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Thomas Kloet, Chief Executive Offer, TMX Group, spoke this afternoon at the Canadian Club of Toronto. The full text of Mr. Kloet’s speech is available at www.tmx.com.
"I believe that Canada enjoys a truly unique opportunity, not only to establish ourselves as a leading financial centre, but to expand a world class, competitive economy and turn the recent economic crisis into an enduring advantage," said Mr. Kloet.
During his address, Mr. Kloet outlined the success TMX Group has enjoyed, both for its shareholders and as a key contributor to the national economy. "TMX Group is something of a unique enterprise, at the heart of Canadian capital markets. On one level, we are a traditional company whose responsibility is to enhance shareholder value. But we’re also a company with a public interest mandate that provides the infrastructure for a host of capital market activities. We take this public interest responsibility very seriously. We know, as you do, that a vibrant capital marketplace can provide the fuel to drive our prosperity as a country."
Mr. Kloet noted that what is true of TMX and the Canadian capital markets is also true of Canada as a whole. "When the global financial system was imploding, Canada’s financial system came through relatively unscathed. But even more importantly, when you look ahead to what will be required for success - whether it’s outstanding infrastructure, or a well-educated work force or a solid financial sector or natural resources and the expertise to develop them - Canada has it all. Everything the world is looking for."
Mr. Kloet then outlined three areas of focus to capitalize on the unique opportunity Canada currently has:
- "First, we need to do a better job of promoting all that makes Canada remarkable. So I have come here today not only to cheer but to challenge. I call on all of us to do our part, shoulder our share, spend our money and promote Canada and our markets like we never have before."
- "Second, and related, we need to see the whole world as our marketplace. In today’s world, both our competitors and our customers are across the globe. In such a world, the critical requirement for success is having a truly global perspective. Part of that means removing impediments to trans-border trading. First, between Canada and the United States – ultimately, across other jurisdictions. We stand prepared to offer our assistance to government and other bodies in this effort."
- "Third and final point: we need to make sure that once we have the world’s attention, we have a world-class environment in which they can invest. (…) from tax policies to the regulatory system to insisting on appropriate standards of corporate responsibility."
He noted a few examples, such as enhancing support for publicly traded small and medium sized enterprises: "As you know, small and medium sized enterprises are the lifeblood of Canada’s economy. The greatest creators of jobs. The incubators of innovation. It’s critical, therefore, that we create the right financial incentives to support them."
Mr. Kloet also noted the central role that public markets, such as those operated by TMX Group, play in the development of Canada’s capital markets: "If we learned nothing else from the recent financial crisis, it is that public exchanges, with transparent rules, an investor protection role and absolute neutrality, provide a superior model."
Mr. Kloet concluded by challenging the audience to seize the current opportunity: "By promoting Canada aggressively. Conducting our businesses globally. And creating an environment which will make the case for Canada compellingly.
"I am confident that Canada can seize this moment. But we must act. All of us. Because while the opportunity is impressive, it’s also perishable."
