TSX and TSX Venture

Why the TSX and the TSX Venture are About to Change18 min read

Comments (24)
  1. Jacqueline says:

    I believe all this is due to the high price of Hydro in Ontario. This province has always been about 36% of the GDP in Canada, and companies have waged a mass exodus from Ontario for the past several years. The only thing (IMO) that will bring business back to Ontario is lower Hydro rates and incentives, including tax breaks from the government. Unfortunately, that won’t happen with a Liberal government in Ontario and now the rest of Canada.

  2. James H says:

    Its about time the TSX gets off their high horse. I can’t believe this didn’t happen sooner.

  3. Terry says:

    Ivan, I love your perspective on the markets. Keep up the great work !

  4. Louis Doyle says:

    Ivan,
    The pre-trade market is only one area where greater transparency is needed. The real problem is after the trade….. and the failures to deliver of the sold shares.
    Sure it is nice to have equal information in deciding on a trade but once the trigger is pulled an investor is dependent on the system to ensure they did not purchase counterfeit shares.
    The real reason the TSX-V is so dismal is that there is a casino mentality where loopholes in the system allow blatant fraud and selling of shares which do not exist.
    The amount of internal broker activity between brokerages and banks in many instances is of greater volume in trading than of the transparent market activity reported.
    Trading and settlement transparency, and enforcement, is what is required to really make a difference in order to get back even a little bit of credibility and investor confidence.
    As long as the crooks can freely “Take the Money” the exchange and most companies will languish.
    Change will only come about if enough companies band together and investors in all those companies support efforts to put pressure on the regulators for improvements in transparency and to hold those individuals and institutions accountable whom are responsible for conducting and allowing these harmful and illegal activities to take place.
    If enough companies gather compelling evidence of illegal activities and together conduct a large multi $billion lawsuit the resulting awareness created would immediately stop these fraudulent activities from occurring and force regulatory change in regard to trading and settlement transparency which is currently not available to companies or individual investors.
    The weak and wounded have left the TSX-V playing field, however, the fight for justice should/will continue as long as needed.
    Louis Doyle

  5. Dylan says:

    The history of the TSX and Venture exchange will have a similar fate as the numerous companies who have filed for bankruptcy or protectionism… The general stock of the ENTIRE EXCHANGE slowly become DILUTED. In the past two years alone I have lost thousands of dollars to companies that can’t compete… Diamonds, fuels and many small to mid cap stocks are losing the confidence of the PUBLIC which is the polar opposite of the needs for a positive and successful exchange.

    Keep up the good writing and journalism Ivan. There is more value in that than the suggestions and predictions of this chaotic manipulated market called an exchange.

  6. Mike haworth says:

    Well written factual article

    With the governments in Ottawa and Ontario having the following priorities

    Refugees, Climate, Pot, taxing the wealthy and spending their way to prosperity we are in good hands

  7. Bern says:

    There is nothing wrong with the tsx ,the problem is the other markets. What is happening is that Europe, Japan , and the USA have been on a money printing spree because they are all on the verge of a financial collapse. We on the other hand have been staying the coarse, we aren’t trying to inflate our way out of debt. Within the next six months to a year you are going to see the euro collapse followed by the yen .the USA dollar will serge as it is now because it has been the world reserve currency for the last sixtyish years. Once the flight capital has left Europe and Japan to the US you will see the last shoe drop and the US will collapse. Unfortunatly we are a seller of commodities, with no one to by it will be a real tough go for us fundamentals be damned.

  8. RedDog says:

    TSX has only 3 meaningful sectors and 2 are in the toilet rightfully so. It’s all about supply and demand and nobody is investing in mining and oil/gas right now. The TSX should think about merging with the London Stock Exchange again which would allow them to spread there wings by participating & helping grow other sectors they desperately need in times like these. It’s time for an M&A for the Exchange.

  9. shayne nyquvest says:

    the banks in Canada are busy consolidating this market have driven most of the independent firms out of the market by driving up the cost of doing business thru an organization called iroc ,which makes cost sky rocket thru over regulation. they don’t want to fix the exchange because the plan is working perfectly ,over 50 firms have disappeared and bank controlled wealth management is ever increasing at the expense of free enterprise. iroc is the tool controlled by banks to do this. exempt purchaser requirements , illegal shorting called high frequency trading are the regulatory tools to kill the venture market and allow banks to control wealth and create ETFs which are disasters waiting to happen and full of hidden fees that banks are receiving at there clients expense . there is no desire to fix anything because the plan continues to work perfectly. the asset backed disaster in the U.S is a result of deregulation,and the elimination of the 4 pillars ,allowing banks to own brokerage firms insurance companies and trust companies is a huge conflict . the bank act was brought in after the crash of 1929 in response to this issue,and its now happening all over again. the next disaster will be the result and most like ETFs and conflicted banks .fixing the venture market is not desired and driving out independent firms is the objective of banks and organizations they control ,like iroc.

  10. Joe says:

    I enjoy your truthful writings. Your market worries are minor.
    Electing a Socialist/Communist as leader will be the death of Canada!
    He will bring in hundreds of thousands of ISIS terrorists with a few refugees to kill Canadians. Just like the US Muslim leader will do.
    Also, approx. 150 million Americans are SLAVES to the government as planned by the Democrat Communist Party, via Social Security, Unemployment, Healthcare, massive Regulations all to control the people as SLAVES!! Canadians are next!! Under your new leader’s plan of Communism, his Government will seize all peoples property.
    The market is minor problem for Canadians.

  11. shar says:

    Haven’t you guys figured it out yet?? In Canada is is a tradition to always pay more and get less.We pay more in taxes, gas at the pump, more for TV Cable and phone rates, more bank fees and charges more for everyday needs and supplies, so why is it surprising that we have to pay more for trading fees?? eh!

  12. tom russo says:

    we are witnessing in Canada and the US a war by left politicians on capitalism: they are continually raising the barriers to entry for small issuers to go public and grow

    its all about making the politicians the Power AND Money Centers

    NO ONE GOES PUBLIC IN THE US ANYMORE, NO ONE

  13. B Guerin says:

    Maybe because Bank of Canada does not manipulate the market like the FED do it in the states…

  14. rick jewers says:

    As more and more corruption is revealed, so is the understanding by the public increased, as to the actual integrity contain within financial markets, such as the TSX. Public education now shows how these financial instruments are NOT based on integrity, nor more importantly, fairness of a level playing field.
    Where several of Canada’s biggest banks and Pension funds, own the TSX, this blatantly shows the influence their money has on every stock and investment vehicle. A simple depiction of their prowess and influence, is through the control they have during Market Making (MM), ACTIVITIES. To control the prices of investment vehicles, such as stock, and be granted an immunity by Government to do so, shows the markets are corrupt and not integrity based. The public is becoming more aware of how they are pillaged advertently through investments, but also, more importantly, inadvertently through their private and government pensions.
    A large degree of the public, and ever growing, knows of how their pension plans are exploited by orchestrated crashes and to a lesser degree, stock market rises. When the public is educated to the degree that they understand huge amounts of money are made in stock market crashes, because of the shorting techniques available to those that control the markets, the institutions, and they see their pension plans devalue, the blatant pillage is recognized for what it is.
    As you can see, I can demonstrate a whole lot more on this subject, but believe the general approach will suffice. As for the Venture. TSX etc, these markets will fail and no longer exist in the future, as more and more awakened people, withdraw their monies, consent and acceptance to a controlled market place designed fully to depart and deprive them of their monies. Its not the disinterest per se in the Venture, but rather the awakening and awareness to the actual systems of pillage, which will appear to some as disinterest, until they too awaken to the truth….
    Rick Jewers

    1. Knower says:

      You are absolutely right. I am a former insider with direct knowledge of a global coverup

  15. Charles says:

    I have been saying for months now, How come no one has said a word about the TSX which has dropped over 2,000 points this year? Everyone talks about gold and oil but the rest of our resources have also sank. The banks are still trying to sell stock that are not going anywhere. And the government lets the big oil companies over charge for gas just to tax the shit out of us on the over inflated prices. If the gas is sold at real market price the Canadian governments (federal and provincial) would be in major fiscal trouble. The refineries are making a killing right now.

  16. RJ says:

    What exactly would we buy, When a Canadian company starts to do well on a global scale, all the advice everyone gets is to sell the company, eg; Ipsco, Alcan, Inco, Dofasco,, all which had a basic sticks and stones appeal, that’s what Canada was all about,. GM and Ford seems to be at the whim of the Americans(Camero),what’s left. Oil. That’s already been sold. There are no big Canadian companies out there and if they were they aren’t big anymore. Thanks Saudi Arabia, hope you enjoy trying to pound Russia [and everyone else]. All the talk about taxing Quebec and Ontario to solve the biggest pile of trash “Climate Change”. Really,,, are you kidding me. Is there anyone out there that still believe’s that its not a giant screw job to further tax the hell out of literally everything we do. More and more money going to fewer and fewer hands is not an economy. Isn’t one of the metrics when you want to buy a stock cash flow, well how’s the cash flow doing in the whole of the global economy. nuff said. I agree with most of the other opinions rendered. The entire global economy is being shuttered by socialists that STILL haven’t figured it out that “the only time socialism works is on the back of a sound capitalist system” {Margret Thatcher}, not one that is taxed to death

    1. Kelly says:

      So very true. Every votes Trudeau then complains about paying higher taxes. Climate change is the biggest scam that allows government to tax you more. Simple

      1. Cameron J says:

        Anyone who believes Climate Change is a way to save to world is a moron. Its a way for socialist government to make money

        1. Cameron J says:

          All Trudeau cares about is how he looks on TV and pictures

  17. jay says:

    Good comments from lou an Shayne , I run ETF desk an for over a year now tmx data cash cow is over for us …we route to US ENC ,never going back to tmx

  18. A. Ivan Rand says:

    I suppose everyone is entitled to have a point of view….. My point of view is that Regulation is choking the industry. The difference between Canada and everywhere else is that Canada lacks a national regulator of the securities markets. Financial institutions, issuers of securities, brokers, banks, etc. must deal with multiple provincial regulators. The cost of this is simply too large for small institutions to bear. Someone must bear the cost. The result: the bigger banks and brokerage firms scoop up the smaller banks and smaller brokerage firms, further consolidating the industry. Then the surviving banks raise their fees to pay the huge new costs. Then Canada’s Big Four banks go through de-risking exercises, getting rid of smaller, riskier and less profitable relationships. The result: these relationships end up with surviving small and medium-sized banks, creating a concentration of risk that the regulators are trying to avoid. The biggest banks get bigger, but more difficult to manage. The regulators now have small banks that are less stable. How many thousands of regulations must the financial industry contend with? When the banks make a mistake they end up paying tens or hundreds of millions in fines. Most people cheer when this happens. Yeah, stick it to them! What most people should know, however, is that they end up paying for this in the form of increased fees, fewer people to service them, fewer banks and brokers from which to choose, less innovation in financial products, etc. So don’t rejoice when there is wave of new regulation. More regulation isn’t the answer. In fact, it’s killing us. Better regulation – and maybe by a single regulator- is just what Canada needs.

  19. Reginald Adlam says:

    Horrible TSX. Dictionary buster.

  20. artour davydian says:

    This is about both politics and technology. 2011 attempt of a TSX/LSX merger that happily failed was a good example of how the medicracy protected the mediocrity. This is about an ability, or should we say inability, to compete with the world leading institutions. One could speculate what would TSX has gained if the merger had occurred, but to me it seems pretty much similar to “what would Australian Hokey Association gain if merged with NHL; and what would prominent Australian hokey dealers would do after the merger”. Another example? Late 90-s when DirectTV was kicked out of Toronto by, once again, the Government decree(sic!). What the people were left with was horrible cable providers Rogers and Bell. These are examples of how “free” markets help the incapable. Of course, there are unfortunate occasions when the incompetent managers miserably fail to death, like Blackberry, but this is because they had to compete outside the borders. This is all about incompetence and no appeal from the Government to encourage the business developments in the country.
    The technology is even a harder issue. Someone has to invest heavily in it, and this is not a trivial business. So, why bother? Who is gonna compete on the platforms like TSX? Algorithmic trading companies. How many of those in Canada? To my knowledge — none. OK, I don’t want to offend anyone, there could be some but they are not known at all beyond the borders. There were only a few algorithmic trading shops in Canada and they all gone by 2011. Some 5 years back I spoke once with one of my recruiters in London, UK and he confessed “You know, there are not very many companies in Toronto, so prepare yourself to shop somewhere else or forget the business”. He was absolutely correct. In comparison, in the US the number of algorithmic trading companies is not a factor of 10, not even 100, perhaps 1000. So, no one tries to compare the US and Canada in terms of technology developments, but some effort should be made not only in notorious Climate change, after all, if one assumes to be leaving in one of the best countries in the world.

Leave a Reply

Your email address will not be published. Required fields are marked *