.jpg)
August 14, 2009 (QUÉBEC CITY) – Kevan Cowan, President TSX Markets and Group Head of Equities for TMX Group, which operates Canada’s leading public markets, spoke this morning at the Canadian Securities Traders Association Annual Conference in Québec City.
"In a turbulent year for all market players, TMX Group has stayed focused on delivering innovation, products and new solutions to help drive the success of Canada’s public capital markets," said Mr. Cowan. "Today, we are the only company in Canada that delivers a fully integrated portfolio of marketplaces and value-added services to facilitate the flow of capital – the fuel that will power future growth for businesses of all sizes."
During his address, Mr. Cowan outlined the work accomplished by TMX Group at promoting Canada, including the recent participation by TMX Group in the mission to China hosted by Finance Minister Jim Flaherty this past week, which included representatives of Canada’s major financial institutions.
"Canada should be proud of the international recognition we have gained over the past year. That reputation for stability, good governance and sound management has allowed Canada to emerge as an ideal venue for companies of all sizes, in multiple sectors, to publicly list and attract capital. Across the United States, and in China, the United Kingdom and elsewhere, TMX Group is identifying and bringing home quality listings that will further strengthen our national public markets."
Mr. Cowan did note that the arrival of the multiple marketplace environment has led to new competitive pressures, but warned of the challenges inherent in competition without equal regulation.
"As Canada seeks to enhance its capital markets and expand its international presence, we are seeing some players opportunistically fragment the domestic marketplace. We have and will continue to compete vigorously, but we must ensure that there is a level-playing field that sets fair rules of the game while protecting investors."
Also announced today were two changes to trading fees that will take effect October 1, 2009. First, the Company will adjust the Electronic Liquidity Provider (ELP) fee schedule to support the continued evolution of the program and its participants. In addition, there will be a reduction in costs for the active trader for stocks trading under $1.
Combined, these two adjustments will allow the market to continue to attract new, quality trading participants through the ELP program while reducing the fees for all active traders by providing an average 24% reduction in active ("liquidity taking") trading fees across all participants for stocks trading less than $1. It is expected that the fee changes will have an essentially neutral impact on TMX Group revenues based on historical volumes, product and customer mix.
In addition to Mr. Cowan, four other TMX Group speakers will be making presentations at the CSTA conference:
- Eric Sinclair, Senior Vice President, TMX Datalinx will moderate a panel that will examine how electronic trading has changed during the current market conditions on August 14 at 2:50PM;
- Robert Fotheringham, Senior Vice President, Trading, will participate in a panel on visible market places on August 15 at 9:15AM. Mr. Fotheringham represented TMX on the China mission with Minister Flaherty;
- Kevin Sampson, Director, Product Development, will participate in a panel on adapting the investment process to high frequency markets on August 15 at 8:30AM;
- Ron Hochman, Manager Business Development, MX, will provide an overview of the MX options market on August 14 at 1:10PM.
