TMX Group Limited (TSX:X:CA) Barclays 23rd Annual Global Financial Services Conference September 8, 2025 11:15 AM EDT
Company Participants
David Arnold – Chief Financial Officer
Conference Call Participants
Benjamin Budish – Barclays Bank PLC, Research Division
Presentation
Benjamin Budish
Research Analyst
All right. Good morning, everybody. Welcome to our next session here. I’m Ben Budish, if any of you don’t know me, I cover the U.S. brokers, asset managers exchanges. And for this next fireside chat. We’ve got David Arnold, CFO of TMX. David, thanks so much for being here.
David Arnold
Chief Financial Officer
Yes. Thanks for having me. It’s good to be here, Ben, and always nice to be in New York.
Question-and-Answer Session
Benjamin Budish
Barclays Bank PLC, Research Division
Great to have you. Just to kick things off, broadly, can you talk a little bit about the macro backdrop from the Canadian perspective, how is volatility trade tensions with the U.S. things like that have been impacting the business?
David Arnold
Chief Financial Officer
Look, I mean, global uncertainty, quite frankly, and kind of the interest rate outlook, as you’d expect, Ben, continues to really drive elevated volumes across our marketplaces. We’ve seen open interest growth, it’s — I think it’s around 60% year-to-date on the Montreal Exchange. And that’s really driven out of a lot of the uncertainty and the volatility in the macroeconomic landscape. Equity volumes are up also quite substantially on 14% year-over-year. So that’s good.
But when I look beyond the volatility that’s really coming from the macroeconomic conditions, it’s looking at some of the things we’ve done, some of our new product launches and innovations have really helped us. Some of the sunsetting of some of our market-making programs. So those are the things that underlie or almost being overshadowed by the macroeconomic kind of
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