes

  • A Primer for Environmental & Social Disclosure - March 2014
  • Related information:
    • In 2010, the Canadian Securities Administrators issued CSA Staff Notice 51-333 Environmental Reporting Guidance to help issuers understand reporting requirements for environmental issues. It identifies where requirements exist, explores the concept of materiality and provides specific disclosure examples. While the notice did not specifically address social information, it has been noted that social issues are included since the Annual Information Form and Management's Discussion and Analysis cover all material issues. (Source)
Offers ESG related training

No

Has sustainability bond listing segment

No

Has SME listing platform

Yes

  • TSX Venture Exchange, since 1999
Additional information
  • TMX Group has strategically targeted growth- oriented Clean Technology and Renewable Energy companies seeking a market to access North American and global capital. As of March 2018, TSX and TSX Venture Exchange were home to 90 of these companies with a total market cap of over C$40 billion. Source: TSX/TSXV Market Intelligence Group. (Source)
  • TMX Group has launched emissions markets for the Western Climate Initiative, the Regional Greenhouse Gas Initiative and the Alberta carbon market. These markets leverage TMX Groups recently acquired Trayport platform to provide customers with a sophisticated platform to access market liquidity.
  •  TMX Group is a member of the International Emissions Trading Association (IETA).
  • TMX Group is also a member of the WFE Sustainability Working Group.
Organizational model of stock exchange
  • Listed company for profit; demutualized in 2000
Regulatory model
Independent Member Self-Regulatory Organization (SRO) Model
  • The two major exchanges that the TMX Group operates are the TSX and the Montreal Exchange. Under Ontario securities rules, the Ontario Securities Commission gives oversight to all financial markets in the province. The TSX has self-regulatory abilities but delegates market surveillance and enforcement to the Investment Industry Regulatory Organization of Canada (IIROC); an independent organization. The TSX only has listing regulatory authority as a result of the delegated powers. This would warrant a 'Independent Member SRO Model' classification. The Montreal Exchange operates in Quebec, which is regulated by the Autorité des Marchés Financiers (AMF), an independent but government owned organization. The AMF assists the Montreal Exchange in developing rules and regulations and gives general oversight to the markets but the majority of the regulatory authority lies with the Montreal Exchange itself, making it a Strong Exchange SRO Model.
About the stock exchange
Location: Toronto, Canada
  • TMX Group's businesses operate cash and derivative markets for multiple asset classes including equities, fixed income and energy. They also provide clearing facilities, data products and other services to the international financial community. (Source)
Ownership of Exchange (Shares >4% only) Share
National Bank of Canada 6.20%
TD Securities Inc. 6.20%
CIBC 6.20%