TMX CEO wants to see Canadian capital markets compete on world stage

The chief executive of TMX Group Ltd. says he'd like to see a continued reduction in regulatory and cost barriers for companies wanting to list on Canada's main stock exchange as it looks to gain a competitive edge globally.   

At a conference hosted by the Alberta Securities Commission on Tuesday, John McKenzie was asked on stage whether he is concerned about the drop in numbers of issuers trading on the TSX. He said it's not a phenomenon that's limited to Canada and that it's partly a function of there being so much growth concentrated in a relatively few large-cap names. 

"We have actually a lot of growth in market capitalization. We have fewer, bigger companies, which in some ways is great. We want to have really large, successful Canadian companies because that allows them to compete on the world stage and you need to have scale to compete globally," McKenzie said. 

"But at the same time, if we hollow out that middle of the market, it makes it more difficult for small big-cap companies to find the capital they need to scale up to become the next Enbridge or Shopify or RBC. We want to make sure that the ecosystem still exists."

During the first nine months of 2026, there were 337 new listings on both the main TSX and its junior venture exchange, according to the company's September market intelligence report. Of those, 101 were actual operating companies, with the others being investment products like exchange-traded funds. 

Five years ago during that same nine-month period, the number of total listings was comparable at 338. But there were 176 companies. 

McKenzie said there's a growing recognition that the same burdens that apply to a major multibillion-dollar company shouldn't also have to be shouldered by a $20-million firm with fewer resources. 

He applauded a pilot project under which certain small issuers can report semi-annually instead of quarterly and the passport system that aims to reduce duplication across provincial securities regulators.   

"Those are really important initiatives that we can be pushing ahead to keep the momentum going forward," McKenzie said.

"And I'm really glad to note that, you know, on the regulatory side, on the policy side, the doors are open to have those conversations in a way they hadn't always."

McKenzie is advocating for capital gains reform in order to incent Canadians to invest more at home. 

Calgary Chamber of Commerce president and CEO Deborah Yedlin noted that there are 32 names on the Toronto Stock Exchange valued at more than $1 billion, the most since 2016. But the number of firms with a market value below $1 billion is now 87, down from 351 in 2012.

Hugh Sanderson, head of investment banking at ATB Cormark Capital Markets, said the way companies raise financing has changed. The private equity market is much bigger than it used to be two decades ago, he told a panel discussion at the conference. 

"I would expect because of that structural change alone that there would be less public companies," he said.

In the energy space, there's also more passive money and less specialization in that sector. Plus, environmental, social and governance policies may have for a time dampened the appetite of investors to put money into more speculative energy names.

Sanderson used to work at FirstEnergy Capital, a boutique energy-focused investment bank in Calgary that was sold to GMP Capital in 2016. Back in its heyday, FirstEnergy would be involved in 300 equity financings in a year, he said.

"I don't see us going back all the way to that," Sanderson said. But he said the outlook is getting brighter for small companies to level up. 

Chris Seasons, partner in the investment committee at ARC Financial and a former head of Devon Canada, said there's no lack of entrepreneurial spirit in the oilpatch, but whether that translates into the creation of new large-scale companies is another question. 

"Are there people prepared to build a 500,000- or one-million-barrel-a-day company? Because a lot of folks who are entrepreneurial, love the business ... that's not fun for a lot of people," he said.

"It's a unique person that wants to build a large entity."

This report by The Canadian Press was first published Oct. 27, 2026.

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By Lauren Krugel | Copyright 2026, The Canadian Press. All rights reserved.