JUNE 2, 2015 (TORONTO) – TMX Group Limited today announced a realignment of the organization to achieve its new vision of being a technology-driven solutions provider that puts clients first. The changes follow the completion of an in-depth strategic review of the organization, which began in January.
"To achieve our vision, it was clear that we needed to refine our organization and become more focused than ever on meeting the evolving needs of our clients," said Lou Eccleston, Chief Executive Officer of TMX Group. "The strategic review process guided our company to make some important and intelligent choices that will invigorate our ability to obtain significant efficiencies and ignite innovation across all aspects of the business and compete more effectively in Canada, across North America and around the world."
The company defined what is required to successfully execute the strategy by prioritizing investments and leveraging existing resources and organizational capabilities around five strategic pillars:
- Capital formation: Energize and expand our "capital community" to better facilitate capital raising for issuers of all types at all stages of their development and providing access to alternative sources of capital.
- Derivatives: Intensify new product creation and leverage our unique market position to benefit from increasing demand for derivatives products both in Canada and globally.
- Market insights: Deliver integrated data sets to fuel high-value proprietary and third party analytics to help clients make better trading and investment decisions.
- Market solutions: Leverage TMX capabilities and available technologies to introduce new operating models into new sectors and asset classes.
- Efficient markets: Operate innovative, efficient, reliable, fast, easy to use platforms for trading and clearing.
TMX Group also announced a number of organizational changes. Brenda Hoffman, Senior Vice President, Group Head of Information Technology, TMX Group, has decided to leave the company effective July 31, 2015.
"Brenda has been instrumental in building TMX's robust world-leading technology enterprise, and she is well respected and recognized for her expertise both within the company and the industry," said Mr. Eccleston. "On behalf of the Board of Directors and the entire TMX team, I would like to thank her for her many contributions."
Jean Desgagne, President and CEO of the Canadian Depository for Securities (CDS), will assume the newly-created role of Head, Global Enterprise Services. In addition to his CDS mandate, Mr. Desgagne will assume responsibility for the functions accountable for the delivery of operations, technology, transaction services and procurement.
The company also intends to create a new executive role that will focus on its commercial strategy and client experience. The individual in this role will set the course for TMX's client-facing organizational framework and develop a robust system for best-in-class sales and client management.
"We have now established the foundation for how we provide greater value to clients, deliver total return to shareholders, and build competitive differentiation for TMX going forward," added Eccleston. "The hard work of refining our structure to achieve these objectives now begins."
About TMX Group (TSX: X)
TMX Group's key subsidiaries operate cash and derivative markets and clearinghouses for multiple asset classes including equities, fixed income and energy. Toronto Stock Exchange, TSX Venture Exchange, TMX Select, Alpha, The Canadian Depository for Securities, Montréal Exchange, Canadian Derivatives Clearing Corporation, NGX, BOX Options Exchange, Shorcan, Shorcan Energy Brokers, Equicom and other TMX Group companies provide listing markets, trading markets, clearing facilities, depository services, data products and other services to the global financial community. TMX Group is headquartered in Toronto and operates offices across Canada (Montreal, Calgary and Vancouver), in key U.S. markets (New York, Houston, Boston and Chicago) as well as in London, Beijing and Sydney. For more information about TMX Group, visit our website at http://www.tmx.com. Follow TMX Group on Twitter at https://twitter.com/tmxgroup.
This press release contains forward-looking statements, which are not historical facts but are based on certain assumptions and reflect TMX Group's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. We have no intention to update this forward-looking information, except as required by applicable securities law.
This forward-looking information should not be relied upon as representing our views as of any date subsequent to the date of this press release. Please see "Caution regarding Forward-Looking Information" in the Q1-2015 Management's Discussion and Analysis for some of the risk factors that could cause actual events or results to differ materially from current expectations.
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Vice President, Corporate Communications & Public Affairs