Management Meeting Takeaways; AI and Tokenization Remain Topical

Research evidence excerpt

Management Meeting Takeaways; AI and Tokenization Remain Topical

Financial Services - Diversified Financials

TMX Group

TD SECURITIES INC. - CANADA QUICK TAKE: COMPANY UPDATE

June 17, 2026

Price: C$49.55 (06/17/2026) Management Meeting Takeaways; AI and

Price Target: C$64.00 Tokenization Remain Topical

BUY (1)

ESG SCORE: 59/100

Graham Ryding, CFA^ THE TD COWEN INSIGHT

416 308 4416

We hosted TMX management (CFO David Arnold) for investor meetings in London, UK. Themes

graham.ryding@tdsecurities.com

included implications from AI (management sees more upside than downside); tokenization

Michael McCue^ (TMX questions the value add for equities); TMX VettaFi is trying to differentiate in the index

416 982 8683 space; Trayport's proprietary network expected to be resilient; and capital deployment.

michael.mccue@tdsecurities.com

Key Data Event: Hosted management for investor meetings

Symbol TSX: X-T

Impact: Neutral

Market Cap C$13.7B

Key themes:

■Management sees more upside than downside from AI: TMX is deploying AI internally,

finding efficiencies and mining their own data. They are not looking to reduce headcount

but believe they can avoid increasing headcount as the business grows. They expect

demand for their proprietary data to remain high and reiterated they are 1) not a software

company (although they believe there will continue to be a need for software), and 2) they

do not repackage public data (their data is proprietary).

■Tokenization could have value but perhaps less so within cash equity markets.

Management argues that cash equity markets are already digital, efficient, and have

deep liquidity. Management does not believe they are "missing something". In their view,

tokenization could add value around collateral management and some OTC markets, but