Toronto Stock Exchange

Beginnings The Toronto Stock Exchange (known by the acronyms TSE until 2002 and TSX thereafter) likely descended from the Association of Brokers, a group formed by Toronto businessmen on July 26, 1852. No records of the group's transactions have survived. It is however known that on October 25, 1861, twenty-four brokers gathered at the Masonic Hall to create and participate in the Toronto Stock Exchange. The exchange was incorporated by an act of the Legislative Assembly of Ontario in 1878. By 1936, the Toronto Stock Exchange grew to become the third largest in North America. In 1983, the TSE vacated its Art Deco headquarters on Bay Street and moved into the Exchange Tower. The old TSE building later became the Design Exchange, a museum and education centre. . In 2001, the TSX Group was formed following TSE's acquisition of Canadian Venture Exchange. On February 9, 2011, the London Stock Exchange announced that it had agreed to merge with the TMX Group, the Toronto Stock Exchange's parent, hoping to create a combined entity with a market capitalization of $5.9 trillion (£3.7 trillion). Xavier Rolet, who is CEO of the LSE Group, would have headed the new enlarged company, while TMX Chief Executive Thomas Kloet would become the new firm president. Based on data from December 30, 2010 the new stock exchange would have been the second largest in the world with a market cap 48% greater than the Nasdaq. Eight of the 15 board members of the combined entity were to be appointed by LSE, 7/15 by TMX. The provisional name for the combined group would be LTMX Group plc. About two weeks after Maple Group launched a competing bid the LSEG-TMX deal was terminated after failing to receive the minimum 67% voter approval from shareholders of TMX Group. The rejection came amidst new concerns raised by Bank of Canada governor Mark Carney regarding foreign control of clearing systems and opposition to the deal by Ontario's finance minister. On June 13, 2011, a rival and hostile bid from the Canadian-based Maple Group took place. The bid was for up to CAD$3.7 billion in cash and shares, in the hope of preventing a takeover of TMX by the LSEG Group. The group included leading Canadian banks and financial institutions. In March 2015, a competing exchange, Aequitas Neo, opened for trading, listing 45 issues that were only listed on the TSX. The new exchange aimed to focus on fairness, particularly in relation to what it referred to as "predatory high-frequency trading practices". The exchange planned to list additional TSX-listed securities. On May 27, 2014, TMX Group officially opened financial operations in Canada, the United States, the United Kingdom and Australia under the name TSX Financial.. ==Operations==

The exchange has a normal trading session from 09:30am to 04:00pm ET and a post-market session from 4:15pm to 5:00pm ET on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance. Companies listed on King Street West now houses a significant portion of TSX's functions. the Toronto Stock Exchange had 1,811 listed issuers (including ETFs and other structured financial products) with a combined market capitalization of CAD $4.16 trillion. Up from 1,798 listed issuers and a combined market capitalization of CAD $4.0 trillion as of March 2023. By the end of January 2024, the total market capitalization of companies listed on the TSX & TSXV reached CAD $4.23 trillion. The exchange is home to all of Canada's Big Five commercial banks—Canadian Imperial Bank of Commerce (CIBC), Bank of Montreal (BMO), Bank of Nova Scotia (Scotiabank), Royal Bank of Canada (RBC), and the Toronto-Dominion Bank (TD)—making the exchange the centre for banking in the country. This was seen as being most evident during the proposed mergers of Royal Bank with Bank of Montreal, and CIBC with the Toronto-Dominion Bank in 1998. Then-Finance Minister Paul Martin blocked the mergers to preserve competition. The exchange is the primary listing for a number of energy companies including; Enbridge, Suncor, TC Energy, Canadian Natural Resources, Imperial Oil, Pembina and Cenovus all within the S&P/TSX 60 index. Many of the large companies listed on the TSX, especially those on the S&P/TSX 60 index, have a secondary listing on an American exchange such as the New York Stock Exchange. TSX listings of U.S.-listed companies can be listed by the NYSE/NASDAQ ticker symbol with the suffix ':CA' on the TSX; for example AAPL:CA. == Leadership ==

President (to 1954) and Chairman of the Board of Governors (from 1954) The president, and later chairman, was an elected executive from the board of governors. The president typically would serve one or two terms, though some early presidents served for several years. At the TSE's annual meeting in 1954, the title changed to chairman. The president or chairman was an unpaid, part-time position. Dates below indicate years of election. • 1861, 1862 – Herbert Mortimer • 1863 – William Alexander • 1865 – John C. Stikeman • 1866 – Edmund Bradburn • 1867 – Herbert Mortimer • 1868, 1869, 1870 – Humphrey Lloyd Hime • 1871, 1872 – Sir Walter Gibson Pringle Cassels • 1873, 1874, 1875 – James Browne • 1876, 1877, 1878, 1879, 1880 – Henry Pellatt Sr. • 1881 – William Hope • 1882, 1883 – Robert Beaty • 1884 – Harrison Reese Forbes • 1885 – John Stark • 1886 – William James Baines • 1887 – Herbert Carlyle Hammond • 1888, 1889 – Humphrey Lloyd Hime • 1890, 1891 – Sir Walter Gibson Pringle Cassels • 1892 – Sir Casimir Stanislaus Gzowski • 1893, 1894 – John Stark • 1895 – John William Beaty • 1896, 1897 – Alfred Ernest Ames • 1898, 1899 – George Tower Fergusson • 1900, 1901 – James Lorne Campbell • 1902, 1903 – Robert Alexander Smith • 1904, 1905 – Robert Henry Temple • 1906, 1907 – Augustus Perrine Burritt • 1908, 1909 – James Oliver Buchanan • 1910, 1911 – William Henry Brouse Jr. • 1912, 1913 – Francis Gordon Osler • 1914 – Edward Buchan Freeland • 1915, 1916 – George Tower Fergusson • 1917, 1918 – Hilton Russell Tudhope • 1919 – George William Blaikie • 1920, 1921 – Edwin Gordon Wills • 1922, 1923 – John Campbell Fraser • 1924 – Robert Cassels • 1925 – George Gooderham Mitchell • 1926, 1927 – Avern Pardoe • 1928, 1929 – Charles Ernest Abbs • 1930 – William Harold Mara • 1931, 1932 – George Gooderham Mitchell • 1933, 1934 – Harold Franks • 1935 – Gordon Walter Nicholson • 1936 – Harry Broughton Housser • 1937 – Norman Currie Urquhart • 1938 – Frank Gordon Lawson • 1939 – Frederick Joseph Crawford • 1940 – Gordon Ross Bongard • 1941, 1942 – Thomas Alexander Richardson • 1943, 1944 – Wilfrid Gardner Malcolm • 1945, 1946 – James Butler White • 1947, 1948 – Robert James Breckenridge • 1949, 1950 – Andrew Lowry Alexander Richardson • 1951, 1952 – D'Arcy Manning Doherty • 1953 – George Leslie Jennison At the 1954 annual meeting, title changes to Chairman of the Board of Governors • 1954 – George Leslie Jennison • 1955, 1956 – Gordon Stuart Osler • 1957, 1958 – James Gowan Kirkpatrick Strathy • 1959 – Charles Percival Lailey • 1960, 1961 – Eric Duff Scott Sr. • 1962, 1963 – George Ryerson Gardiner • 1964, 1965 – Marshal Stearns • 1966, 1967 – John Scott Deacon • 1968, 1969 – Robert Newman Steiner • 1970 – William Hamilton Alexander Thorburn • 1971 – Donald Gordon Lawson • 1972 – John Christopher Cassels Barron • 1973 – John Pearce Bunting • 1974 – Robert Trevor Morgan • 1975 – Edgar Stuart Miles • 1976 – Frederick McCutcheon • 1977 – William Richard Lilliott • 1978 – Angus Michael Morrow Curry • 1979 – Leighton Wilckes McCarthy • 1980 – Hugh Keswick McMahon • 1981, 1982 – Murray Joseph Howe • 1983, 1984 – Charles Robert Younger • 1985, 1986 – Donald Herman Page • 1987, 1988 – Eric Duff Scott Jr. • 1989, 1990 – Jean-Charles Caty • 1991, 1992 – Kenneth Michael Edwards • 1993, 1994 – Frederick Mansel Ketchen • 1995, 1996 – John Churchill Clark • 1997, 1998 – Barbara Gayle Stymiest • 1999, 2000 – Daniel Francis Sullivan • 2001, 2002 – Wayne Charles Fox President In 1956, the exchange created a new, full-time presidential role. In contrast to the chairman of the board of governors, the president was a paid position and was held by a non-member of the exchange. • Arthur John Trebilcock, 23 May 1956 – October 1958 • Howard Douglas Graham, 1 January 1961 – 30 June 1966 • John Robert Kimber, 1 May 1967 – 10 October 1976 † • John Pearce Bunting, 1 July 1977 – 31 December 1994 • Rowland William Fleming, 1 January 1995 – April 1999 • Barbara Gayle Stymiest, 12 October 1999 – 31 October 2004 • Richard William Nesbitt, 2 December 2004 – 27 February 2008 † = died in office ==See also==