TMX Group to Introduce a New Mutual Funds Platform
TSX NAVex to offer transacting, clearing and settlement services for mutual funds
November 16, 2015 (TORONTO) – TMX Group today announced that it is expanding its services into a new business area that will extend the efficiencies of equities trading and settlement to the mutual fund industry. The TSX NAVex Platform will facilitate purchases and redemptions of mutual funds using TMX's proven equities trading, clearing and settlement infrastructure.
By leveraging connectivity, systems and processes well established in the industry, the new platform will provide registered dealers with easy access to a broad range of investment funds. Mutual funds posted on the TSX NAVex platform will be visible to all participants who currently trade TSX-listed equities and ETFs, which coupled with inherent support for bulk trading, creates a new, efficient distribution channel for mutual fund manufacturers.
With over 160 years of experience in establishing and operating innovative market models, TMX is uniquely positioned to facilitate the next transformation in mutual fund processing. The concept behind TSX NAVex was developed in collaboration with select industry participants. To ensure that the final solution meets industry-wide needs and reflects industry best practices, TMX recently formed the TSX NAVex Working Group, which will help finalize the details of the offering.
"We are extremely excited to partner with a broad set of industry stakeholders and together create an industry-neutral solution that will benefit the whole market," said Nick Thadaney, President & CEO, Global Equity Capital Markets, TMX Group. "We are very grateful for their ongoing insights, input and support."
The TSX NAVex Working Group includes representatives from the following firms:
| AGF Investments | IA Clarington Investments |
| Aston Hill Financial | Lysander Funds |
| BMO Asset Management | Manulife Investments |
| Canoe Financial | NEI Investments |
| Capital Group | Norrep Investments |
| Excel Funds Management Inc. | Ocean Rock Investments Inc. |
| Fiera Capital | Purpose Investments |
| First Trust Portfolios Canada | Sprott Asset Management |
| Franklin Templeton Investments | Vertex One Asset Management Inc. |
TMX's centralized mutual fund solution, which is expected to launch in Q2 2016 subject to industry readiness, leverages the broad range of TMX's assets and capabilities, including the settlement of transactions through CDS Clearing and Depository Services Inc. TMX Equity Transfer Services is also available to provide transfer agency services.
For more information, please visit http://www.tsx.com/tsx-navex.
About TMX Group (TSX: X)
TMX Group's key subsidiaries operate cash and derivative markets and clearinghouses for multiple asset classes including equities, fixed income and energy. Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange, The Canadian Depository for Securities, Montréal Exchange, Canadian Derivatives Clearing Corporation, NGX, BOX Options Exchange, Shorcan, Shorcan Energy Brokers, AgriClear and other TMX Group companies provide listing markets, trading markets, clearing facilities, depository services, data products and other services to the global financial community. TMX Group is headquartered in Toronto and operates offices across Canada (Montréal, Calgary and Vancouver), in key U.S. markets (New York, Houston, Boston and Chicago) as well as in London, Beijing, Singapore and Sydney. For more information about TMX Group, visit our website at http://www.tmx.com. Follow TMX Group on Twitter at @TMXGroup.
For more information please contact:
Carolyn Quick
Vice President, Corporate Communications & Public Affairs
TMX Group
416-947-4597
carolyn.quick@tmx.com