Toronto Stock Exchange
The Toronto Stock Exchange, also known as TSX, is the largest market in Canada. It is owned by the TMX Group, which also owns the TSX Venture Exchange.
The exchange was founded back in 1861 and has around 1,500 listings as of 2014. It has a market capitalization of approximately CA$2.5 trillion.
The TSX is mainly used for trading equities, but also lists other securities such as split share corporations, exchange traded funds, investment funds and income trusts. The market is recognized as a leader in the mining and oil & gas sectors, having more companies form these sectors than any other stock exchange in the world.
The exchange operates with a normal trading schedule from 9:30am to 4:00pm Eastern Timewith a post market trading period from 4:15pm until 5:00pm ET.
Normal operating days are from Monday to Friday.
With the gathering of 24 Canadian businessmen known as the Association of Brokers, the Toronto Stock Exchange can trace its roots back to 1861.
The exchange has run pretty much continuously since then, with a few brief exceptions. For instance, in 1914, due to market shock at the outbreak of World War I, the exchange was closed for around 3 months.
In 1934, the stock market merged with the Standard Stock and Mining Exchange, its main competitor at the time.
The market introduced the Computer Assisted Trading System (CATS) in 1977, a system for automatically providing quotes for less liquid securities.
In 2011, a merger with the London Stock Exchange (LSE) was planned which would have provided a combined market capitalization of CA$5.9 trillion. After failing to receive the minimal voting requirements the merger was abandoned and the markets continue to operate separately.
The Toronto Stock Exchange has three main indices.
The S&P/TSX Composite Index is a measure of the largest 250 companies on the exchange. This index accounts for around 70% of the capitalization of the Toronto Stock Exchange.
The 60 largest companies listed on the TSX make up the S&P/TSX 60 Index.
The third index is the S&P/TSX Completion Index, made up of the remaining companies from the Composite not found in the TSX 60 index.
Most big Canadian companies are listed on the TSX, including Canada’s five largest banks and some of the biggest global corporations from within the oil & gas and mining industries. Some of these companies also have secondary listings on American stock exchanges like the New York Stock Exchange (NYSE) or NASDAQ.
Some of the exchange's most traded companies can be seen below.
Toronto Stock Exchange listings
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