TMX Group's CEO says half of its business is now outside Canada

TMX reported third-quarter revenue up 17 per cent from a year earlier, with adjusted earnings of $0.63 a share, up 21 per cent. Acquisitions pulled net income down in the quarter.

TMX's three pillars

• Half of the business is outside Canada
• Over 50% of revenue is subscriptions
• Data is over 40%, with 50% the goal

CEO John McKenzie named three pillars of TMX's diversification: global reach, subscription revenue and data.

Only 101 of the TSX and TSX Venture's 337 new listings in the first nine months of the year were companies, down from 176 five years ago.

And us?

McKenzie warns that a hollowed-out middle of the market makes it harder for mid-sized Canadian companies to find the capital to scale up. He wants fewer regulatory barriers and lower costs for companies going public.