TSX Group CEO Richard Nesbitt wants to build on the strength of the Indian community in Canada in order to develop stronger ties between the Indian and Canadian markets. In remarks to the Canadian-India Business Council, Mr. Nesbitt used energy issuers as the example on how to grow those ties. “We have a long history in Canada – and in our capital markets – of expertise in energy markets, oil, natural gas, electricity, in fact energy in all its forms. That is the kind of expertise India needs now.”
India is the fifth largest importer of oil in the world even though its per capita consumption is only 12 per cent of the world average. Mr. Nesbitt sees an untapped market for what he believes could be a growing number of exploration and development companies. “With 426 energy companies listed on our two Canadian exchanges, we have the most publicly listed oil and gas companies of any exchange or exchange group in the world. There is no reason why Indian oil and gas explorers and developers should not become a part of that pool.”
He went on to say, “Indian companies have never really looked on Canada as an alternative source of capital. They’ve looked instead to U.S. and the U.K. and now it is time to focus on Canada. In Canada, our market has outperformed U.S. markets for nearly a decade – while the S&P 500 is basically flat since 1998, our equivalent, the S&P/TSX Composite is ahead nearly 70 per cent. So it’s time Canada was added to Corporate India’s list of listing destinations.”
In addition to being a leading markets for energy issuers, TSX Group’s exchanges have also become leading exchanges for facilitating financing. According to the World Federation of Exchanges, TSX Group exchanges were third in the world in terms of raising capital financing – behind only NYSE and London at the end of the first quarter 2006.
A copy of Mr. Nesbitt’s remarks is available on clicking here
