Canada’s TMX Group, which has acquired a rival exchange to the ASX, said its bold Australian ambitions could see it grab more than 30 per cent of equities trading volumes as it accused the incumbent of dragging the chain on settlement times and technology upgrades.
TMX completed its purchase of Cboe Australia on Monday, as it looks to bolster its local presence as a trading venue as well as ramping up listings across companies, exchange-traded funds and venture businesses. The local business will be rebranded to TMX Australia Exchange as part of the ownership change, which was signed off by the regulator last month.
Australia “is going to be one of the higher-growth equities businesses we have in the portfolio along with our US business,” said Luc Fortin, TMX’s head of global markets and post trade. “We take a very long-term view in terms of building businesses … Why cap ourselves at 30 [per cent market share]? It could be … bigger than that.”
But Cboe, which is retreating from both Australia and Canada, did not have an easy run locally, with its market share stagnating at about 20 per cent for several years.
TMX’s operations include the Toronto Stock Exchange, TSX Venture Exchange, Montreal Exchange and Canadian Derivatives Clearing Corporation.
Its push into Australia comes as the ASX remains under immense regulatory pressure, and ahead of new chief executive Anthony Attia starting next month.
In December, the Australian Securities and Investments Commission forced the ASX to hold an additional $150 million in capital following operational issues, including a settlement outage in late 2024 and further publishing and announcement blunders last year.
Source: https://www.afr.com/companies/financial-services/canada-s-tmx-throws-down-the-gauntlet-to-asx-on-trading-tech-20260731-p60kd4