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Updated number of listings and total market cap of TSX and TSXV to match as of January 2024. All data was retrieved directly from the TSX website, utilizing their publicly available MiG Report.
 
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{{Use Canadian English|date=March 2023}}
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{{short description|Stock exchange in Canada}}
{{Redirect|TSX}}
{{Redirect|TSX}}
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{{short description|Stock exchange in Canada}}
{{Infobox exchange
{{Infobox exchange
|name = Toronto Stock Exchange
| name = Toronto Stock Exchange
|nativename =
| nativename =
|logo = [[File:TSX New.svg|150px]]
| logo = [[File:TSX Logo.svg|100px]]
|type = [[Stock exchange]]
| type = [[Stock exchange]]
|city = [[Toronto]], [[Ontario]]
| city = [[Toronto]], [[Ontario]]
|country = [[Canada]]
| country = [[Canada]]
|coor = {{coord|43|38|53.88|N|79|22|59.88|W|type:landmark}}
| coor = {{coord|43|38|53.88|N|79|22|59.88|W|type:landmark}}
|foundation = {{start date and age|1861|10|25|df=yes}}
| foundation = {{start date and age|1861|10|25|df=yes}}
|owner = [[TMX Group]]
| owner = [[TMX Group]]
|key_people = John McKenzie <small>(CEO, TMX Group)</small>
| key_people = John McKenzie <small>(CEO, TMX Group)</small>
<br>Loui Anastasopoulos <small>(CEO, Toronto Stock Exchange and Global Head, Capital Formation)</small><ref>{{cite web|url=http://tmx.com/investor-relations/corporate-information/senior-management|title=TMX - Senior Management|website=tmx.com}}</ref>
<br>Loui Anastasopoulos <small>(CEO, Toronto Stock Exchange and Global Head, Capital Formation)</small><ref>{{cite web|url=http://tmx.com/investor-relations/corporate-information/senior-management|title=TMX - Senior Management|website=tmx.com}}</ref>
|currency = [[Canadian dollar]]
| currency = [[Canadian dollar]]
|listings = 3,451 <small>(December, 2021)</small><ref>{{cite web |url=https://investors.tmx.com/English/home/default.aspx|title=TMX Investor Relations |date=December 2022 |website=www.tmx.com|format=URL}}</ref>
| listings = 3,476 <small>(January, 2024)</small><ref>{{Cite web|url=https://www.tsx.com/resource/en/3143 |title=The MiG Report - January 2024. |website=TSX.com|access-date=February 16, 2024}} </ref>
|mcap = $4.3 trillion <small>(December, 2021)</small><ref>{{cite web |url=https://investors.tmx.com/English/home/default.aspx|title=TMX Investor Relations |date=December 2022 |website=www.tmx.com|format=URL}}</ref>
| mcap = $4.23 trillion <small>(January, 2024)</small><ref>{{Cite web|url=https://www.tsx.com/resource/en/3143 |title=The MiG Report - January 2024. |website=TSX.com|access-date=February 16, 2024}} </ref>
|volume = 39.7 billion shares <small>(June 30, 2014)</small>
| volume =
|indexes = [[S&P/TSX Composite]]<br/>[[S&P/TSX 60]]<br/>S&P/TSX Completion Index
| indexes = [[S&P/TSX Composite]]<br/>[[S&P/TSX 60]]<br/>S&P/TSX Completion Index
|homepage = [http://www.tmx.com www.tmx.com]
| homepage = {{URL|www.tmx.com}}
|footnotes =
| footnotes =
|image=[[File: Toronto Stock Exchange.jpg|220px]]}}
}}
The '''Toronto Stock Exchange''' ('''TSX'''; {{lang-fr|Bourse de Toronto}}) is a [[stock exchange]] located in [[Toronto]], [[Ontario]], Canada. It is the [[List of stock exchanges|10th largest exchange in the world]] and the third largest in North America based on [[market capitalization]].<ref>{{Cite web|last=Chen|first=James|title=Toronto Stock Exchange (TSX)|url=https://www.investopedia.com/terms/t/toronto-stock-exchange-tsx.asp|access-date=2021-05-10|website=Investopedia|language=en}}</ref> Based in the EY Tower in Toronto's [[Financial District, Toronto|Financial District]], the TSX is a wholly owned subsidiary of the [[TMX Group]] for the trading of senior equities.
The '''Toronto Stock Exchange''' ('''TSX'''; {{lang-fr|Bourse de Toronto}}) is a [[stock exchange]] located in [[Toronto]], [[Ontario]], Canada. It is the [[List of stock exchanges|10th largest exchange in the world]] and the third largest in North America based on [[market capitalization]]. Based in the [[EY Tower]] in [[Financial District, Toronto|Toronto's Financial District]], the TSX is a wholly owned subsidiary of the [[TMX Group]] for the trading of senior equities.

The Toronto Stock Exchange was established in 1861, and incorporated by the [[Legislative Assembly of Ontario]] in 1878. The Toronto Stock Exchange became the sole Canadian exchange for senior equities in 1999. In 2002, the exchange became a publicly-traded company and rebranded from the '''TSE''' to the ''TSX''

A broad range of businesses from Canada and abroad are represented on the exchange. In addition to conventional securities, the exchange lists various [[exchange-traded fund]]s, [[split share corporation]]s, [[income trust]]s and [[investment fund]]s. More mining and oil and gas companies are listed on Toronto Stock Exchange than any other stock exchange.


==History==
==History==
===Beginnings===
===Beginnings===
[[File:New Toronto Stock Exchange trading floor.jpg|thumb|New Toronto Stock Exchange trading floor, circa 1937–39]]
[[File:New Toronto Stock Exchange trading floor.jpg|thumb|New Toronto Stock Exchange trading floor, {{Circa|1937}}–39]]
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The Toronto Stock Exchange likely descended from the Association of Brokers, a group formed by Toronto businessmen on July 26, 1852.<ref name="Financial Post">{{cite web | title=Timeline: 160 years of the Toronto Stock Exchange | website=Financial Post | url=https://business.financialpost.com/investing/timeline-160-years-of-the-toronto-stock-exchange | access-date=2018-09-23}}</ref> No records of the group's transactions have survived. It is however known that on October 25, 1861, twenty-four [[brokers]] gathered at the Masonic Hall to create and participate in the ''Toronto Stock Exchange''.<ref name=gov/> Between 1852 and 1870, two other distinct, commodity-orientated, exchanges were founded : the ''Toronto Exchange'' in 1854 and the ''Toronto Stock and Mining Exchange'' in 1868. Initially the TSE had 13 listings but it grew to 18 in 1868 (a majority of bonds and bank's issues). Many banks of [[Upper Canada]] failed during 1869, which halted any sort of trading in the city as the market was just too small. A [[Market trend#Bull market|bull market]] in 1870 boosted investor's confidence and eight of the original 24 brokers joined again to re-establish the TSE.<ref name="Rotman">{{cite web |last1=Martin |first1=Joe |title=How Toronto Became the Financial Capital of Canada: The Stock Market Crash of 1929 |url=https://www.rotman.utoronto.ca/-/media/Files/Programs-and-Areas/CanadianBusinessHistory/Stock-Market-Crash-of-1929_UPDATED.pdf?la=en |publisher=Rotman School of Management, University of Toronto |format=pdf}}</ref>{{rp|5}} The exchange was incorporated by an act of the [[Legislative Assembly of Ontario]] in 1878.<ref name="Financial Post" />


⚫
The Toronto Stock Exchange likely descended from the Association of Brokers, a group formed by Toronto businessmen on July 26, 1852.<ref name="Financial Post">{{cite web | title=Timeline: 160 years of the Toronto Stock Exchange | website=Financial Post | url=https://business.financialpost.com/investing/timeline-160-years-of-the-toronto-stock-exchange | access-date=2018-09-23}}</ref> No records of the group's transactions have survived. It is however known that on October 25, 1861, twenty-four [[brokers]] gathered at the Masonic Hall to create and participate in the ''Toronto Stock Exchange''.<ref name="gov" /> Between 1852 and 1870, two other distinct, commodity-orientated, exchanges were founded : the ''Toronto Exchange'' in 1854 and the ''Toronto Stock and Mining Exchange'' in 1868. Initially the TSE had 13 listings but it grew to 18 in 1868 (a majority of bonds and bank's issues). Many banks of [[Upper Canada]] failed during 1869, which halted any sort of trading in the city as the market was just too small. A [[Market trend#Bull market|bull market]] in 1870 boosted investor's confidence and eight of the original 24 brokers joined again to re-establish the TSE.<ref name="Rotman">{{cite web |last=Martin |first=Joe |title=How Toronto Became the Financial Capital of Canada: The Stock Market Crash of 1929 |url=https://www.rotman.utoronto.ca/-/media/Files/Programs-and-Areas/CanadianBusinessHistory/Stock-Market-Crash-of-1929_UPDATED.pdf?la=en |publisher=Rotman School of Management, University of Toronto |format=pdf }}</ref>{{rp|5}} The exchange was incorporated by an act of the [[Legislative Assembly of Ontario]] in 1878.<ref name="Financial Post" />
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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|ticker]]). By the afternoon, its three most popular stocks were down by at least 8%: [[Vale Limited#Pre-Vale history|International Nickel]], [[Hiram Walker]] & Sons and [[Brookfield Asset Management#1899-1979|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).<ref name="Rotman" />{{rp|7}}


⚫
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|ticker]]). By the afternoon, its three most popular stocks were down by at least 8%: [[Vale Limited#Pre-Vale history|International Nickel]], [[Hiram Walker]] & Sons and [[Brookfield Asset Management#1899-1979|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).<ref name="Rotman" />{{rp|7}}
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Meanwhile, a [[British Columbia gold rushes|British Columbia gold rush]] in the 1890s stimulated the demand for [[Venture capital|start-up 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 [[Commodity market|commodities]] or [[Security (finance)|securities]]), in Montreal the volume of the [[Stock|equity]]-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.<ref name="Rotman" />{{rp|13}}

⚫
Meanwhile, a [[British Columbia gold rushes|British Columbia gold rush]] in the 1890s stimulated the demand for [[Venture capital|start-up 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 [[Security (finance)|securities]]) or other publicly listed assets, in Montreal the volume of the [[Stock|equity]]-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.<ref name="Rotman" />{{rp|13}}


===A major exchange===
===A major exchange===
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The TSE moved on [[Bay Street]] in 1913<ref name="Financial Post" /> and in 1937 opened a new trading floor and headquarters in an [[Art Deco]] building, still on Bay.<ref name="Taylor" >{{cite web|last=Taylor|first=Doug|title=Toronto's architectural gems–the Design Exchange (The original Toronto Stock Exchange)|url=http://tayloronhistory.com/2012/06/15/torontos-architectural-gemsthe-design-exchange-the-original-toronto-stock-exchange/|website=Historic Toronto|date=15 June 2012|access-date=17 March 2015|archive-url=https://web.archive.org/web/20141231161631/http://tayloronhistory.com/2012/06/15/torontos-architectural-gemsthe-design-exchange-the-original-toronto-stock-exchange/|url-status=live|archive-date=31 December 2014}}</ref> By 1936, the Toronto Stock Exchange grew to become the third largest in North America.<ref name="Financial Post" />
[[File:Toronto Stock Exchange.jpg|thumb|right|The [[Art Deco]] façade of the former Toronto Stock Exchange building, now incorporated into the [[Toronto-Dominion Centre]].]]
[[File:Toronto - ON - Toronto Stock Exchange.jpg|thumb|The [[Art Deco]] façade of the former Toronto Stock Exchange building, now incorporated into the [[Toronto-Dominion Centre]]]]
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The TSE moved on [[Bay Street]] in 1913<ref name="Financial Post" /> and in 1937 opened a new trading floor and headquarters in an [[Art Deco]] building, still on Bay.<ref name="Taylor" >{{cite web|last1=Taylor|first1=Doug|title=Toronto's architectural gems–the Design Exchange (The original Toronto Stock Exchange)|url=http://tayloronhistory.com/2012/06/15/torontos-architectural-gemsthe-design-exchange-the-original-toronto-stock-exchange/|website=Historic Toronto|date=15 June 2012|access-date=17 March 2015|archive-url=https://web.archive.org/web/20141231161631/http://tayloronhistory.com/2012/06/15/torontos-architectural-gemsthe-design-exchange-the-original-toronto-stock-exchange/|url-status=live|archive-date=31 December 2014}}</ref> By 1936, the Toronto Stock Exchange grew to become the third largest in North America.<ref name="Financial Post" />
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In 1977, it launched the [[TSE 300 index]]<ref name="Financial Post" /> and introduced the [[CATS (trading system)|CATS]] (Computer Assisted Trading System), an automated trading system, and began to use it for the quotation of less liquid equities.<ref>{{Cite web|last=|first=|date=|title=TMX Group History at a Glance |url=https://www.courthouselibrary.ca/sites/default/files/inline-files/TMX_GroupHistoryAtAGlance.pdf|access-date=|website=}}</ref> In 1983, the TSE vacated its Art Deco headquarters on Bay Street and moved into the [[Exchange Tower]]. The old TSE building later became the [[Design Exchange]], a museum and education centre.<ref name="Taylor" /> On April 23, 1997, the TSE's [[trading floor]] closed, making it the second-largest stock exchange in North America to choose a floorless, electronic (or virtual trading) environment.<ref name="Financial Post" />

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In 1977, it launched the [[TSE 300 index]]<ref name="Financial Post" /> and introduced the [[CATS (trading system)|CATS]] (Computer Assisted Trading System), an automated trading system, and began to use it for the quotation of less liquid equities.<ref>{{Cite web|last=|first=|date=|title=TMX GROUP HISTORY AT A GLANCE|url=https://www.courthouselibrary.ca/sites/default/files/inline-files/TMX_GroupHistoryAtAGlance.pdf|access-date=|website=}}</ref> In 1983, the TSE vacated its Art Deco headquarters on Bay Street and moved into the [[Exchange Tower]]. The old TSE building later became the [[Design Exchange]], a museum and education centre.<ref name="Taylor" /> On April 23, 1997, the TSE's [[trading floor]] closed, making it the second-largest stock exchange in North America to choose a floorless, electronic (or virtual trading) environment.<ref name="Financial Post" />


In 1999, through a major realignment plan, Toronto Stock Exchange became Canada's sole exchange for the trading of senior [[Stock|equities]].<ref name="Financial Post" /> The [[Bourse de Montréal]]/Montreal Exchange assumed responsibility for the trading of [[Derivative (finance)|derivatives]] and the [[Vancouver Stock Exchange]] and [[Alberta Stock Exchange]] merged to form the [[TSX Venture Exchange|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 rebranded to TSX and it became a [[public company]].<ref name=gov>Government of Canada [http://canadianeconomy.gc.ca/english/economy/1878Toronto_Stock_Exchange.html The Toronto Stock Exchange]</ref><ref name="Financial Post" />
In 1999, through a major realignment plan, Toronto Stock Exchange became Canada's sole exchange for the trading of senior [[Stock|equities]].<ref name="Financial Post" /> The [[Bourse de Montréal]]/Montreal Exchange assumed responsibility for the trading of [[Derivative (finance)|derivatives]] and the [[Vancouver Stock Exchange]] and [[Alberta Stock Exchange]] merged to form the [[TSX Venture Exchange|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 rebranded to TSX and it became a [[public company]].<ref name=gov>Government of Canada [http://canadianeconomy.gc.ca/english/economy/1878Toronto_Stock_Exchange.html The Toronto Stock Exchange]</ref><ref name="Financial Post" />


===TMX Group era===
===TMX Group era===
In 2001, the Toronto Stock Exchange acquired the Canadian Venture Exchange, which was renamed the [[TSX Venture Exchange]] in 2002; this resulted in the creation of a parent to the TSX, the [[TMX Group|TSX Group]].<ref name="Financial Post" /> This ended 123 years of the usage of TSE as a Canadian stock exchange. On May 11, 2007, the [[S&P/TSX Composite]], the main index of the Toronto Stock Exchange, traded above the 14,000 point level for the first time ever. On December 17, 2008, for the first time in TSX history, the exchange was closed for an entire trading day due to a technical glitch.<ref>{{Cite web|url=https://www.cp24.com/tsx-back-up-after-technical-glitch-causes-lost-trading-day-1.353035|title=TSX back up after technical glitch causes lost trading day|date=2008-12-18|website=CP24|language=en|access-date=2019-06-16}}</ref>
In 2001, the Toronto Stock Exchange acquired the Canadian Venture Exchange, which was renamed the [[TSX Venture Exchange]] in 2002; this resulted in the creation of a parent to the TSX, the [[TMX Group|TSX Group]].<ref name="Financial Post" /> This ended 123 years of the usage of TSE as a Canadian stock exchange. On May 11, 2007, the [[S&P/TSX Composite]], the main index of the Toronto Stock Exchange, traded above the 14,000 point level for the first time ever. On December 17, 2008, for the first time in TSX history, the exchange was closed for an entire trading day due to a technical glitch.<ref>{{Cite web|url=https://www.cp24.com/tsx-back-up-after-technical-glitch-causes-lost-trading-day-1.353035|title=TSX back up after technical glitch causes lost trading day|date=2008-12-18|website=CP24 |access-date=2019-06-16}}</ref>

[[File:TMXGroup.JPG|thumb|TMX offices at Exchange Tower. In 2001, the [[TSX Group]] was formed following TSE's acquisition of Canadian Venture Exchange.]]
[[File:TMXGroup.JPG|thumb|TMX offices at [[Exchange Tower]]. In 2001, the [[TSX Group]] was formed following TSE's acquisition of Canadian Venture Exchange.]]
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On February 9, 2011, the [[London Stock Exchange]] announced that it had agreed to merge with the [[TMX Group]], Toronto Stock Exchange's parent, hoping to create a combined entity with a market capitalization of [[List of stock exchanges|$5.9 trillion]] (£3.7 trillion). [[Xavier Rolet]], who is CEO of the [[London Stock Exchange Group|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 [[List of stock exchanges|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.<ref>{{cite web|url=http://www.thetradenews.com/trading-venues/exchanges/5730|title=LSE, Toronto exchange in "merger of equals"|date=2011-02-09}}</ref><ref>{{cite news|url=https://online.wsj.com/article/BT-CO-20110209-713895.html |title=Merger Of Equals Will Make Deal More Palatable For Canada Govt |date=2011-02-09 |url-status=dead |archive-url=https://web.archive.org/web/20110211230550/http://online.wsj.com/article/BT-CO-20110209-713895.html |archive-date=February 11, 2011 }}</ref> The provisional name for the combined group would be [[LTMX Group]] plc.<ref>Wall Street Journal, [https://online.wsj.com/article/BT-CO-20110601-712310.html "A Combined TMX-LSE Would Be Called LTMX Group"], ''Ben Dummett'', 1 June 2011</ref> 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 (finance)|clearing systems]] and opposition to the deal by Ontario's finance minister.<ref>{{cite news|url=https://www.theglobeandmail.com/globe-investor/tmx-deal/shareholders-reject-proposed-merger-of-tmx-and-lse/article2080213/|archive-url=https://web.archive.org/web/20110704015226/https://www.theglobeandmail.com/globe-investor/tmx-deal/shareholders-reject-proposed-merger-of-tmx-and-lse/article2080213/|url-status=dead|archive-date=2011-07-04|title=Shareholder reject proposed merger of TMX and LSE|date=2011-06-29 | location=Toronto|work=The Globe and Mail|first1=Boyd|last1=Erman|first2=Karen|last2=Howlett}}</ref><ref>{{cite news|url=https://www.theglobeandmail.com/globe-investor/investment-ideas/streetwise/what-did-bank-of-canada-really-say-about-tmx-lse/article2079088/|archive-url=https://web.archive.org/web/20110701131300/https://www.theglobeandmail.com/globe-investor/investment-ideas/streetwise/what-did-bank-of-canada-really-say-about-tmx-lse/article2079088/|url-status=dead|archive-date=2011-07-01|title=What did Bank of Canada really say about TMX-LSE?|date=2011-06-28 | location=Toronto|work=The Globe and Mail|first=Boyd|last=Erman}}</ref>


⚫
On February 9, 2011, the [[London Stock Exchange]] announced that it had agreed to merge with the [[TMX Group]], Toronto Stock Exchange's parent, hoping to create a combined entity with a market capitalization of [[List of stock exchanges|$5.9 trillion]] (£3.7 trillion). [[Xavier Rolet]], who is CEO of the [[London Stock Exchange Group|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 [[List of stock exchanges|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.<ref>{{cite web|url=http://www.thetradenews.com/trading-venues/exchanges/5730|title=LSE, Toronto exchange in "merger of equals"|date=2011-02-09|access-date=2011-02-10|archive-date=2017-06-11|archive-url=https://web.archive.org/web/20170611044836/http://www.thetradenews.com/trading-venues/exchanges/5730/|url-status=dead}}</ref><ref>{{cite news|url=https://online.wsj.com/article/BT-CO-20110209-713895.html |title=Merger Of Equals Will Make Deal More Palatable For Canada Govt |date=2011-02-09 |archive-url=https://web.archive.org/web/20110211230550/http://online.wsj.com/article/BT-CO-20110209-713895.html |archive-date=February 11, 2011 }}</ref> The provisional name for the combined group would be [[LTMX Group]] plc.<ref>Wall Street Journal, [https://online.wsj.com/article/BT-CO-20110601-712310.html "A Combined TMX-LSE Would Be Called LTMX Group"], ''Ben Dummett'', 1 June 2011</ref> 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 (finance)|clearing systems]] and opposition to the deal by Ontario's finance minister.<ref>{{cite news|url=https://www.theglobeandmail.com/globe-investor/tmx-deal/shareholders-reject-proposed-merger-of-tmx-and-lse/article2080213/|archive-url=https://web.archive.org/web/20110704015226/https://www.theglobeandmail.com/globe-investor/tmx-deal/shareholders-reject-proposed-merger-of-tmx-and-lse/article2080213/ |archive-date=2011-07-04|title=Shareholder Reject Proposed Merger of TMX and LSE|date=2011-06-29 | location=Toronto|work=The Globe and Mail|first1=Boyd|last1=Erman|first2=Karen|last2=Howlett}}</ref><ref>{{cite news|last=Erman |first=Boyd |url=https://www.theglobeandmail.com/globe-investor/investment-ideas/streetwise/what-did-bank-of-canada-really-say-about-tmx-lse/article2079088/|archive-url=https://web.archive.org/web/20110701131300/https://www.theglobeandmail.com/globe-investor/investment-ideas/streetwise/what-did-bank-of-canada-really-say-about-tmx-lse/article2079088/ |archive-date=2011-07-01|title=What Did Bank of Canada Really Say about TMX-LSE?|date=2011-06-28 | location=Toronto|work=The Globe and Mail}}</ref>
On June 13, 2011, a rival, and hostile bid from the Maple Group of Canadian interests, was unveiled. A cash and stock bid of $3.7 billion CAD, in hopes of blocking the LSE Group's takeover of TMX. The group composed of the leading banks and financial institutions of Canada.


==Operations==
==Operations==
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{{TSX listed stocks}}
{{TSX listed stocks}}
[[File:TMXGroup2.JPG|thumb|TMX's LED board displaying TSX information]]
[[File:TMXGroup2.JPG|thumb|TMX's LED board displaying TSX information]]
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As of August 2019, Toronto Stock Exchange had 1,569 listed issuers (including ETFs and other structured financial products) with a combined market capitalization of CAD $3,059,755,023,680.<ref>{{Cite web|url=https://www.tmx.com/resource/en/711|title=TMX Group Equity Financing Statistics – August 2019|website=TMX Group|access-date=September 26, 2019}}</ref> By the end of 2019, the total market capitalization of companies listed on TSX & TSXV reached $3.2 trillion.<ref>{{Cite web|title=Listing With Us|url=https://www.tsx.com/listings/listing-with-us|access-date=2020-09-14|website=TSX.com|language=en}}</ref>


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{{As of|2024|01|post=,}} 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. <ref>{{Cite web|url=https://www.tsx.com/resource/en/3143 |title=The MiG Report - January 2024. |website=TSX.com|access-date=February 16, 2024}} </ref> Up from 1,798 listed issuers and a combined market capitalization of CAD $4.0 trillion as of March 2023. <ref>{{Cite web |url=https://investors.tmx.com/English/news-and-events/news-details/2023/TMX-Group-Equity-Financing-Statistics---March-2023/default.aspx |title=TMX Group Equity Financing Statistics - March 2023 - TMX Group Ltd. |website=TMX Group |access-date=June 6, 2023 }}</ref> By the end of January 2024, the total market capitalization of companies listed on TSX & TSXV reached CAD $4.23 trillion.<ref>{{Cite web|url=https://www.tsx.com/resource/en/3143 |title=The MiG Report - January 2024. |website=TSX.com|access-date=February 16, 2024}} </ref>
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The exchange is home to all of Canada's [[Big Five (banks)|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.
[[File:Exchange Tower, Toronto, Ontario (29919575011).jpg|thumb|[[Exchange Tower]] on [[King Street West, Toronto|King Street West]] now houses a significant portion of TSX's functions.]]
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The exchange is home to all of Canada's [[Big Five (banks)|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.<ref>{{Cite web |url=https://www.cbc.ca/news/business/bank-mergers-bad-for-canadians-martin-1.166373 |title=Bank mergers bad for Canadians: Martin |website=CBC.ca |access-date=June 26, 2023 }}</ref>


The exchange is the primary listing for a number of energy companies including;<ref>{{cite web|url=https://www.investopedia.com/articles/markets/091115/7-biggest-canadian-energy-companies.asp|title=The 7 Biggest Canadian Energy Companies|publisher=Investopedia|access-date=May 6, 2020|date=November 2, 2019|author=William Carpenter}}</ref> [[Enbridge]], [[Suncor]], [[TC Energy]], [[Canadian Natural Resources]], [[Imperial Oil]], [[Pembina Pipeline|Pembina]] and [[Cenovus]] all within the [[S&P/TSX 60]] index.
The exchange is the primary listing for a number of energy companies including; [[Enbridge]], [[Suncor]], [[TC Energy]], [[Canadian Natural Resources]], [[Imperial Oil]], [[Pembina Pipeline|Pembina]] 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|secondary listing]] on an American exchange such as the [[New York Stock Exchange]].
Many of the large companies listed on the TSX, especially those on the S&P/TSX 60 index, have a [[Cross listing|secondary listing]] on an American exchange such as the [[New York Stock Exchange]].


==See also==
==See also==
*[[Stock market index]]
* [[Stock market index]]
*[[System for Electronic Document Analysis and Retrieval]] (SEDAR)
* [[System for Electronic Document Analysis and Retrieval]] (SEDAR)
*[[List of stock exchanges]]
* [[List of stock exchanges]]
*[[List of stock exchanges in the Americas]]
* [[List of stock exchanges in the Americas]]
*[[List of stock exchange mergers in the Americas]]
* [[List of stock exchange mergers in the Americas]]
*[[List of stock exchanges in the Commonwealth of Nations]]
* [[List of stock exchanges in the Commonwealth of Nations]]
*[[S&P/TSX 60]]
* [[S&P/TSX 60]]
*[[:Category:Lists of companies listed on the Toronto Stock Exchange]]
* [[:Category:Lists of companies listed on the Toronto Stock Exchange]]


==References==
==References==
{{reflist|30em}}
{{Reflist}}


==External links==
==External links==
{{Commons category|Toronto Stock Exchange}}
{{Commons category|Toronto Stock Exchange}}
*[http://www.tsx.com/ Official site]
* {{Official website|http://www.tsx.com/}}
*[https://tmx.com Site of parent company]
* [https://tmx.com Site of parent company]


{{Stock exchanges top 18}}
{{Stock exchanges top 18}}
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Latest revision as of 18:18, 16 February 2024

"TSX" redirects here. For other uses, see TSX (disambiguation).
Toronto Stock Exchange
TypeStock exchange
LocationToronto, Ontario, Canada
Coordinates43°38′53.88″N 79°22′59.88″W / 43.6483000°N 79.3833000°W / 43.6483000; -79.3833000
Founded25 October 1861; 162 years ago (1861-10-25)
OwnerTMX Group
Key peopleJohn McKenzie (CEO, TMX Group)
Loui Anastasopoulos (CEO, Toronto Stock Exchange and Global Head, Capital Formation)[1]
CurrencyCanadian dollar
No. of listings3,476 (January, 2024)[2]
Market cap$4.23 trillion (January, 2024)[3]
IndicesS&P/TSX Composite
S&P/TSX 60
S&P/TSX Completion Index
Websitewww.tmx.com

The Toronto Stock Exchange (TSX; French: Bourse de Toronto) 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 based on 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.

History[edit]

Beginnings[edit]

New Toronto Stock Exchange trading floor, c. 1937–39

The Toronto Stock Exchange likely descended from the Association of Brokers, a group formed by Toronto businessmen on July 26, 1852.[4] No records of the group's transactions have survived. It is however known that on October 25, 1861, twenty-four brokers gathered at the Masonic Hall to create and participate in the Toronto Stock Exchange.[5] Between 1852 and 1870, two other distinct, commodity-orientated, exchanges were founded : the Toronto Exchange in 1854 and the Toronto Stock and Mining Exchange in 1868. Initially the TSE had 13 listings but it grew to 18 in 1868 (a majority of bonds and bank's issues). Many banks of Upper Canada failed during 1869, which halted any sort of trading in the city as the market was just too small. A bull market in 1870 boosted investor's confidence and eight of the original 24 brokers joined again to re-establish the TSE.[6]: 5  The exchange was incorporated by an act of the Legislative Assembly of Ontario in 1878.[4]

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). 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).[6]: 7 

Meanwhile, a British Columbia gold rush in the 1890s stimulated the demand for start-up 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 equity-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.[6]: 13 

A major exchange[edit]

The TSE moved on Bay Street in 1913[4] and in 1937 opened a new trading floor and headquarters in an Art Deco building, still on Bay.[7] By 1936, the Toronto Stock Exchange grew to become the third largest in North America.[4]

The Art Deco façade of the former Toronto Stock Exchange building, now incorporated into the Toronto-Dominion Centre

In 1977, it launched the TSE 300 index[4] and introduced the CATS (Computer Assisted Trading System), an automated trading system, and began to use it for the quotation of less liquid equities.[8] In 1983, the TSE vacated its Art Deco headquarters on Bay Street and moved into the Exchange Tower. The old TSE building later became the Design Exchange, a museum and education centre.[7] On April 23, 1997, the TSE's trading floor closed, making it the second-largest stock exchange in North America to choose a floorless, electronic (or virtual trading) environment.[4]

In 1999, through a major realignment plan, Toronto Stock Exchange became Canada's sole exchange for the trading of senior equities.[4] 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 rebranded to TSX and it became a public company.[5][4]

TMX Group era[edit]

In 2001, the Toronto Stock Exchange acquired the Canadian Venture Exchange, which was renamed the TSX Venture Exchange in 2002; this resulted in the creation of a parent to the TSX, the TSX Group.[4] This ended 123 years of the usage of TSE as a Canadian stock exchange. On May 11, 2007, the S&P/TSX Composite, the main index of the Toronto Stock Exchange, traded above the 14,000 point level for the first time ever. On December 17, 2008, for the first time in TSX history, the exchange was closed for an entire trading day due to a technical glitch.[9]

TMX offices at Exchange Tower. In 2001, the TSX Group was formed following TSE's acquisition of Canadian Venture Exchange.

On February 9, 2011, the London Stock Exchange announced that it had agreed to merge with the TMX Group, 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.[10][11] The provisional name for the combined group would be LTMX Group plc.[12] 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.[13][14]

Operations[edit]

The exchange has a normal trading session from 09:30am to 04:00pm ET and a post-market session from 4:15pm to 5:00pm ET on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance.[15]

Companies listed[edit]

Toronto Stock Exchange listed stocks:

0–9 - A - B - C - D - E - F - G - H - I - J - K - L - M - N - O - P - Q - R - S - T - U - V - W - X - Y - Z

TMX's LED board displaying TSX information

As of January 2024, 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. [16] Up from 1,798 listed issuers and a combined market capitalization of CAD $4.0 trillion as of March 2023. [17] By the end of January 2024, the total market capitalization of companies listed on TSX & TSXV reached CAD $4.23 trillion.[18]

Exchange Tower on King Street West now houses a significant portion of TSX's functions.

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.[19]

The exchange is the primary listing for a number of energy companies including; Enbridge, Suncor, TC Energy, Canadian Natural Resources, Imperial Oil, Pembina 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 secondary listing on an American exchange such as the New York Stock Exchange.

See also[edit]

References[edit]

  1. ^ "TMX - Senior Management". tmx.com.
  2. ^ "The MiG Report - January 2024". TSX.com. Retrieved February 16, 2024.
  3. ^ "The MiG Report - January 2024". TSX.com. Retrieved February 16, 2024.
  4. ^ a b c d e f g h i "Timeline: 160 years of the Toronto Stock Exchange". Financial Post. Retrieved 2018-09-23.
  5. ^ a b Government of Canada The Toronto Stock Exchange
  6. ^ a b c Martin, Joe. "How Toronto Became the Financial Capital of Canada: The Stock Market Crash of 1929" (pdf). Rotman School of Management, University of Toronto.
  7. ^ a b Taylor, Doug (15 June 2012). "Toronto's architectural gems–the Design Exchange (The original Toronto Stock Exchange)". Historic Toronto. Archived from the original on 31 December 2014. Retrieved 17 March 2015.
  8. ^ "TMX Group History at a Glance" (PDF).
  9. ^ "TSX back up after technical glitch causes lost trading day". CP24. 2008-12-18. Retrieved 2019-06-16.
  10. ^ "LSE, Toronto exchange in "merger of equals"". 2011-02-09. Archived from the original on 2017-06-11. Retrieved 2011-02-10.
  11. ^ "Merger Of Equals Will Make Deal More Palatable For Canada Govt". 2011-02-09. Archived from the original on February 11, 2011.
  12. ^ Wall Street Journal, "A Combined TMX-LSE Would Be Called LTMX Group", Ben Dummett, 1 June 2011
  13. ^ Erman, Boyd; Howlett, Karen (2011-06-29). "Shareholder Reject Proposed Merger of TMX and LSE". The Globe and Mail. Toronto. Archived from the original on 2011-07-04.
  14. ^ Erman, Boyd (2011-06-28). "What Did Bank of Canada Really Say about TMX-LSE?". The Globe and Mail. Toronto. Archived from the original on 2011-07-01.
  15. ^ Market Hours, Toronto Stock Exchange via Wikinvest
  16. ^ "The MiG Report - January 2024". TSX.com. Retrieved February 16, 2024.
  17. ^ "TMX Group Equity Financing Statistics - March 2023 - TMX Group Ltd". TMX Group. Retrieved June 6, 2023.
  18. ^ "The MiG Report - January 2024". TSX.com. Retrieved February 16, 2024.
  19. ^ "Bank mergers bad for Canadians: Martin". CBC.ca. Retrieved June 26, 2023.

External links[edit]

Wikimedia Commons has media related to Toronto Stock Exchange.
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