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The Toronto Stock Exchange ( TSX; ) is a stock exchange located in Toronto, Ontario, Canada. It is the 10th largest exchange in the world and the third largest in North America by market capitalization. Based in the EY Tower in Toronto's Financial District, the TSX is a wholly owned subsidiary of the TMX Group for the trading of senior equities.
The TSE grew continuously in size and in shares traded, save for a three-month period in 1914 when the exchange was shut down for fear of financial panic due to World War I. The day of the Wall Street crash of 1929, Toronto's exchange was better connected to New York's and received the bad news before Montreal's (prior to 1931, exchanges communicated via telephone or by brokers' private wires, as they were not yet interconnected by Ticker tape). By the afternoon, its three most popular stocks were down by at least 8%: International Nickel, Hiram Walker & Sons and Brazilian Light & Power. The following day, a record number of 331,000 shares changed hands on the TSE, with an overall loss of value of 20% (in Montreal, 525,000 shares and 25% loss).
Meanwhile, a British Columbia gold rush in the 1890s stimulated the demand for Venture capital but Montreal and Toronto's exchanges deemed the ventures too risky. The boom was handled with the Toronto Stock and Mining Exchange, founded in 1896 and which merged with its rival Standard Stock and Mining Exchange in 1899. The SSME, after years of ups and downs, was amalgamated into the Toronto Stock Exchange in 1934. While a durable surge in mining trading was recorded in Toronto (either securities) or other publicly listed assets, in Montreal the volume of the Stock-centric market was going down. Toronto found itself a reputation as a financial centre for mining and from 1934, the total trading volume on the TSE surpassed that of Montreal's.
In 1999, through a major realignment plan, the Toronto Stock Exchange became Canada's sole exchange for the trading of senior Stock. The Bourse de Montréal/Montreal Exchange assumed responsibility for the trading of derivatives and the Vancouver Stock Exchange and Alberta Stock Exchange merged to form the Canadian Venture Exchange (CDNX) handling trading in junior equities. The Canadian Dealing Network, Winnipeg Stock Exchange, and equities portion of the Montreal Exchange later merged with CDNX. In 2000, the Toronto Stock Exchange became a for-profit company. In 2002, its acronym was changed to TSX and it became a public company.Government of Canada The Toronto Stock Exchange
On February 9, 2011, the London Stock Exchange announced that it had agreed to merge with the TMX Group, the Toronto Stock Exchange's parent, hoping to create a combined entity with a market capitalization of $5.9 trillion (£3.7 trillion). Xavier Rolet, who is CEO of the LSE Group, would have headed the new enlarged company, while TMX Chief Executive Thomas Kloet would become the new firm president. Based on data from December 30, 2010 the new stock exchange would have been the second largest in the world with a market cap 48% greater than the Nasdaq. Eight of the 15 board members of the combined entity were to be appointed by LSE, 7/15 by TMX. The provisional name for the combined group would be LTMX Group plc.Wall Street Journal, "A Combined TMX-LSE Would Be Called LTMX Group", Ben Dummett, 1 June 2011 About two weeks after Maple Group launched a competing bid the LSEG-TMX deal was terminated after failing to receive the minimum 67% voter approval from shareholders of TMX Group. The rejection came amidst new concerns raised by Bank of Canada governor Mark Carney regarding foreign control of clearing systems and opposition to the deal by Ontario's finance minister. On June 13, 2011, a rival and hostile bid from the Canadian-based Maple Group took place. The bid was for up to CAD$3.7 billion in cash and shares, in the hope of preventing a takeover of TMX by the LSEG Group. The group included leading Canadian banks and financial institutions. In March 2015, a competing exchange, Aequitas Neo, opened for trading, listing 45 issues that were only listed on the TSX. The new exchange aimed to focus on fairness, particularly in relation to what it referred to as "predatory high-frequency trading practices". The exchange planned to list additional TSX-listed securities. On May 27, 2014, TMX Group officially opened financial operations in Canada, the United States, the United Kingdom and Australia under the name TSX Financial..
the Toronto Stock Exchange had 1,811 listed issuers (including ETFs and other structured financial products) with a combined market capitalization of CAD $4.16 trillion. Up from 1,798 listed issuers and a combined market capitalization of CAD $4.0 trillion as of March 2023. By the end of January 2024, the total market capitalization of companies listed on the TSX & TSXV reached CAD $4.23 trillion.The exchange is home to all of Canada's Big Five commercial banks—Canadian Imperial Bank of Commerce (CIBC), Bank of Montreal (BMO), Bank of Nova Scotia (Scotiabank), Royal Bank of Canada (RBC), and the Toronto-Dominion Bank (TD)—making the exchange the centre for banking in the country. This was seen as being most evident during the proposed mergers of Royal Bank with Bank of Montreal, and CIBC with the Toronto-Dominion Bank in 1998. Then-Finance Minister Paul Martin blocked the mergers to preserve competition.
The exchange is the primary listing for a number of energy companies including; Enbridge, Suncor, TC Energy, Canadian Natural Resources, Imperial Oil, Pembina Pipeline and Cenovus all within the S&P/TSX 60 index.
Many of the large companies listed on the TSX, especially those on the S&P/TSX 60 index, have a Cross listing on an American exchange such as the New York Stock Exchange. TSX listings of U.S.-listed companies can be listed by the NYSE/NASDAQ ticker symbol with the suffix ':CA' on the TSX; for example AAPL:CA.
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