TMX Group’s Volumes a Mixed Bag in January as Volatility Normalizes

TMX's latest volumes were mixed in January, though largely secured an increase on a year-over-year basis.

TMX Group Limited, operator of the Toronto Stock Exchange and a total of four marketplaces including TSX Venture Exchange, TMX Select, Alpha, Montreal Exchange (MX) and NGX, has just reported the aggregated trading metrics for January 2017. The latest metrics were largely mixed, following an influence of volatility south of the border.

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TMX Group and its subsidiaries operate both cash and derivative markets and clearinghouses across multiple asset classes, including equities, fixed income and energy, among others.

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One of the largest influences in its volumes on a month-over-month basis has been a normalization of volatility across its markets, particularly in the aftermath of a seasonal slowdown. Additionally, south of its border, Donald Trump’s administration is now a reality, triggering a number of moves as markets digested his unorthodox approach.

During the month of January 2017, TMX and all of its marketplaces reported an average daily volume (ADV) ‎of 603.3 million contracts, which represented a marginal decrease of -1.4 percent month-over-month from 612.0 million back in December 2016. Moreover, the latest figures constituted a growth of 16.1 percent year-over-year from 519.7 million contracts back in January 2016.

In total terms during January 2017, TMX and all of its marketplaces saw equities volumes of 12.7 billion, rising by a margin of 4.1 percent month-over-month from 12.2 billion in December 2016. Looking at a yearly timetable however, the performance in overall equities volume was also firmly entrenched in positive territory, climbing 22.1 percent year-over-year from 10.4 billion in January 2016.

Across all three exchanges, the total cash value in January 2017 came in at $129.4 billion, a decline of -3.4 percent month-over-month from $134.5 billion in December 2016. The latest cash value in January 2017 across the exchanges also moved higher when measured against its 2016 counterpart, ascending 7.5 percent year-over-year from $125.1 billion in January 2016.

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