The operator of the Toronto Stock Exchange, among many others, announced that the TMX Group Limited is undergoing an executive restructuring. The company announced that the former President of TSX Markets and the Group’s Head of Equities, Kevan Cowan, left his positions to pursue different opportunities.
The company’s CEO Lou Ecclestone, commented on the announcement, “Kevan’s accomplishments at TMX Group are both numerous and significant, and I would like to thank him for his contributions.”
“The Board of Directors and the entire TMX team join me in wishing Kevan all of the very best in the future,” he added.
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TMX Group operates across multiple asset classes. The company runs the TSX Venture Exchange, TMX Select, Alpha, The Canadian Depository for Securities, Montréal Exchange, Canadian Derivatives Clearing Corporation, NGX, BOX Options Exchange and others. The firm announced that it will be appointing a successor to Mr. Cowan shortly.
Throughout the interim period, the equities business will be reporting directly to the CEO of TMX Group, Mr. Eccleston. Mr Cowan served at the company for seven years.
Under Cowan’s tenure, the TMX has been successfully competing with a number of more prominent exchanges. Currently, the TMX Group constitutes an exchange group focused on multi-asset class trading, including equities, fixed income and energy.