TSX & TSXV 2025 Year in Review

This year was defined by global trade uncertainty, creating challenging investment conditions for companies and investors. Navigating these dynamics required both resilience and innovative approaches to deploying capital.

Against this backdrop, companies on Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) rose to the occasion. Total corporate market capitalization (excluding Exchange Traded Products) surpassed an all-time record, hitting $6.4 trillion on December 31st. With both TSX and TSXV reaching new records for corporate market capitalization. A definitive achievement directly resulting from our listed issuers' commitment to disciplined growth and strategic scale. Importantly, this achievement fuels global interest in our markets from investors and liquidity providers, and helps to ultimately improve the Canadian markets.

At TSX and TSXV our purpose remains clear: to empower bold ideas by making markets better. Our efforts in 2025 were dedicated to three strategic pillars designed to enhance your capital access, liquidity, and regulatory environment.

1. Driving Access to Capital and Investors

Connecting issuers with pools of global capital is the top priority for our dedicated Global Client Team and activities across TMX Group. Our investor outreach targets capital pools around the world through live events, and digital platforms.

• Institutional Investors: We connected our issuers to new institutional investors, through 20 TSX and TSXV led events across the TSX Investor Day program and new initiatives like the TSX/IDG European Family Office Roadshow in addition to our work supporting bank led institutional events.
• Engaging Retail Investment Advisors: We specifically engage the wealth management and advisory channels in a variety of ways including TSX Connects (with RBC Dominion Securities) and the Venture Growth Conference. We also partnered with other global finance events to actively profile or set up one-to-one meetings for issuers and investment advisors to drive capital flow.
• Broadening Retail Investor Access: As retail investing grows in importance, our team has taken a leadership role establishing and supporting key retail investor events like: TSX Canadian Climate Investor Conference, Schachter "Catch the Energy" Conference, and the Cantech Conference. In addition to this, we are an active partner with global retail events like PDAC and Planet Microcap. Our top performing issuer programs TSX30 and TSX Venture 50 resulted in over 186 million impressions with investors, while TMX Money drove retail traffic, averaging over one million monthly visitors.

2. Enhancing Market Liquidity and Transparency

We demonstrated a significant commitment to Canadian market structure in 2025, to create a more transparent and more equitable trading landscape for all stakeholders.

• Launch of TSX Consolidated Volume (TCV): In September, TMX Datalinx launched the TCV data feed, aggregating trading volume from all Canadian equity marketplaces for TSX and TSXV listings to provide a single, truly consolidated view of liquidity.
• Modernizing Issuer Experience: We enhanced TMX LINX, our centralized digital submission platform, by streamlining reviews and integrating services, we achieved 25% faster response times, accelerating issuer access to capital.
• Evolved TSX Listing Requirements: TSX introduced new Original Listing Requirements that prioritize providing clear, pragmatic listing requirements, reduce issuer burden, and increase efficiency and transparency.

3. Advocating for an Equitable and Pro-Growth Environment

Our advocacy efforts focused on regulatory and tax policy changes aimed at fostering long-term investment, particularly for our venture and innovation issuers.

• Strengthening the Short Selling Regime: We advocated for improvements to the short selling regime, supporting CIRO's proposal for mandatory close-out requirements. Our efforts included submitting a petition with over 100 issuer signatures to CIRO.
• Scientific Research and Experimental Development (SR&ED) Access for Public Companies: We successfully advocated for, and saw the confirmed implementation of, equal SR&ED treatment for small public companies, ensuring they now qualify for the enhanced 35% refundable tax credit on qualifying R&D Expenditures.
• Mining Flow-Through Share Extension: Our advocacy supported the federal government's decision to extend the Mineral Exploration Tax Credit for two years, providing crucial certainty for junior exploration companies relying on this mechanism.
• Advocacy for Manufacturing Investment: Our recommendation to expand the Ontario Made Manufacturing Investment Tax Credit was adopted, introducing a 15% non-refundable credit to include public companies and support capital investment.

We are confident that these investments in investor connectivity, market technology, and regulatory advocacy will continue to support your growth and success in 2026 and beyond.

On behalf of the TSX and TSXV teams, we thank you for the trust you place in us every day. We look forward to continuing our partnership to empower your bold ideas.

We wish you and your families a healthy and enjoyable holiday season.

Loui Anastasopoulos CEO, Toronto Stock Exchange & Global Head, Capital Formation