In November 2014, TMX Group launched TSX Private Markets, a new service that works with the
dealer community in Canada to serve companies – both private and public – and their investors. In this
instalment of Tête-à-Tête, we discuss the new service with Kevan Cowan, President of TSX Markets
and Group Head of Equities at TMX Group.
PCMA: What is TSX Private Markets?
TSX Private Market extends the reach of our brand and
ecosystem which includes Toronto Stock Exchange (TSX) and TSX
Venture Exchange (TSXV). The service represents our continued
commitment to evolving our capital formation and liquidity
services for our customer base.
The launch of TSX Private Markets in 2014 introduced a
dealer-to-dealer service designed to facilitate the raising of capital
and secondary trading in Canada’s exempt market. Through this
new service, we will work with the dealer community to provide
enhanced access to capital for private and public companies and
exempt market liquidity for investors.
During the initial phase, TSX Private Markets is operated by
Shorcan Brokers Ltd., a division of TMX Group and a registered
Exempt Market Dealer with over 35 years of experience as an
PCMA: What services does this platform offer the Canadian
entrepreneurial and investment communities?
TSX Private Markets serves Canadian companies throughout
their evolution from start-up to mature, both private and public,
and stands ready to enable the following:
• Exempt market capital raising for private and public companies
• Secondary trading of exempt market securities (including
various categories of debt and equity)
• Secondary trading of public company “hold period” securities,
issued pursuant to a private placement
This new platform provides the investment community with:
• Centralized access to exempt market offerings (capital formation
and secondary trading)
• Electronic trade, clearing and settlement confirmation, as well as
seamless electronic clearing and settlement of eligible secondary
trades through CDS Clearing and Depository Services
• Visible company profiles
• Visible market quotes and depth (bid/ask)
• Visible last sale price for each posted exempt market security
PCMA: Why did TMX Group launch TSX Private Markets?
TSX Private Markets is a natural extension of TMX Group’s
leading equities markets ecosystem. Connecting companies of all
sizes with capital investments is at the core of our public equities
businesses, TSX and TSXV, which have facilitated the growth
and financing of young and mature companies for more than 160
years. These Exchanges are Canada’s leading public markets
where investors can find their next investment opportunity and
companies can raise capital. With TSX Private Markets, we are
channeling that experience and expertise to deliver enhanced
service to the exempt market in Canada.
Building on TSX and TSXV’s world-class reputation of helping
companies of all sizes across all sectors to grow their businesses,
TSX Private Markets provides a new, innovative platform for
private and public companies to raise capital and facilitate liquidity
in exempt market securities. We are committed to helping further
develop Canada’s private investment landscape by leveraging
TSX and TSXV’s core strengths: providing investors with liquidity,
price discovery and transparency.
PCMA: Who can participate in TSX Private Markets?
TSX Private Markets will be available to Investment Industry
Regulatory Organization of Canada (IIROC) broker dealers,
exempt market dealers (EMD), fund managers, portfolio managers
and other permitted clients.
PCMA: Where can we find out more about the TSX Private
Companies interested in posting their securities or a capital
raise offering with TSX Private Markets can contact the TSX Private
Markets team to get started. Once approved, the company’s posting
will be accessible by Approved Participants through the website.
A comprehensive document of Frequently Asked Questions
has been developed to address specifics of our services, including
capital raises, secondary trading, clearing and settlement.
In addition, the TSX Private Markets team is eager to discuss the
offering in more detail and to answer any additional questions. They
can be reached at email@example.com or 1.800.268.9301.
2. Visible only to TSX Private Markets Approved Participants
3. Frequently Asked Questions: https://tsxprivatemarkets.com/system/
The information is provided for information purposes only. Neither TMX Group Limited
nor any of its affiliated companies guarantees the completeness of the information
contained in this publication and we are not responsible for any errors or omissions in, or
your use of, or reliance on, the information. The information provided is not an invitation
to purchase securities listed on Toronto Stock Exchange, TSX Venture Exchange and/
or TSX Private Markets. This document is not intended to provide legal, accounting, tax,
investment, financial or other advice, and should not be relied on for such advice. TMX
Group, Toronto Stock Exchange, TSX, TSX Venture Exchange, TSXV and TSX Private
Markets are trade-marks of TSX Inc. ©2015 TSX Inc. All rights reserved.