Tom Kloet, TMX Group CEO, today spoke at the Merrill Lynch Banking & Financial Services Investor Conference in New York. In his remarks, Mr. Kloet outlined the company’s growth priorities and commented on competition in the Canadian marketplace.
As a multi-asset class exchange group, TMX Group is well positioned to continue to serve its global clients and the Canadian market in a dynamic operating environment. “Bringing buyers and sellers together across multiple asset classes is our primary mission,” Mr. Kloet said. “We have three priorities to grow our business: to integrate the Montreal Exchange and its derivatives business with the rest of TMX Group and its cash markets; to enhance our product and service offering for our continuously changing customer base; and to innovate by creating new products and services, particularly those in the derivatives area.”
Referring to competition in the Canadian markets, Mr. Kloet reiterated that competition is not new to the company and that TMX Group has been competing successfully on a North American scale for orders and liquidity. “Alternative Trading System activity is marginal in the Canadian marketplace today,” he noted. “While recently reported competitors' trading statistics might look impressive on the surface, they are essentially comprised of internal crosses among a very small number of participants.”
While noting that the company monitors its competition closely, Mr. Kloet added: “Our markets remain neutral, transparent, liquid and price forming and we continue to provide our customers with efficient, flexible markets that are responsive to their needs. That is our focus.”
An audio webcast, along with Mr. Kloet’s presentation, can be found on www.tsx.com under Investor Relations.
