1. 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

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

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

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

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

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

7. Trading environment: Technology is changing the game

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

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

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

11. Consolidation is shaping the industry2

12. Virtuous Circle… New capabilities and scale will support: Technology7
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

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

14. Discussion

15. © 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.