The times they are a changing – in Canada that is.
Canadian exchange operator TMX Group Limited announced a realignment of the organization to achieve its new vision of being a technology-driven solutions provider versus simply a stock trading venue. The operator said these 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 company plans to expand it capital formation goals, such as renewing its commitment to better facilitate capital raising for issuers of all types at all stages of their development and providing access to alternative sources of capital.
Also, TMX said it was going to “intensify” new product creation and leverage its large market position to benefit from increasing demand for derivatives products both in Canada and globally.
Thirdly, TMX plans to up its research game. The operator said it wants to deliver integrated data sets to fuel proprietary and third party analytics to help clients make better trading and investment decisions.
Lastly, TMX announced it was going to up its technologies and introduce new operating models into new sectors and asset classes. This also includes creating and supporting new platforms for trading and clearing.
TMX also announced some personnel changes as well.
First, TMX announced that Brenda Hoffman, senior vice president, group head of information technology, has decided to leave the company effective July 31. No replacement has been named yet.
Secondly, Jean Desgagne has joined the exchange operator in the newly-created role of head, global enterprise services. Desgagne was formerly the president and CEO of the Canadian Depository for Securities (CDS). At TMX he will assume responsibility for the functions accountable for the delivery of operations, technology, transaction services and procurement as well as continue his CDS responsibilities.
Thirdly, TMX plans to create a new executive role that will focus on its commercial strategy and client experience. The yet-to-be -illed 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.
