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TMX Revenue May Be Affected by Review of Market Fees, RBC Says

November 08, 2012

TMX Group Inc. (X), owner of the Toronto Stock Exchange, may see its revenue affected if securities regulators make changes on how fees for providing market data are regulated, said Geoffrey Kwan, an analyst with RBC Capital Markets.

The Canadian Securities Administrators is seeking comments on a paper it released today outlining issues related to the cost of market data, and whether further steps should be taken to address fees charged for providing such information.

“Some potential outcomes could include a reduction of the current fees TMX charges subscribers, limitations on the ability to increase pricing going forward, or perhaps a prescribed formula where market data revenues for the industry will be distributed to exchanges/ATS’ based on a certain metric,” Kwan said today in a note.

TMX had about C$100 million ($100 million) in fees from equity market data users in 2011, or 15 percent of the Toronto- based company’s annual revenue, Kwan said. He forecasts almost C$120 million in revenue for 2013 could be affected by such reforms.

“The potential for regulating equity market data fees in Canada is not a new development although this announcement is a more formal step evaluating the potential for reform in market data fees,” said Kwan, who rates TMX “sector perform”.

To contact the reporter on this story: Doug Alexander in Toronto at

To contact the editors responsible for this story: David Scheer at; David Scanlan at

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