The Toronto Stock Exchange (TSX; ) is a stock exchange located in Toronto, Ontario, Canada. It is the 10th largest exchange in the world and the third largest in North America by market capitalization. Based in the EY Tower in Toronto's Financial District, the TSX is a wholly owned subsidiary of the TMX Group for the trading of senior equities.
History Beginnings The Toronto Stock Exchange (known by the acronyms TSE until 2002 and TSX thereafter) likely descended from the Association of Brokers, a group formed by Toronto businessmen on July 26, 1852. No records of the group's transactions have survived. It is however known that on October 25, 1861, twenty-four brokers gathered at the Masonic Hall to create and participate in the Toronto Stock Exchange. Between 1852 and 1870, two other distinct, commodity-orientated, exchanges were founded : the Toronto Exchange in 1854 and the Toronto Stock and Mining Exchange in 1868. Initially the TSE had 13 listings but it grew to 18 in 1868 (a majority of bonds and bank's issues). Many banks of Upper Canada failed during 1869, which halted any sort of trading in the city as the market was just too small. A bull market in 1870 boosted investor's confidence and eight of the original 24 brokers joined again to re-establish the TSE. The exchange was incorporated by an act of the Legislative Assembly of Ontario in 1878.
The TSE grew continuously in size and in shares traded, save for a three-month period in 1914 when the exchange was shut down for fear of financial panic due to World War I. The day of the Wall Street crash of 1929, Toronto's exchange was better connected to New York's and received the bad news before Montreal's (prior to 1931, exchanges communicated via telephone or by brokers' private wires, as they were not yet interconnected by ticker). By the afternoon, its three most popular stocks were down by at least 8%: International Nickel, Hiram Walker & Sons and Brazilian Light & Power. The following day, a record number of 331,000 shares changed hands on the TSE, with an overall loss of value of 20% (in Montreal, 525,000 shares and 25% loss).
Meanwhile, a British Columbia gold rush in the 1890s stimulated the demand for start-up capital but Montreal and Toronto's exchanges deemed the ventures too risky. The boom was handled with the Toronto Industrial and Mining Exchange, founded in 1897, and the Standard Mining Exchange, which was founded in 1899. In 1900, the two exchanges merged and became the Standard Stock and Mining Exchange. The SSME, after years of ups and downs, was amalgamated into the Toronto Stock Exchange in 1934. While a durable surge in mining trading was recorded in Toronto (either securities) or other publicly listed assets, in Montreal the volume of the equity-centric market was going down. Toronto found itself a reputation as a financial centre for mining and from 1934, the total trading volume on the TSE surpassed that of Montreal's.
A major exchange
The TSE moved on Bay Street in 1913 and in 1937 opened a new trading floor and headquarters in an Art Deco building, still on Bay. By 1936, the Toronto Stock Exchange grew to become the third largest in North America.
In 1977, it launched the TSE 300 index and introduced the CATS (Computer Assisted Trading System), an automated trading system, and began to use it for the quotation of less liquid equities. In 1983, the TSE vacated its Art Deco headquarters on Bay Street and moved into the Exchange Tower. The old TSE building later became the Design Exchange, a museum and education centre. On April 23, 1997, the TSE's trading floor closed, making it the second-largest stock exchange in North America to choose a floorless, electronic (or virtual trading) environment.
In 1999, through a major realignment plan, the Toronto Stock Exchange became Canada's sole exchange for the trading of senior equities. The Bourse de Montréal/Montreal Exchange assumed responsibility for the trading of derivatives and the Vancouver Stock Exchange and Alberta Stock Exchange merged to form the Canadian Venture Exchange (CDNX) handling trading in junior equities. The Canadian Dealing Network, Winnipeg Stock Exchange, and equities portion of the Montreal Exchange later merged with CDNX. In 2000, the Toronto Stock Exchange became a for-profit company. In 2002, its acronym was changed to TSX and it became a public company.Government of Canada The Toronto Stock Exchange
TMX Group era In 2001, the Toronto Stock Exchange acquired the Canadian Venture Exchange, which was renamed the TSX Venture Exchange in 2002; this resulted in the creation of a parent to the TSX, the TSX Group. This ended 123 years of the usage of TSE as a Canadian stock exchange. On May 11, 2007, the S&P/TSX Composite, the main index of the Toronto Stock Exchange, traded above the 14,000 point level for the first time ever. On December 17, 2008, for the first time, the TSX was closed for a full trading day due to a technical glitch.
On February 9, 2011, the London Stock Exchange announced that it had agreed to merge with the TMX Group, the Toronto Stock Exchange's parent, hoping to create a combined entity with a market capitalization of $5.9 trillion (£3.7 trillion). Xavier Rolet, who is CEO of the LSE Group, would have headed the new enlarged company, while TMX Chief Executive Thomas Kloet would become the new firm president. Based on data from December 30, 2010 the new stock exchange would have been the second largest in the world with a market cap 48% greater than the Nasdaq. Eight of the 15 board members of the combined entity were to be appointed by LSE, 7/15 by TMX. The provisional name for the combined group would be LTMX Group plc.Wall Street Journal, "A Combined TMX-LSE Would Be Called LTMX Group", Ben Dummett, 1 June 2011 About two weeks after Maple Group launched a competing bid the LSEG-TMX deal was terminated after failing to receive the minimum 67% voter approval from shareholders of TMX Group. The rejection came amidst new concerns raised by Bank of Canada governor Mark Carney regarding foreign control of clearing systems and opposition to the deal by Ontario's finance minister. On June 13, 2011, a rival and hostile bid from the Canadian-based Maple Group took place. The bid was for up to CAD$3.7 billion in cash and shares, in the hope of preventing a takeover of TMX by the LSEG Group. The group included leading Canadian banks and financial institutions. In March 2015, a competing exchange, Aequitas Neo, opened for trading, listing 45 issues that were only listed on the TSX. The new exchange aimed to focus on fairness, particularly in relation to what it referred to as "predatory high-frequency trading practices". The exchange planned to list additional TSX-listed securities. On May 27, 2014, TMX Group officially opened financial operations in Canada, the United States, the United Kingdom and Australia under the name TSX Financial.
Operations The exchange has a normal trading session from 09:30am to 04:00pm ET and a post-market session from 4:15pm to 5:00pm ET on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance.Market Hours, Toronto Stock Exchange via Wikinvest
Companies listed
the Toronto Stock Exchange had 1,811 listed issuers (including ETFs and other structured financial products) with a combined market capitalization of CAD $4.16 trillion. Up from 1,798 listed issuers and a combined market capitalization of CAD $4.0 trillion as of March 2023. By the end of January 2024, the total market capitalization of companies listed on the TSX & TSXV reached CAD $4.23 trillion.
The exchange is home to all of Canada's Big Five commercial banks—Canadian Imperial Bank of Commerce (CIBC), Bank of Montreal (BMO), Bank of Nova Scotia (Scotiabank), Royal Bank of Canada (RBC), and the Toronto-Dominion Bank (TD)—making the exchange the centre for banking in the country. This was seen as being most evident during the proposed mergers of Royal Bank with Bank of Montreal, and CIBC with the Toronto-Dominion Bank in 1998. Then-Finance Minister Paul Martin blocked the mergers to preserve competition.
The exchange is the primary listing for a number of energy companies including; Enbridge, Suncor, TC Energy, Canadian Natural Resources, Imperial Oil, Pembina and Cenovus all within the S&P/TSX 60 index.
Many of the large companies listed on the TSX, especially those on the S&P/TSX 60 index, have a secondary listing on an American exchange such as the New York Stock Exchange. TSX listings of U.S.-listed companies can be listed by the NYSE/NASDAQ ticker symbol with the suffix ':CA' on the TSX; for example AAPL:CA.
Leadership President (to 1954) and Chairman of the Board of Governors (from 1954) The president, and later chairman, was an elected executive from the board of governors. The president typically would serve one or two terms, though some early presidents served for several years. At the TSE's annual meeting in 1954, the title changed to chairman. The president or chairman was an unpaid, part-time position. Dates below indicate years of election. 1861, 1862 – Herbert Mortimer 1863 – William Alexander 1865 – John C. Stikeman 1866 – Edmund Bradburn 1867 – Herbert Mortimer 1868, 1869, 1870 – Humphrey Lloyd Hime 1871, 1872 – Sir Walter Gibson Pringle Cassels 1873, 1874, 1875 – James Browne 1876, 1877, 1878, 1879, 1880 – Henry Pellatt Sr. 1881 – William Hope 1882, 1883 – Robert Beaty 1884 – Harrison Reese Forbes 1885 – John Stark 1886 – William James Baines 1887 – Herbert Carlyle Hammond 1888, 1889 – Humphrey Lloyd Hime 1890, 1891 – Sir Walter Gibson Pringle Cassels 1892 – Sir Casimir Stanislaus Gzowski 1893, 1894 – John Stark 1895 – John William Beaty 1896, 1897 – Alfred Ernest Ames 1898, 1899 – George Tower Fergusson 1900, 1901 – James Lorne Campbell 1902, 1903 – Robert Alexander Smith 1904, 1905 – Robert Henry Temple 1906, 1907 – Augustus Perrine Burritt 1908, 1909 – James Oliver Buchanan 1910, 1911 – William Henry Brouse Jr. 1912, 1913 – Francis Gordon Osler 1914 – Edward Buchan Freeland 1915, 1916 – George Tower Fergusson 1917, 1918 – Hilton Russell Tudhope 1919 – George William Blaikie 1920, 1921 – Edwin Gordon Wills 1922, 1923 – John Campbell Fraser 1924 – Robert Cassels 1925 – George Gooderham Mitchell 1926, 1927 – Avern Pardoe 1928, 1929 – Charles Ernest Abbs 1930 – William Harold Mara 1931, 1932 – George Gooderham Mitchell 1933, 1934 – Harold Franks 1935 – Gordon Walter Nicholson 1936 – Harry Broughton Housser 1937 – Norman Currie Urquhart 1938 – Frank Gordon Lawson 1939 – Frederick Joseph Crawford 1940 – Gordon Ross Bongard 1941, 1942 – Thomas Alexander Richardson 1943, 1944 – Wilfrid Gardner Malcolm 1945, 1946 – James Butler White 1947, 1948 – Robert James Breckenridge 1949, 1950 – Andrew Lowry Alexander Richardson 1951, 1952 – D'Arcy Manning Doherty 1953 – George Leslie Jennison At the 1954 annual meeting, title changes to Chairman of the Board of Governors 1954 – George Leslie Jennison 1955, 1956 – Gordon Stuart Osler 1957, 1958 – James Gowan Kirkpatrick Strathy 1959 – Charles Percival Lailey 1960, 1961 – Eric Duff Scott Sr. 1962, 1963 – George Ryerson Gardiner 1964, 1965 – Marshal Stearns 1966, 1967 – John Scott Deacon 1968, 1969 – Robert Newman Steiner 1970 – William Hamilton Alexander Thorburn 1971 – Donald Gordon Lawson 1972 – John Christopher Cassels Barron 1973 – John Pearce Bunting 1974 – Robert Trevor Morgan 1975 – Edgar Stuart Miles 1976 – Frederic York McCutcheon 1977 – William Richard Lilliott 1978 – Angus Michael Morrow Curry 1979 – Leighton Wilckes McCarthy 1980 – Hugh Keswick McMahon 1981, 1982 – Murray Joseph Howe 1983, 1984 – Charles Robert Younger 1985, 1986 – Donald Herman Page 1987, 1988 – Eric Duff Scott Jr. 1989, 1990 – Jean-Charles Caty 1991, 1992 – Kenneth Michael Edwards 1993, 1994 – Frederick Mansel Ketchen 1995, 1996 – John Churchill Clark 1997, 1998 – Barbara Gayle Stymiest 1999, 2000 – Daniel Francis Sullivan