Kevan Cowan President TSX Markets and

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Presentation transcript:

Exchange Traded Forum May 10, 2011 Evolutions and revolutions in Canada’s capital markets Kevan Cowan President TSX Markets and Group Head of Equities, TMX Group

Evolution or revolution? Proliferation of Exchange Traded Funds Trading environment Exchange group consolidations … you decide.

Global growth by every measure Data as at end Q1 2011. Source: Global ETF Research and Implementation Strategy Team, BlackRock, Bloomberg.

More choice for Canadian investors 196 ETFs $49.1B QMV (C$ Billions) Number Listed

A wealth of diversity… Sectors Commodities Currencies Derivatives Exposure to: Sectors Commodities Currencies Derivatives Fixed Income International

Evolution or revolution? Proliferation of Exchange Traded Funds Trading environment Exchange group consolidations … you decide.

Trading environment: Technology is changing the game

Trading environment: Inverse trends for volume and average trade size 2011 data is as of March 2011

Multi-Marketplace Environment Trading environment: Market structure and practices Multi-Marketplace Environment Dark Trading Internalization

Evolution or revolution? Proliferation of Exchange Traded Funds Trading environment Exchange group consolidations … you decide.

Consolidation is shaping the industry 2

Virtuous Circle… New capabilities and scale will support: Technology 7 More participants will drive greater market activity 2 Globalizing our capital markets will enhance visibility and support economic growth New capabilities and scale will support: Technology Connectivity Global sales force Global data 1 Enriching the financial system will bring more opportunities for investors and more jobs 6 More trading activity will deliver deeper, more liquid markets 3 Greater access to capital / lower cost of capital 4 Increased scale and a strong brand will bring more issuers and greater visibility 5 2

Evolution or revolution? Proliferation of Exchange Traded Funds Trading environment Exchange group consolidations … you decide.

Discussion

© 2011 TSX Inc. All rights reserved © 2011 TSX Inc. All rights reserved. Do not copy, distribute, sell or modify this document without TSX Inc.’s prior written consent. This information is provided for information purposes only. Neither TMX Group Inc. nor any of its affiliated companies guarantees the completeness of the information contained in this presentation and we are not responsible for any errors or omissions in or your use of, or reliance on, the information. Proposals and applications discussed in this presentation are subject to final approval by the relevant regulatory or other authorities.