TMX Group set a “record-high sales” figure in the first quarter... Accelerating expansion through acquisitions of the Sydney Stock Exchange and Canada’s securities exchange

Canadian exchange operator TMX Group ($TMXXF) posted record-high revenues in the first quarter of 2026. Meanwhile, as it advances its acquisition of Cboe’s Australian and Canadian businesses, the company is accelerating the expansion of global trading infrastructure from North America to worldwide.

TMX Group announced that first-quarter revenue increased 16% year-over-year to $488.2 million, approximately 707.9B Korean won. Diluted earnings per share (EPS) were $0.80, and after excluding $0.21 related to litigation items, adjusted diluted EPS was $0.65, up 33% year-over-year. Operating profit was $238.6 million, and adjusted net profit was $182.6 million. However, operating costs rose 5% due to acquisitions, personnel expansion, and technology investments.

With this earnings release, market attention is focused on its acquisition plans. On April 22, TMX Group announced an agreement to acquire Cboe Australia and Cboe Canada for a total of $300 million (about 435.2B Korean won). The company plans to expand its global footprint through this deal, streamline access to the Canadian market, and accelerate growth. These two businesses had combined revenues of approximately $87 million in 2025, with an adjusted EBITDA of about $25 million.

TMX Group expects that, even without considering standalone synergies, the transaction will generate “profit contribution effects” within 12 months after closing based on adjusted EPS. However, final approval from regulators in Canada and Australia, as well as routine closing conditions, are still required.

April trading volume reached $412.9 billion… a 38.5% surge since the start of the year

Trading metrics also performed strongly. According to TMX Group’s April consolidated trading data, the combined monthly trading volume of TSX, TSX Venture, TSX Alpha, and Montreal Exchange was 15 billion shares, with a trading value of $412.9 billion. Year-to-date, total trading volume reached 70.22 billion shares, up 38.5%. The company notes these figures are provisional as of April 30 and may be revised during trade confirmation.

Trading in March was also quite active. The total trading volume in March was 19.06 billion shares, with a value of $502.83 billion. Since the start of the year, trading volume and value increased by 49.7% and 46.0%, respectively. Notably, TSX Venture’s year-to-date trading value surged by 298.9%, showing remarkable growth; TSX also grew by 48.5%, indicating steady momentum.

These data suggest that Canada’s capital markets are re-energizing after entering 2026, with renewed activity in IPOs, financing, and secondary market trading. The recovery of TSX Venture, which mainly targets small- and mid-cap growth companies, combined with risk asset appetite, is seen as a sign of improved market resilience.

Equity issuance market also recovering… TSX and TSXV financing surges

The equity issuance market also shows clear signs of improvement. According to TMX Group’s March equity financing data, TSX saw 31 new listings with a total financing of $2.03915 billion. This was a 41% decrease month-over-month but a significant 195% increase year-over-year.

TSX Venture had 6 new listings, raising a total of $1.87884 billion. This represents a 29% month-over-month increase and a 481% year-over-year jump. Since the start of the year, total financing on TSX reached $6.41B, up 148%, while TSX Venture’s financing totaled $4.21 billion, up 206.7%. The total market capitalization of TSX is $6.507 trillion, and TSX Venture’s total market cap is $65.07k.

The simultaneous increase in trading volume and financing scale enhances TMX Group’s performance quality. The exchange’s revenue base becomes more stable and resilient when new listings, secondary offerings, derivatives, and data services work synergistically alongside trading turnover.

Montreal Exchange launches Canada’s first bank credit spread futures

New products are also being introduced. On April 8, Montreal Exchange launched the “FTSE Canada Bank Credit Index Futures” (BCS). This is the first product listed on a Canadian exchange designed to trade bank credit spreads independently.

The product tracks the FTSE Canada Bank Credit Spread Index, aiming to provide transparent and capital-efficient exposure to credit risk in the Canadian banking sector. It can be used in conjunction with cash bonds, ETFs, and total return swaps, simplifying hedging and order execution for institutional investors.

In the context of recent rate path uncertainties and increased volatility in credit markets, such derivatives are expected to meet institutional demand and help diversify exchange revenue streams.

Quarterly dividend set at $0.24… and a correction notice submitted

TMX Group also announced a quarterly cash dividend of $0.24 per common share, payable on June 5, with the record date on the close of trading on May 22. Under Canadian tax law, this dividend is classified as a “qualified dividend.”

Additionally, TMX Group submitted a correction notice on April 10 regarding the shareholder meeting. The correction amends the clause numbering in Appendix A of the “Equity Compensation Incentive Plan,” changing the incorrect “Section 5.3” to “Section 5.4.” The French version remains unaffected. The shareholder meeting is scheduled for May 5, 2026.

TMX Group released its Q1 results after market close on May 4, and announced an analyst conference call for the morning of May 5, followed by regular and special shareholder meetings in the afternoon. Also, after the TSX, TSX Venture, TSX Alpha, and Montreal Exchange closed on April 3 for Good Friday, trading resumed on April 6.

Overall, with record-breaking performance, increased trading activity, active financing, and ongoing overseas exchange acquisitions, TMX Group has started 2026 with strong momentum. Despite regulatory approval and integration challenges, its expansion and revenue diversification strategies are expected to remain key market focus in the short term.