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EXCHANGE FEED

ISSUE #83
July 31, 2019

AMPLIFY YOUR COMPANY'S STORY

Share your vision and showcase your TSX Venture Exchange company with a customizable profile page. Keep your story up-to-date, make your profile a part of your investor relations strategy; upload videos and presentations, and see how your company is resonating, through pageview analytics. 

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LATEST SECTOR ACTIVITIES AND NEW ISSUERS

The Market Intelligence Group (MiG) provides market information through a monthly publication called The MiG Report. The MiG Report provides year-to-date data on listings, financings and trading activity across Toronto Stock Exchange and TSX Venture Exchange, broken down by sector and region.

THE NEW LIQUID-ALT ERA

Graham MacKenzie | Head, ETFs and Structured Products at TMX Group

As of January 3rd liquid alternatives are here, but what does this all mean? Will this new asset class make inroads into Canadian retail portfolios?  

Liquid alternatives by definition are alternative investment strategies like hedge funds that are available in a more liquid format such as a mutual fund or an ETF.  Prior to the recent changes to Canadian Securities Administrators’ National Instrument 81-102, hedge funds and alike were pretty much exclusively available to high net worth and institutional investors. 

While it’s easy to expect an initial wave of investment products and interest, is it realistic to expect a significant amount of dollars to flow into them?  In the US, retail-focused liquid alternative products didn’t really gain much traction until investors looked for diversification in the aftermath of the financial crisis. Demand for the products ultimately stalled when the market regained its footing and the bull market returned.

Today, as investors capitulate and the fears of market reversals grow, perhaps the demand for uncorrelated products will gain favour in Canada and interest will return to the US. The challenge the new “industry” faces is not only the investors’ need to educate themselves about these products and how they are different but also how conventional asset managers and traditional hedge funds will create products that allow for daily redemption. The hurdles asset managers face will be to create products that are liquid to investors. Make no mistake that many existing alternative assets that have monthly and quarterly redemption mechanisms don’t readily translate into products that allow for daily redemptions. Many asset managers who have existing products will need to tailor these products to meet the needs of new investors and learn to navigate a new sales channel.

Some have pointed out that this new investment vehicle may be another strike against the mutual fund industry but that perspective is probably short sighted when you consider that mutual fund managers (and ETF providers) will likely have a step up on the incumbent hedge funds when you consider their existing robust compliance policies, dedicated sales force and breadth of retail distribution.

Although the changes to NI 81-102 are new, the asset managers have been expecting and anticipating this opportunity for some time.  It will be exciting to see what products will make it to market but it is important not to quickly pass judgment on the success of this emerging asset class, after all, Rome wasn’t built in one day.

Looking forward to hearing your feedback and thoughts.  

This article is provided for information purposes only and is not intended to provide any type of advice. This article is not an endorsement or recommendation of any specific securities in any industry nor is it an invitation to purchase securities listed on TSX Venture Exchange or Toronto Stock Exchange. Listing on TSX Venture Exchange or Toronto Stock Exchange does not guarantee the future performance of a security or an issuer.

Issuers now have access to a new trading performance module on TSX InfoSuite.
To better understand security trading performance, the following metrics are included:

Bid/Ask Spread - the difference between the best bid price and best ask price available on our markets
Time at the national best bid/best offer (NBBO) - the percent of time during regular trading hours that TSX/TSXV displayed the best bid and best offer quotes across the entire marketplace
Top of Book Size - the sum of shares available at the best bid and best offer price
Opening Presence – the extent to which there was both a bid and offer available between 9:25 a.m. -9:30 a.m. on TSX/TSXV
Liquidity Factor – TSX only; the ratio of trades occurring within a reasonable price gap as compared to the total number of trades
Top Liquidity Providers - the top 5 firms that posted bids and offers at the best price on your stock
Top Liquidity Takers - the top 5 firms willing to buy and/or sell shares at the posted offer/bid prices
For Toronto Stock Exchange listed companies, this module also provides information on your primary and secondary market maker.


If you have questions about TSX InfoSuite or this new module, please contact 
issuer.services@tmx.com.

Copyright © 2019 TSX Inc. All rights reserved.

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HOW AN INVESTOR RELATIONS PROFESSIONAL USES TSX INFOSUITE FOR MONITORING BLOCK TRADES

Achieve both your investor relations and corporate goals with the help of TSX InfoSuite. TSX InfoSuite provides a wide variety of data and functionality including shareholder information, consolidated Canadian marketplace trading, volume-weighted average price data, intra-day trading, net house summaries, foreign exchange rates, short positions, and more. 

TSX Infosuite

Understanding your governance responsibilities is at the heart of growing your company and protecting your reputation. This half-day workshop will provide a detailed exploration of three key corporate governance requirements for public companies. 

Rules and Tools 
Oct 17, 2019

Toronto

ELIZA RIEGO | HEAD, PRODUCT AND SERVICE INNOVATION | CAPITAL FORMATION | TMX GROUP

FREE TRADING PERFORMANCE METRICS

RECEIVE 20% DISCOUNT ON A SUBSCRIPTION TO IR MAGAZINE!

TMX is delighted to offer a 20% discount on new IR Magazine subscriptions, exclusively to those working for publicly listed companies.

IR Magazine publishes regular in-depth research reports, news articles, whitepapers and strategy guides to help investor relations professionals achieve more in their IR programmes, benchmark their efforts and connect to their peers in the IR community. They also host awards celebrations, think tanks, forums and webinars around the world each year. Register with discount code: TMX19 or find out more about IR Magazine.

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  • GPC's 2019 Annual Conference | Aug 18 - 21, 2019 | REGISTER

  • CIRI's Essentials of IR | Sept 9 - 10, 2019 | REGISTER 

  • Managing a Public Company - Vancouver | Sept 19 - 20, 2019 | REGISTER

  • Mining Disclosure Fundamentals - Vancouver | Nov 5, 2019 | REGISTER 

  • The Intensive Short Course on the Toronto Stock Exchange and TSX-V | Nov 6 - 7, 2019 | REGISTER

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The Exchange Newsletter.

Vancouver

Venture Filing Fundamentals
 Oct 17, 2019

This half-day introductory-level workshop will provide you with details on how to execute Exchange-related transactions simply and efficiently. Led by Exchange experts, this workshop is highly interactive and practical. Working with actual case studies, you will gain knowledge you can use immediately. Topics include private placements, stock options, acquisitions and sale of assets and more. 

TorontoVancouver

The U.S. retail investor market is massive.  About half of households in the U.S. own at least one listed security; and the SEC estimates that there is over US$12 trillion of U.S. retail assets under management across 2,857 U.S. brokerages.  

So, many of you may be asking: How can our company attract some of those dollars?  At TMX, attracting U.S. retail and institutional capital to our ecosystem is a top priority.  In fact, we estimate that currently 40% of the daily trading in TSX and TSX Venture stocks originates from outside Canada; and we have teams dedicated to building the profile of our markets (and our issuers) in key financial centres globally.

Some companies assume it is difficult for U.S. retail investors to invest in TSX- and TSX Venture-listed stocks.  In fact, it’s not that difficult.  Moreover, your company likely trades in the U.S. already, even though you may not be aware of this.  

The over-the-counter (OTC) market in the U.S. is very well established, particularly for TSX and TSX Venture issuers.  Some of you subscribe to OTC QX, QB or Pink Sheets listings.  However, many of you trade on OTC via their Grey Markets without your involvement, and in many cases, without your knowledge.

As demand for your stock increases in the U.S., brokerages and wholesalers have the ability to quickly and efficiently request that an OTC ticker be created for your stock on their Grey Markets in order to trade in the U.S.

Although not all U.S. brokerages take advantage of this arrangement, it is important for you to know that the vast majority of TSX and TSX Venture stocks do have active OTC symbols.  To see if your company has an OTC symbol, 
click here and type your company name in the "Quote" bar.

Not all U.S. retail investors are aware of the process to trade TSX and TSX Venture stocks.  So, in order to help you provide guidance to potential U.S. retail investors, TMX just posted an FAQ by U.S. Retail Investors on our Issuer Services website.  We encourage you to visit this page, download the PDF, modify it as appropriate, and then post it on your own Investor Relations website.

To access the FAQ, click on the appropriate link: 
TSX Issuers | TSX Venture Issuers 

Another version of this FAQ is posted on TMX Money and TMX Matrix, for U.S. retail investors that have general questions about investing in TSX and TSX Venture stocks.

If you have any questions or need more information, please contact our Company Services team.

RICH GOODMAN | HEAD OF CAPITAL DEVELOPMENT

EVOLVING YOUR INVESTOR RELATIONS STRATEGY

RICH GOODMAN | HEAD OF CAPITAL DEVELOPMENT | CAPITAL FORMATION | TMX GROUP

ACCESSING U.S. RETAIL INVESTOR CAPITAL

Leading-edge climate change training to help your business stay on top of the latest in how climate change is impacting financial disclosure, technical analysis, smart infrastructure, business strategy, law, and accounting.
Register with promo code TMX$aves100

Mantle314's Task Force on Climate-related Financial Disclosures (TCFD) workshops | various dates

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RECEIVE 20% DISCOUNT ON A SUBSCRIPTION TO IR MAGAZINE!

TMX is delighted to offer a 20% discount on new IR Magazine subscriptions, exclusively to those working for publicly listed companies.

IR Magazine publishes regular in-depth research reports, news articles, whitepapers and strategy guides to help investor relations professionals achieve more in their IR programmes, benchmark their efforts and connect to their peers in the IR community. They also host awards celebrations, think tanks, forums and webinars around the world each year. Register with discount code: TMX19 or find out more about IR Magazine.

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