TMX Group Inc. Reports Results for Second Quarter 2008



    
    -   Revenue of $130.1 million for Q2/08, up 22% over Q2/07
    -   Net income of $49.2 million for Q2/08, up 26% over Q2/07
    -   Diluted earnings per share of 65 cents for Q2/08, versus 57 cents in
        Q2/07
    -   Cash flows from operating activities in Q2/08 of $70.2 million, up
        59% over Q2/07
    -   Repurchased over 4.4 million common shares at a cost of $185.2
        million from May 2, 2008 to July 22, 2008
    

    TORONTO, July 30 /CNW/ - TMX Group Inc., formerly TSX Group Inc., (TSX:X)
announced results for the second quarter and first half ended June 30, 2008.
    On May 1, 2008, TMX Group and Montréal Exchange Inc. (MX) combined their
businesses and, accordingly, the results of operations of MX are included in
TMX Group's consolidated results of operations from May 1, 2008.
    Certain comparative figures have been reclassified in order to conform
with the financial presentation adopted in the current year.


    
    Summary of Financial Information

    (in millions of dollars, except per share amounts)

                                   Q2/08       Q2/07  $ Increase  % Increase

    Revenue                      $ 130.1     $ 106.4     $  23.7          22%
    Operating Expenses           $  54.3     $  42.8     $  11.5          27%
    Net income                   $  49.2     $  39.1     $  10.1          26%
    Earnings per share:
      Basic                      $  0.65    $  0.57      $  0.08          14%
      Diluted                    $  0.65    $  0.57      $  0.08          14%
    Cash Flows from
     Operating
     Activities                  $  70.2    $  44.1      $  26.1          59%

    (in millions of dollars, except per share amounts)

                                   1H/08       1H/07  $ Increase  % Increase

    Revenue                      $ 242.4     $ 207.5     $  34.9          17%
    Operating Expenses           $  99.0     $  89.6     $   9.4          10%
    Net income                   $  82.0     $  75.6     $   6.4           8%
    Earnings per share:
      Basic                      $  1.15     $  1.10     $  0.05           5%
      Diluted                    $  1.15     $  1.10     $  0.05           5%
    Cash Flows from
     Operating
     Activities                  $ 138.0     $ 113.4     $  24.6          22%
    


    Net income for 1H/08 was reduced due to a payment of $15.2 million to ISE
Ventures, LLC (ISE Ventures), a wholly-owned subsidiary of International
Securities Exchange Holdings, Inc. (ISE), related to terminating our
previously announced derivatives joint venture. The following is a
reconciliation of earnings per share to adjusted earnings per share prior to
loss on termination of joint venture(*):


    
    Reconciliation for 1H/08 and 1H/07

                                        1H/08                   1H/07
                                   Basic     Diluted       Basic     Diluted

    Earnings per share           $  1.15     $  1.15     $  1.10     $  1.10
    Adjustment related to loss
     on termination of joint
     venture                     $  0.21     $  0.21           -           -
    Adjusted earnings per share  --------    --------    --------    --------
     prior to loss on termination
     of joint venture(*)         $  1.36     $  1.36     $  1.10     $  1.10
                                 --------    --------    --------    --------
    


    Thomas Kloet, Chief Executive Officer of TMX Group said, "I am very
pleased to be a part of TMX Group and to be able to report to you on the many
accomplishments achieved by our team. Of great importance is the closing of
the transaction to combine forces with the Montreal Exchange Inc. during this
quarter. I am confident that as we integrate the Montreal Exchange within TMX
Group, we will be uniquely positioned to deliver tremendous value to our many
customers and shareholders. In the second half of 2008, we look forward to
beginning to realize the benefits of the integration and to providing new
solutions for customers."
    Michael Ptasznik, Chief Financial Officer of TMX Group said, "We were
pleased to report solid results for the second quarter of 2008 despite a tough
market environment. We continued to see strong growth in both the market data
and energy parts of our business and our results reflect a positive revenue
contribution from MX, following the May 1, 2008 combination."


    
    Segmented Financial Information

    (in millions of dollars)
                                                           Deriv-
                            Cash Markets      Energy      atives
                    - Equities and Fixed     Markets     Markets
    Q2/08                         Income       - NGX        - MX       Total

    Revenue                      $ 108.9     $   7.3     $  13.9     $ 130.1
    Net Income                   $  43.8     $   1.5     $   3.9     $  49.2

    Q2/07

    Revenue                      $ 101.1     $   5.3           -     $ 106.4
    Net Income                   $  38.1     $   1.0           -     $  39.1

                                                           Deriv-
                            Cash Markets      Energy      atives
                    - Equities and Fixed     Markets     Markets
    1H/08                         Income       - NGX        - MX       Total

    Revenue                      $ 214.5     $  14.0     $  13.9     $ 242.4
    Net Income                   $  74.9     $   3.2     $   3.9     $  82.0

    1H/07

    Revenue                      $ 197.2     $  10.3           -     $ 207.5
    Net Income                   $  73.9     $   1.7           -     $  75.6
    


    Quarter Ended June 30, 2008 compared with Quarter Ended June 30, 2007

    Revenue

    Revenue in Q2/08 was $130.1 million, up $23.7 million, or 22% as compared
with $106.4 million in Q2/07 primarily reflecting $13.9 million in revenue
related to the business operations of MX, which were combined with TMX Group
on May 1, 2008 and increased issuer services and market data revenue. Revenue
in Q2/08 also includes $3.9 million in revenue from The Equicom Group Inc.
(Equicom), acquired on June 1, 2007 compared with $1.1 million in Q2/07.

    Issuer Services Revenue

    The following is a summary of issuer services revenue reported and issuer
services fees billed(*) (reconciled below in this section) in Q2/08 and Q2/07.

    
    (in millions of dollars)
                                         Reported
                                                             $          %
                                      Q2/08      Q2/07   increase   increase

    Initial listing fees            $   3.9    $   3.4    $   0.5        15%
    Additional listing fees         $  12.6    $  10.8    $   1.8        17%
    Sustaining listing fees(xx)     $  17.4    $  16.9    $   0.5         3%
    Other issuer services           $   4.4    $   1.2    $   3.2          -
                                   ---------  ---------  ---------
    Total listing fees              $  38.3    $  32.3    $   6.0        19%
                                   ---------  ---------  ---------


    (in millions of dollars)
                                         Billed(*)
                                                             $          %
                                                        increase/  increase/
                                      Q2/08      Q2/07  (decrease) (decrease)

    Initial listing fees            $   4.7    $   8.5   ($   3.8)      (45%)
    Additional listing fees         $  24.5    $  34.1   ($   9.6)      (28%)
    Sustaining listing fees(xx)     $  17.4    $  16.9    $   0.5         3%
    Other issuer services           $   4.4    $   1.2    $   3.2          -
                                   ---------  ---------  ---------
    Total listing fees              $  51.0    $  60.7   ($   9.7)      (16%)
                                   ---------  ---------  ---------

    ---------------------------------------------

    (*) See discussion under the heading Non-GAAP Financial Measures.

    (xx)Sustaining listing fees billed, as shown in this table, represents
        the amount recognized for accounting purposes during the quarter.
        Sustaining listing fees are billed during the first quarter of the
        year, recorded as deferred revenue and amortized over the year on a
        straight-line basis.
    

    Initial and additional listing fees are non-refundable fees paid by
listed issuers for the listing or reserving of securities. These fees are
recorded as "deferred revenue - initial and additional listing fees" and
recognized on a straight-line basis over an estimated service period of ten
years.
    In the case of Toronto Stock Exchange, customers are billed for initial
and additional listing fees and with this system, there is a lag between the
time when securities are issued or reserved and the time when these listing
fees are paid for Toronto Stock Exchange listed issuers. For TSX Venture
Exchange issuers, fees are paid either prior to or at the time of listing or
reserving securities. The following is a reconciliation of initial and
additional listing fees billed(*) to initial and additional listing fees
reported:

    
    Initial Listing Fees (in millions of dollars)          Q2/08       Q2/07

    Initial listing fees billed(*)                       $   4.7     $   8.5
    Initial listing fees billed(*)
     and deferred to future periods                     ($   4.6 )  ($   8.4)
    Recognition of initial listing fees billed(*) and
     previously included in deferred revenue             $   3.8     $   3.3
                                                        ---------   ---------
    Initial listing fee revenue reported                 $   3.9     $   3.4
                                                        ---------   ---------


    Additional Listing Fees (in millions of dollars)       Q2/08       Q2/07

    Additional listing fees billed(*)                    $  24.5     $  34.1
    Additional listing fees billed(*) and
     deferred to future periods                         ($  24.2)   ($  33.6)

    Recognition of additional listing fees billed(*)
     and previously included in deferred revenue         $  12.3     $  10.3
                                                        ---------   ---------
    Additional listing fee revenue reported              $  12.6     $  10.8
                                                        ---------   ---------

    -   Initial and additional listing fees reported increased due to capital
        market activity and listing fees increases during the period from
        July 1, 1998 to June 30, 2008 compared with the period from July 1,
        1997 to June 30, 2007. Initial and additional listing fees billed(*)
        in Q2/08, as compared with Q2/07, reflect a decline in the number and
        value of securities issued and reserved, somewhat offset by changes
        to the pricing model for each equity exchange that were effective
        January 1, 2008.

    -   Issuers listed on Toronto Stock Exchange and TSX Venture Exchange pay
        annual sustaining listing fees primarily based on their market
        capitalization at the end of the prior calendar year, subject to
        minimum and maximum fees. The increase in sustaining listing fees was
        due to fee increases on TSX Venture Exchange that were effective
        January 1, 2008, and the overall higher market capitalization of
        listed issuers at the end of 2007 compared with the end of 2006,
        partially offset by a decrease in sustaining listing fees from
        issuers listed on Toronto Stock Exchange.

    -   Other issuer services includes revenue of $3.9 million from Equicom
        in Q2/08, compared with $1.1 million in Q2/07. Equicom was acquired
        June 1, 2007 and provides investor relations and related corporate
        communications services to public issuers in Canada.

    ---------------------------------------------

    (*) See discussion under the heading Non-GAAP Financial Measures.

    Trading, Clearing and Related Revenue

    (in millions of dollars)
                                                      $ increase/ % increase/
                                   Q2/08       Q2/07   (decrease)  (decrease)
    Cash markets:

    -   Toronto Stock Exchange   $  24.2     $  26.3    ($   2.1)        (8%)

    -   TSX Venture Exchange     $   9.2     $   8.2     $   1.0         12%
                                ---------   ---------   ---------
                                 $  33.4     $  34.5    ($   1.1)        (3%)

    -   Shorcan                  $   3.0     $   3.5    ($   0.5)       (14%)
                                ---------   ---------   ---------
    Cash markets revenue         $  36.4     $  38.0    ($   1.6)        (4%)

    Energy markets revenue       $   7.3     $   4.9     $   2.4         49%

    Derivatives markets revenue  $   9.0           -     $   9.0           -
                                ---------   ---------   ---------

    Total trading, clearing and
     related revenue             $  52.7     $  42.9     $   9.8         23%
                                ---------   ---------   ---------

    Cash Markets

    -   Cash markets revenue decreased as a result of pricing changes on
        Toronto Stock Exchange, which were effective November 1, 2007,
        partially offset by a 1% increase in the volume of securities traded
        in Q2/08 on Toronto Stock Exchange over Q2/07 (25.0 billion
        securities in Q2/08 versus 24.8 billion securities in Q2/07).

    -   Revenue from trading on TSX Venture Exchange increased due to a 3%
        increase in the volume of securities traded in Q2/08 over Q2/07
        (13.8 billion securities in Q2/08 versus 13.4 billion securities in
        Q2/07), and as a result of pricing changes which were effective
        November 1, 2007.

    -   The decrease in revenue from Shorcan Brokers Limited (Shorcan)
        reflects a 12% decrease in trading in Q2/08 over Q2/07
        ($187.7 million in Q2/08 versus $213.2 million in Q2/07).

    Energy Markets

    -   In Q2/08, the volumes of natural gas and electricity contracts traded
        or cleared on Natural Gas Exchange (NGX) increased by 31% over Q2/07
        (3.8 million terajoules in Q2/08 versus 2.9 million terajoules in
        Q2/07). This excludes the Alberta Watt Exchange Limited (Watt-Ex)
        volumes, which represent electric operating reserve procurement for
        the Alberta Electric System Operator.

    -   The increased volumes reflect the successful launch of our
        arrangement with IntercontinentalExchange Inc. (ICE) on February 9,
        2008 which provided us with access to substantially more customers
        and included the launch of new products.

    -   The increase in revenue also reflects price increases that were
        effective in January 2008.

    -   In Q2/08, on a net basis, NGX deferred $0.1 million more revenue than
        in Q2/07.

    Derivatives Markets

    -   Derivatives markets revenue includes $6.8 million in trading revenue
        and $2.2 million in clearing revenue related to MX, which was
        combined with TMX Group on May 1, 2008.

    -   MX volumes decreased by 20% (6.6 million contracts traded from May 1
        - June 30, 2008 versus 8.3 million contracts traded from May 1 - June
        30, 2007).

    Market Data Revenue

    (in millions of dollars)

                                   Q2/08       Q2/07  $ increase  % increase

                                 $  33.1     $  27.8     $   5.3         19%

    -   Market data revenue increased due to a 12% increase in the number of
        professional and equivalent real-time market data subscriptions to
        TSX Datalinx products (over 167,000 at the end of Q2/08 versus over
        149,000 at the end of Q2/07). This increase reflects increased sales
        to both Canadian and U.S. customers.

    -   Market data revenue includes $2.0 million in market data revenue
        related to MX, acquired in Q2/08. There were over 28,000 MX market
        data subscriptions at the end of Q2/08 compared with over 27,000 MX
        subscriptions at the end of Q2/07.

    -   The increase was also attributable to fee changes that were effective
        January 1, 2008 and the inclusion of revenue from PC-Bond,
        $2.4 million in Q2/08 compared with $2.3 million in Q2/07.

    -   The increase was partially offset by the negative impact of the
        appreciation of the Canadian dollar against the U.S. dollar since
        Q2/07.

    Business Services and Other Revenue

    (in millions of dollars)

                                   Q2/08       Q2/07  $ increase  % increase

                                 $   5.9     $   3.4     $   2.5         74%

    -   Business services revenue includes $2.9 million in revenue related to
        the business operations of MX from May 1, 2008. In Q2/08, we received
        $2.9 million in revenue from the Boston Options Exchange Group LLC
        (BOX) for technology and other related services provided.

    -   The increase was somewhat offset by a decrease in Other revenue as a
        result of unrealized losses on U.S. dollar receivables due to the
        negative impact of the appreciation of the Canadian dollar against
        the U.S. dollar since Q2/07.

    Expenses

    Operating expenses in Q2/08 were $54.3 million, an increase of
$11.5 million, or 27%, as compared with $42.8 million in Q2/07. The increase
was primarily due to the inclusion of $9.7 million of expenses related to the
business operations of MX, following the combination with TMX Group on May 1,
2008. In addition, there were $3.3 million of expenses related to the business
operations of Equicom (acquired June 1, 2007) in Q2/08 compared with
$1.1 million in Q2/07.

    Compensation and Benefits

    (in millions of dollars)

                                   Q2/08       Q2/07  $ increase  % increase

                                 $  25.6     $  22.3     $   3.3         15%

    -   Compensation and benefits costs increased primarily due to the
        inclusion of $4.2 million in costs related to the business operations
        of MX, acquired on May 1, 2008. There were $1.5 million in costs
        related to the business operations of Equicom, acquired on June 1,
        2007, in Q2/08 compared with $0.5 million in Q2/07.

    -   The increase was partially offset by lower organizational transition
        costs and lower expenses associated with the long-term incentive
        plan.

    -   We capitalized $1.2 million of internal development costs related to
        the TSX Quantum trading engine and $0.6 million related to SOLA in
        Q2/08 compared with $1.8 million related to TSX Quantum in Q2/07.

    -   There were 817 employees at June 30, 2008, which included 225 MX
        employees, versus 606 at June 30, 2007. This increase in employees
        was partially offset by a net reduction of 14 employees in our
        overall businesses.

    Information and Trading Systems

    (in millions of dollars)

                                   Q2/08       Q2/07  $ increase  % increase

                                 $   8.7     $   6.5     $   2.2         34%

    -   Information and trading systems costs included $0.9 million in costs
        related to the business operations of MX from May 1, 2008.

    -   Information and trading systems costs also increased due to ongoing
        expenses primarily related to NGX's initiative with ICE.

    General and Administration

    (in millions of dollars)

                                   Q2/08       Q2/07  $ increase  % increase

                                 $  14.0     $  10.2     $   3.8         37%

    -   General and administration costs included $2.5 million in costs
        related to the business operations of MX, acquired May 1, 2008. There
        were also $1.5 million in costs associated with the business
        operations of Equicom, which was acquired June 1, 2007, in Q2/08
        compared with $0.4 million in Q2/07.

    -   General and administration costs also increased as a result of paying
        higher fees to Market Regulation Services Inc. (RS) and the
        Investment Industry Regulatory Organization of Canada (IIROC) for
        regulation services, which were somewhat offset by a decrease in fees
        paid to external advisors and lower capital tax expense.

    Amortization

    (in millions of dollars)

                                   Q2/08       Q2/07  $ increase  % increase

                                 $   6.0     $   3.8     $   2.2         58%

    -   Amortization costs included $2.1 million in costs related to the
        combination with MX on May 1, 2008. There were also $0.3 million in
        depreciation and amortization costs associated with the business
        operations of Equicom, which was acquired June 1, 2007, in Q2/08
        compared with $0.2 million in Q2/07.

    Income from Investments in Affiliates

    (in millions of dollars)

                                               Q2/08       Q2/07  $ increase

                                             $   0.4     $   0.0     $   0.4

    -   Income from investments in affiliates includes $0.3 million
        representing MX's share of BOX income based on a 31.4% interest in
        BOX from May 1, 2008. BOX volumes increased by 50% in May 1 - June
        30, 2008 compared with May 1-June 30, 2007 (29.3 million contracts
        traded May 1 - June 30, 2008 versus 19.5 million contracts traded May
        1 - June 30, 2007).

    -   Income from investments in affiliates also includes $0.1 million,
        representing TSX Inc.'s share of CanDeal.ca Inc.'s (CanDeal) income
        for Q2/08 based on a 47% interest in CanDeal. The improvement in
        CanDeal's Q2/08 revenue over Q2/07 was due to CanDeal's growth in
        market share, revisions to the revenue model, including the
        introduction of transaction fees and CanDeal's continued progress in
        adding buy-side institutional investors.

    Investment Income

    (in millions of dollars)

                                   Q2/08       Q2/07  $ increase  % increase

                                 $   3.4     $   1.1     $   2.3        209%

    -   Investment income increased as a result of lower unrealized losses on
        short-term bond and mortgage investments, partially offset by lower
        interest income during Q2/08 versus Q2/07.

    -   The increase was also due to the inclusion of $0.8 million of
        investment income earned by MX since May 1, 2008.

    Interest Expense

    (in millions of dollars)

                                   Q2/08       Q2/07  $ increase  % increase

                                 $   3.1     $   0.3     $   2.8        933%

    -   Interest expense increased as a result of financing a portion of the
        purchase price related to the business combination with MX. On April
        30, 2008, we drew $430.0 million in Canadian funds on a three-year
        term facility related to financing the cash consideration of the
        purchase price for MX (see Long-term Debt).

    Other Acquisition Related Expenses

    (in millions of dollars)

                                   Q2/08       Q2/07  $ increase  % increase

                                 $   0.7           -     $   0.7           -

    -   When we acquired NGX in 2004, TMX Group entered into an arrangement
        with MX and paid them $5.0 million. TMX Group amortized this amount
        over five years, the remaining term in the 1999 Memorandum of
        Agreement with MX, or $1.0 million per annum. As a result of the May
        1, 2008 business combination, we have now expensed the remaining
        balance in Other Assets of $0.7 million.

    Income Taxes

    (in millions of dollars)

                                                             Effective tax
                                                                rate (%)
                                   Q2/08       Q2/07       Q2/08       Q2/07

                                 $  26.5     $  25.3         35%         39%

    -   The effective tax rate of 35% in Q2/08 was lower than the effective
        tax rate of 39% in Q2/07 primarily due to a lower federal tax rate, a
        lower effective provincial tax rate and lower adjustments to the
        value of the future income tax asset.

    -   The tax rate for Q2/07 was higher partially due to an adjustment of
        $1.8 million to the value of the future income tax asset. In Q2/07,
        the future income tax asset was reduced, and income taxes increased
        as a result of additional changes in federal corporate tax rates,
        enacted in June 2007, for 2011 and beyond.

    Six Months Ended June 30, 2008 Compared with Six Months Ended June 30,
    2007

    Revenue

    Revenue was $242.4 million for 1H/08, up $34.9 million, or 17% compared
with $207.5 million for 1H/07 reflecting $13.9 million in revenue related to
the business operations of MX which were combined with TMX Group on May 1,
2008 and increased issuer services and market data revenue. In addition,
revenue in 1H/08 included $7.9 million from Equicom, acquired June 1, 2007,
compared with $1.1 million in 1H/07.

    Issuer Services Revenue

    The following is a summary of issuer services revenue reported and issuer
services fees billed(*) (reconciled below in this section) in 1H/08 and 1H/07.

    (in millions of dollars)

                                       Reported
                                                           $          %
                                   1H/08       1H/07   increase    increase

    Initial listing fees         $   7.8     $   6.6    $   1.2         18%
    Additional listing fees      $  24.9     $  20.9    $   4.0         19%
    Sustaining listing fees(xx)  $  34.6     $  33.7    $   0.9          3%
    Other issuer services        $   8.7     $   1.2    $   7.5          -
                                ---------   ---------  ---------
    Total listing fees           $  76.0     $  62.4    $  13.6         22%
                                ---------   ---------  ---------   ---------

                                       Billed(*)
                                                            $           %
                                                        increase/   increase/
                                   1H/08       1H/07   (decrease)  (decrease)

    Initial listing fees         $  11.1     $  15.1   ($   4.0)        (26%)
    Additional listing fees      $  44.0     $  58.5   ($  14.5)        (25%)
    Sustaining listing fees(xx)  $  34.6     $  33.7    $   0.9           3%
    Other issuer services        $   8.7     $   1.2    $   7.5           -
                                ---------   ---------  ---------
    Total listing fees           $  98.4     $ 108.5   ($  10.1)         (9%)
                                ---------   ---------  ---------    ---------

    ---------------------------------------

    (*)   See discussion under the heading Non-GAAP Financial Measures.
    (xx)  Sustaining listing fees billed, as shown in this table, represents
          the amount recognized for accounting purposes during the period.
          Sustaining listing fees are billed during the first quarter of the
          year, recorded as deferred revenue and amortized over the year on a
          straight-line basis.

    Initial and additional listing fees are non-refundable fees paid by listed
issuers for the listing or reserving of securities. These fees are recorded as
"deferred revenue - initial and additional listing fees" and recognized on a
straight-line basis over an estimated service period of ten years.
    In the case of Toronto Stock Exchange, customers are billed for initial
and additional listing fees and with this system, there is a lag between the
time when securities are issued or reserved and the time when these listing
fees are paid for Toronto Stock Exchange listed issuers. For TSX Venture
Exchange issuers, fees are paid either prior to or at the time of listing or
reserving securities. The following is a reconciliation of initial and
additional listing fees billed(*) to initial and additional listing fees
reported:


    Initial Listing Fees (in millions of dollars)          1H/08       1H/07

    Initial listing fees billed(*)                       $  11.1     $  15.1

    Initial listing fees billed(*) and deferred to future
     periods                                            ($  10.9)   ($  14.9)

    Recognition of initial listing fees billed(*) and
     previously included in deferred revenue             $   7.6     $   6.4
                                                         --------    --------
    Initial listing fee revenue reported                 $   7.8     $   6.6
                                                         --------    --------

    Additional Listing Fees (in millions of dollars)       1H/08       1H/07

    Additional listing fees billed(*)                    $  44.0     $  58.5

    Additional listing fees billed(*) and deferred to
     future periods                                     ($  43.3)   ($  57.6)

    Recognition of additional listing fees billed(*)
     and previously included in deferred revenue         $  24.2     $  20.0
                                                         --------    --------

    Additional listing fee revenue reported              $  24.9     $  20.9
                                                         --------    --------

    ---------------------------------------

    (*)   See discussion under the heading Non-GAAP Financial Measures.


    -   Initial and additional listing fees reported increased due to capital
        market activity and listing fees increases during the period from
        April 1, 1998 to June 30, 2008 compared with the period from April 1,
        1997 to June 30, 2007. Initial and additional listing fees billed(*)
        in 1H/08, as compared with 1H/07, reflect a decline in the number and
        value of securities issued and reserved, somewhat offset by changes
        to the pricing model for each equity exchange that were effective
        January 1, 2008.

    -   Issuers listed on Toronto Stock Exchange and TSX Venture Exchange pay
        annual sustaining listing fees primarily based on their market
        capitalization at the end of the prior calendar year, subject to
        minimum and maximum fees. The increase in sustaining listing fees was
        due to fee increases on TSX Venture Exchange that were effective
        January 1, 2008, and the overall higher market capitalization of
        listed issuers at the end of 2007 compared with the end of 2006,
        partially offset by a decrease in sustaining listing fees from
        issuers listed on Toronto Stock Exchange.

    -   Other issuer services includes revenue of $7.9 million from Equicom,
        compared with $1.1 million in Q2/07. Equicom was acquired June 1,
        2007 and provides investor relations and related corporate
        communications services to public issuers in Canada.

    Trading, Clearing and Related Revenue

    (in millions of dollars)

                                                      $ increase/ % increase/
                                   1H/08       1H/07   (decrease)  (decrease)
    Cash markets:

     -  Toronto Stock Exchange   $  48.4     $  52.1    ($   3.7)        (7%)
     -  TSX Venture Exchange     $  17.2     $  16.5     $   0.7          4%
                                 --------    --------    --------
                                 $  65.6     $  68.6    ($   3.0)        (4%)
     -  Shorcan                  $   6.3     $   6.7    ($   0.4)        (6%)
                                 --------    --------    --------
    Cash markets revenue         $  71.9     $  75.3    ($   3.4)        (5%)
    Energy markets revenue       $  13.9     $   9.7     $   4.2         43%
    Derivatives markets revenue  $   9.0           -     $   9.0           -
                                 --------    --------    --------
    Total trading, clearing and
     related revenue             $  94.8     $  85.0     $   9.8         12%
                                 --------    --------    --------

    Cash Markets

    -   Cash markets revenue decreased as a result of pricing changes on
        Toronto Stock Exchange, which were effective November 1, 2007,
        partially offset by a 4% increase in the volume of securities traded
        on Toronto Stock Exchange in 1H/08 over 1H/07 (50.5 billion
        securities in 1H/08 versus 48.5 billion securities in 1H/07).

    -   Revenue from trading on TSX Venture Exchange increased due to pricing
        changes which were effective November 1, 2007, partially offset by a
        6% decrease in the volume of securities traded in 1H/08 over 1H/07
        (25.3 billion securities in 1H/08 versus 26.9 billion securities in
        1H/07).

    -   The decrease in revenue from Shorcan reflects a 6% decrease in
        trading in 1H/08 over 1H/07 ($391.8 million in 1H/08 versus
        $417.9 million in 1H/07).

    Energy Markets

    -   In 1H/08, the volumes of natural gas and electricity contracts traded
        or cleared on NGX increased by 42% over 1H/07 (7.5 million terajoules
        in 1H/08 versus 5.3 million terajoules in 1H/07). This excludes the
        Watt-Ex volumes, which represent electric operating reserve
        procurement for the Alberta Electric System Operator.

    -   The increased volumes reflect the launch of our arrangement with ICE
        on February 9, 2008 which provided us with access to substantially
        more customers and included the launch of new products.

    -   The increase in revenue also reflects price increases that were
        effective in January 2008.

    -   In 1H/08, on a net basis, NGX deferred $0.9 million more revenue than
        in 1H/07, which somewhat offset the increase in revenue.

    Derivatives Markets

    -   Derivatives markets revenue includes $6.8 million in trading revenue
        and $2.2 million in clearing revenue related to MX, which was
        combined with TMX Group on May 1, 2008.

    -   MX volumes decreased by 20% (6.6 million contracts traded from May 1
        - June 30, 2008 versus 8.3 million contracts traded from May 1 -
        June 30, 2007).

    Market Data Revenue

    (in millions of dollars)

                                   1H/08       1H/07 $  increase  % increase

                                 $  62.2     $  54.4     $   7.8         14%

    -   Market data revenue increased due to a 12% increase in the number of
        professional and equivalent real-time market data subscriptions (over
        167,000 at the end of 1H/08 versus over 149,000 at the end of 1H/07).
        This increase reflects increased sales to both Canadian and U.S.
        customers.

    -   Market data revenue included $2.0 million in revenue related to the
        business operations of MX from May 1, 2008. There were over 28,000 MX
        market data subscriptions at the end of 1H/08 compared with over
        27,000 MX subscriptions at the end of 1H/07.

    -   The increase was also attributable to fee changes that were effective
        January 1, 2008 and the inclusion of revenue from PC-Bond,
        $4.6 million in 1H/08 compared with $4.2 million in 1H/07.

    -   The increase was partially offset by the negative impact of the
        appreciation of the Canadian dollar against the U.S. dollar since
        Q1/07.

    Business Services and Other Revenue

    (in millions of dollars)

                                   1H/08       1H/07  $ increase  % increase

                                 $   9.5     $   5.7     $   3.8         67%

    -   Business Services revenue includes $2.9 million in revenue related to
        the business operations of MX from May 1, 2008. In Q2/08, we received
        $2.9 million in revenue from BOX for technology and other related
        services provided.
    

    Expenses

    Operating expenses in 1H/08 were $99.0 million, an increase of
$9.4 million, or 10%, as compared with $89.6 million in 1H/07. The increase
was primarily due to the inclusion of $9.7 million of expenses related to the
business operations of MX, following the combination with TMX Group on May 1,
2008. In addition, there were $6.4 million of expenses related to the business
operations of Equicom, acquired June 1, 2007, in 1H/08 compared with
$1.1 million in 1H/07. The overall increase was somewhat offset by lower
compensation and benefits costs related to the long-term incentive plan,
pension costs and organizational transition expenses.

    
    Compensation and Benefits

    (in millions of dollars)

                                   1H/08       1H/07  $ increase  % increase

                                 $  48.8     $  47.7     $   1.1          2%

    -   Compensation and benefits costs increased primarily due to the
        inclusion of $4.2 million in costs related to the business operations
        of MX, acquired on May 1, 2008. There were $3.0 million in costs
        related to the business operations of Equicom, acquired on June 1,
        2007, in 1H/08 compared with $0.5 million in 1H/07.

    -   The increase was partially offset by lower organizational transition
        costs, lower expenses associated with the long-term incentive plan
        and lower pension costs.

    -   We capitalized $2.4 million of internal development costs related to
        the TSX Quantum trading engine and $0.6 million related to SOLA in
        1H/08 compared with $1.8 million related to TSX Quantum in 1H/07.

    -   There were 817 employees at June 30, 2008, which included 225 MX
        employees, versus 606 at June 30, 2007. This increase in employees
        was partially offset by a net reduction of 14 employees in our
        overall businesses.


    Information and Trading Systems

    (in millions of dollars)
                                   1H/08       1H/07  $ increase  % increase

                                 $  15.8     $  13.1     $   2.7         21%

    -   Information and trading systems costs included $0.9 million in costs
        related to the business operations of MX from May 1, 2008. There were
        also $0.2 million in costs associated with the business of Equicom,
        which was acquired June 1, 2007, in 1H/08 compared with nil in 1H/07.

    -   Information and trading systems costs also increased due to ongoing
        expenses primarily related to NGX's initiative with ICE.

    General and Administration

    (in millions of dollars)

                                   1H/08       1H/07  $ increase  % increase

                                 $  24.2     $  21.3     $   2.9         14%

    -   General and administration costs included $2.5 million in costs
        related to the business operations of MX, acquired May 1, 2008. There
        were also $2.7 million in costs associated with the business
        operations of Equicom, which was acquired June 1, 2007, in 1H/08
        compared with $0.4 million in 1H/07.

    -   General and administration costs increased as a result of paying
        higher fees to RS and IIROC for regulation services, which were more
        than offset by a decrease in fees paid to external advisors and lower
        capital expense.

    Amortization

    (in millions of dollars)

                                   1H/08       1H/07  $ increase  % increase

                                 $  10.2     $   7.5     $   2.7         36%

    -   Amortization costs increased reflecting amortization of $2.1 million
        related to the combination with MX on May 1, 2008 and increased
        amortization from intangible assets primarily related to TSX Quantum.
        There were also $0.5 million in depreciation and amortization costs
        associated with the business operations of Equicom, which was
        acquired June 1, 2007, in 1H/08 compared with $0.2 million in 1H/07.

    Income from Investments in Affiliates

    (in millions of dollars)
                                               1H/08       1H/07  $ increase

                                             $   0.5     $   0.1     $   0.4

    -   Income from investments in affiliates includes $0.3 million
        representing MX's share of BOX income based on a 31.4% interest in
        BOX, from May 1, 2008. BOX volumes increased by 50% in May 1 - June
        30, 2008 compared with May 1 - June 30, 2007 (29.3 million contracts
        traded May 1 - June 30, 2008 versus 19.5 million contracts traded May
        1 - June 30, 2007).

    -   Income from investments in affiliates also includes $0.2 million,
        representing TSX Inc.'s share of CanDeal income for 1H/08 based on a
        47% interest in CanDeal. The improvement in CanDeal's 1H/08 revenue
        over 1H/07 was due to the introduction of transaction fees and
        CanDeal's continued progress in adding buy-side institutional
        investors. Also, in July 2007, CanDeal's six liquidity providers
        renewed their commitments to CanDeal, which had a positive impact on
        revenues in 1H/08 compared with 1H/07.

    Investment Income

    (in millions of dollars)

                                   1H/08       1H/07  $ increase  % increase

                                 $   7.8     $   5.1     $   2.7         53%

    -   Investment income increased as a result of lower unrealized losses on
        short-term bond and mortgage investments, partially offset by lower
        interest income during 1H/08 versus 1H/07.

    -   The increase was also due to the inclusion of $0.8 million of
        investment income earned by MX since May 1, 2008.

    Interest Expense

    (in millions of dollars)

                                   1H/08       1H/07  $ increase  % increase

                                 $   3.3     $   0.5     $   2.8        560%

    -   Interest expense increased as a result of financing a portion of the
        purchase price related to the business combination with MX. On April
        30, 2008, we drew $430.0 million in Canadian funds on a three-year
        term facility related to financing the cash consideration of the
        purchase price for MX (see Long-term Debt).

    Other Acquisition Related Expenses

     (in millions of dollars)

                                               1H/08       1H/07  $ increase

                                             $  15.9     $     -     $  15.9

    -   In August 2007, TMX Group and ISE Ventures announced the execution of
        a shareholders' agreement for CDEX Inc. (CDEX), which was created to
        operate DEX, a new Canadian derivatives exchange scheduled to begin
        operations in March 2009. In connection with the agreement to combine
        with MX, we provided ISE Ventures with a notice of a competing
        transaction as required under the terms of the CDEX shareholders'
        agreement, and subsequently paid ISE Ventures $15.2 million on April
        1, 2008, which was accrued in Q1/08.

    -   When we acquired NGX in 2004, TMX Group entered into an arrangement
        with MX and paid them $5.0 million. TSX Group amortized this amount
        over five years, the remaining term in the 1999 Memorandum of
        Agreement with MX, or $1.0 million per annum. As a result of the May
        1, 2008 business combination, we have now expensed the remaining
        balance in Other Assets of $0.7 million.

    Income Taxes

    (in millions of dollars)

                                                             Effective tax
                                                                rate (%)

                                   1H/08       1H/07       1H/08       1H/07

                                 $  50.5     $  47.0         38%         38%

    -   The effective tax rate for both 1H/08 and 1H/07 of 38% was higher
        than our statutory tax rates of approximately 32% and 35% for 1H/08
        and 2007 respectively. Our statutory tax rate for 1H/08 was lower due
        to a lower federal tax rate and a lower effective provincial tax
        rate.

    -   The effective tax rate in 1H/08 was higher than our statutory rate of
        32% primarily due to making a payment of $15.2 million to ISE
        Ventures, which is not being deducted for tax purposes.

    -   The effective tax rate in 1H/07 was somewhat higher than our
        statutory tax rate of 35% for 2007 partially due to adjustments to
        the value of the future income tax asset.

    Liquidity and Capital Resources

    Cash, Cash Equivalents and Marketable Securities

    (in millions of dollars)

                                             June 30,   December
                                                2008    31, 2007  $ increase

                                             $ 345.6     $ 302.8     $  42.8

    -   The increase was attributable to cash generated from operating
        activities of $138.0 million.

    -   While the combination with MX was financed with long-term debt and
        common shares, we did acquire cash and marketable securities when we
        combined with MX. At June 30, 2008, MX had $127.0 million of cash and
        marketable securities.

    -   The increase was partially offset by two dividend payments of
        $0.38 per common share, or $56.2 million in aggregate as well as by
        payments totalling $134.4 million relating to the repurchase of
        common shares under a normal course issuer bid (NCIB) in Q2/08.

    -   In addition, the increase was partially offset by a payment of
        $15.2 million to ISE relating to the termination of our previously
        announced derivatives joint venture and by additions to goodwill and
        intangible assets of $6.3 million and capital expenditures of
        $3.3 million.

    Total Assets

    (in millions of dollars)
                                             June 30,   December
                                                2008    31, 2007  $ increase

                                            $3,510.7    $1,523.9    $1,986.8

    -   Total assets primarily increased due to recording $796.2 million of
        intangible assets and $456.2 million of goodwill related to the
        combination with MX. In addition, with the combination we acquired a
        31.4% interest in BOX, which is recorded as an investment in
        affiliate of $77.1 million.

    -   Total assets also increased due to the inclusion of MX daily
        settlements and cash deposits receivables of $153.3 million as at
        June 30, 2008 related to MX's clearing operations. MX also carried
        offsetting liabilities related to daily settlements and cash deposits
        which were $153.3 million at June 30, 2008. Daily settlements due
        from/to clearing members consist of amounts due from/to clearing
        members as a result of marking open futures positions to market and
        settling option transactions each day that are required to be
        collected from/paid to clearing members prior to the commencement of
        the next trading day.

    -   The overall increase was also due to higher energy contracts
        receivable of $1,026.0 million at June 30, 2008 related to the
        clearing operations of NGX, compared with $745.4 million at the end
        of 2007. The higher level of receivables reflected higher natural gas
        prices at the end of June 2008 compared with the end of December
        2007. As the clearing counterparty to every trade, NGX also carries
        offsetting liabilities in the form of energy contracts payable, which
        were $1,026.0 million at June 30, 2008 compared with $745.4 million
        at the end of 2007.

    -   The overall increase also reflected an increase in current assets
        related to the fair value of open energy contracts ($224.9 million as
        at June 30, 2008, compared with $74.9 million at December 31, 2007).
        The higher level of receivables reflected higher natural gas prices
        at the end of June 2008 compared with the end of December 2007. NGX
        also carried offsetting liabilities related to the fair value of open
        energy contracts which were $224.9 million at June 30, 2008 compared
        with $74.9 million at December 31, 2007.

    -   Total assets included an increase in cash and cash equivalents and
        marketable securities of $42.8 million.

    Long-term Debt

    (in millions of dollars)

                                             June 30,    December
                                                2008    31, 2007  $ increase

                                             $ 428.1     $     -     $ 428.1

    -   In connection with the combination with MX, we established a non-
        revolving three-year term unsecured credit facility of $430.0 million
        with a syndicate of seven financial institutions. In addition, we
        also established a revolving three-year unsecured credit facility of
        $50.0 million with the same syndicate. TMX Group may draw on these
        facilities in Canadian dollars by way of prime rate loans and/or
        Bankers' Acceptances or in U.S. dollars by way of LIBOR loans and/or
        U.S. base rate loans. Currently, the acceptance fee rate for Bankers'
        Acceptances and margin for LIBOR loans is 0.45%. On April 30, 2008,
        we drew $430.0 million in Canadian funds on the three-year term
        facility to satisfy the cash consideration of the purchase price for
        MX. On June 24, 2008, we entered into a series of interest rate swap
        agreements which will take effect on August 28, 2008 in order to
        manage our exposure to interest rate fluctuations by fixing the
        interest rate relating to $300.0 million of principal as follows:

    -------------------------------------------------------------------------
                                  Interest rate we
        Notional value           will pay under swap          Maturity date
    (in millions of dollars)    (excludes 0.45% fee)            of swap
    -------------------------------------------------------------------------
    Swap No.1 - $100.0                3.496%                 August 31, 2009
    Swap No.2 - $100.0                3.749%                 August 31, 2010
    Swap No.3 - $100.0                3.829%                  April 18, 2011
    -------------------------------------------------------------------------

    These credit facilities contain customary covenants, including a
requirement that TMX Group maintain:

    -   a maximum debt to adjusted EBITDA ratio of 3.5:1, where adjusted
        EBITDA means earnings on a consolidated basis before interest, taxes,
        depreciation and amortization, all determined in accordance with GAAP
        but adjusted to include initial and additional listing fees billed
        and to exclude initial and additional listing fees reported as
        revenue;

    -   a minimum consolidated net worth covenant based on a pre-determined
        formula; and

    -   a debt incurrence test whereby debt to adjusted EBITDA must not
        exceed 3.0:1.

    Shareholders' Equity

    (in millions of dollars)

                                             June 30,   December
                                                2008    31, 2007  $ increase

                                             $ 869.0     $ 171.9     $ 697.1

    -   Shareholders' equity increased primarily due to an increase in share
        capital of $806.6 million relating to the issuance of 15.3 million
        shares upon our combination with MX. We earned $82.0 million of net
        income in 1H/08. In addition, proceeds of $6.2 million were received
        on the exercise of options in 1H/08.

    -   The increase in shareholders' equity was partially offset by the
        repurchase of shares in connection with our NCIB announced on
        August 1, 2007. On May 2, 2008, we entered into a new pre-defined
        plan with our designated broker to allow for the repurchase of common
        shares at times when we would not ordinarily be active in the market
        due to our own internal trading blackout periods, insider trading
        rules or otherwise. From May 2, 2008 to June 30, 2008, we repurchased
        3,269,776 common shares at a cost of $143.7 million under our NCIB.
        In addition, we paid $56.2 million in dividends during 1H/08.

    -   At June 30, 2008, there were 78,847,322 common shares issued and
        outstanding. In 1H/08, 300,402 common shares were issued on the
        exercise of share options. At June 30, 2008, 4,283,742 common shares
        were reserved for issuance upon the exercise of options granted under
        the share option plan. At June 30, 2008, there were 982,923 options
        outstanding.

    -   We have obtained approval from Toronto Stock Exchange to issue up to
        1.5 million common shares in connection with the purchase price
        payable for NTP if we exercise our right to acquire NTP from Enbridge
        Inc. and Circuit Technology Ltd.

    -   In connection with the combination with MX, on May 1, 2008, we issued
        162,194 share options in exchange for 208,400 MX share options.

    -   From July 2, 2008 to July 22, 2008, we repurchased 1,171,413 common
        shares at a cost of $41.4 million which completed the maximum
        allowable purchases under our NCIB. At July 29, 2008, there were
        77,675,909 common shares issued and outstanding and 982,923 options
        outstanding under the share option plan.


    Cash Flows from Operating Activities

    (in millions of dollars)
                                                                    Increase
                                               Q2/08       Q2/07     in cash

    Cash Flows from Operating Activities     $  70.2     $  44.1     $  26.1

    Cash Flows from Operating Activities were $26.1 million higher in Q2/08
    compared with Q2/07 due to:

    (in millions of dollars)

                                                                   Increase/
                                                                   (decrease)
                                               Q2/08       Q2/07     in cash

    Net income                               $  49.2     $  39.1     $  10.1
    Amortization                             $   6.0     $   3.8     $   2.2
    Unrealized (gain) loss on marketable
     securities                                    -     $   3.3    ($   3.3)
    (Increase) in future income tax asset   ($   3.5)   ($   6.0)    $   2.5
    (Increase)/decrease in accounts
     receivable and prepaid expenses         $   2.4    ($  10.4)    $  12.8
    Decrease in other assets                 $   4.7     $   0.4     $   4.3
    Net increase/(decrease) in accounts
     payable and accrued liabilities         $   3.5    ($   1.5)    $   5.0
    Increase/(decrease) in deferred revenue ($   2.1)    $   9.7    ($  11.8)
    Net increase in income taxes payable     $   9.6     $   5.2     $   4.4
    Net increase in other items              $   0.4     $   0.5    ($   0.1)
                                             --------    --------    --------
    Cash Flows from Operating Activities     $  70.2     $  44.1     $  26.1
                                             --------    --------    --------



    (in millions of dollars)                                        Increase
                                               1H/08       1H/07     in cash

    Cash Flows from Operating Activities     $ 138.0     $ 113.4     $  24.6

    Cash Flows from Operating Activities were $24.6 million higher in 1H/08
    compared with 1H/07 due to:

    (in millions of dollars)

                                                                    Increase/
                                                                   (decrease)
                                               1H/08       1H/07     in cash

    Net income                               $  82.0     $  75.6     $   6.4
    Amortization                             $  10.2     $   7.5     $   2.7
    Unrealized (gain) loss on marketable
     securities                             ($   0.8)    $   3.8    ($   4.6)
    (Increase) in future income tax asset   ($   3.9)   ($  10.1)    $   6.2
    (Increase) in accounts receivable and
     prepaid expenses                       ($   7.3)   ($  20.7)    $  13.4
    Decrease in other assets                 $   3.9     $   0.9     $   3.0
    Net (decrease) in accounts payable and
     accrued liabilities                    ($  10.4)   ($  11.9)    $   1.5
    Increase in deferred revenue             $  65.3     $  82.1    ($  16.8)
    Net (decrease) in income taxes payable  ($   1.7)   ($  14.9)    $  13.2
    Net increase in other items              $   0.7     $   1.1    ($   0.4)
                                             --------    --------    --------
    Cash Flows from Operating Activities     $ 138.0     $ 113.4     $  24.6
                                             --------    --------    --------



    Cash Flows from (used in) Financing Activities

    (in millions of dollars)

                                                                    Increase
                                               Q2/08       Q2/07     in cash

    Cash Flows from (used in) Financing
     Activities                             $1,069.7    ($  26.0)   $1,095.7

    Cash Flows from Financing Activities were $1,095.7 million higher in
    Q2/08 compared with Q2/07 due to:

    (in millions of dollars)

                                                                    Increase/
                                                                   (decrease)
                                               Q2/08       Q2/07     in cash

    Net proceeds on term loan used to
     finance cash portion of purchase price
     for MX                                  $ 428.0           -     $ 428.0
    Issuance of common shares on combination
     with MX                                 $ 806.6           -     $ 806.6
    Dividends paid on common shares         ($  31.0)   ($  26.1)   ($   4.9)
    Repurchase of common shares under NCIB  ($ 134.4)          -    ($ 134.4)
    Net increase/(decrease) in other items   $   0.5     $   0.1     $   0.4
                                             --------    --------    --------
    Cash Flows from (used in) Financing
     Activities                             $1,069.7    ($  26.0)    $1,095.7



    (in millions of dollars)

                                                                    Increase
                                               1H/08       1H/07     in cash

    Cash Flows from (used in) Financing
     Activities                             $1,050.1    ($  49.2)   $1,099.3

    Cash Flows from Financing Activities were $1,099.3 million higher in
    1H/08 compared with 1H/07 due to:

    (in millions of dollars)

                                                                    Increase/
                                                                   (decrease)
                                               1H/08       1H/07     in cash

    Net proceeds on term loan used to
     finance cash portion of purchase price
     for MX                                  $ 428.0           -     $ 428.0
    Issuance of common shares on combination
     with MX                                 $ 806.6           -     $ 806.6
    Proceeds from exercised options          $   6.2     $   3.3     $   2.9
    Dividends paid on common shares         ($  56.2)   ($  52.1)   ($   4.1)
    Repurchase of common shares under NCIB  ($ 134.4)          -    ($ 134.4)
    Net increase (decrease) in other items  ($   0.1)   ($   0.4)    $   0.3
                                             --------    --------    --------
    Cash Flows from (used in) Financing
     Activities                             $1,050.1    ($  49.2)   $1,099.3
                                             --------    --------    --------


    Cash Flows from (used in) Investing Activities

    (in millions of dollars)

                                                                   (Decrease)
                                               Q2/08       Q2/07     in cash

    Cash Flows from (used in) Investing
     Activities                            ($1,084.9)   ($  30.2)  ($1,054.7)

    Cash Flows (used in) Investing Activities were $1,054.7 million higher in
    Q2/08 compared with Q2/07 due to:

    (in millions of dollars)

                                                                    Increase/
                                                                   (decrease)
                                               Q2/08       Q2/07     in cash

    Acquisitions of MX and Equicom, net of
     cash                                  ($1,170.6)   ($   8.2)  ($1,162.4)
    Payment to ISE Ventures related to
     termination of joint venture           ($  15.2)          -    ($  15.2)
    Capital expenditures primarily related
     to leasehold improvements and
     technology investments                 ($   1.9)   ($   1.2)   ($   0.7)
    Additions to intangible assets including
     TSX Quantum and SOLA internal
     development costs                      ($   2.7)   ($   1.9)   ($   0.8)
    Additions to goodwill related to
     Equicom                                ($   2.1)          -    ($   2.1)
    Net sale (purchase) of marketable
     securities                              $ 107.6    ($  18.9)    $ 126.5
                                             --------    --------    --------
    Cash Flows from (used in) Investing
     Activities                            ($1,084.9)   ($  30.2)  ($1,054.7)
                                             --------    --------    --------


    (in millions of dollars)

                                                                   (Decrease)
                                               1H/08       1H/07     in cash

    Cash Flows from (used in) Investing
     Activities                            ($1,122.8)   ($  64.5)  ($1,058.3)

    Cash Flows (used in) Investing Activities were $1,058.3 million higher in
    1H/08 compared with 1H/07 due to:

    (in millions of dollars)

                                                                    Increase/
                                                                   (decrease)
                                               1H/08       1H/07     in cash

    Acquisitions of MX and Equicom, net of
     cash                                  ($1,170.6)   ($   8.2)  ($1,162.4)
    Payment to ISE Ventures related to
     termination of joint venture           ($  15.2)          -    ($  15.2)
    Capital expenditures primarily related
     to leasehold improvements and
     technology investments                 ($   3.3)   ($   2.2)   ($   1.1)
    Additions to intangible assets including
     TSX Quantum and SOLA internal
      development costs                     ($   4.1)   ($   1.9)   ($   2.2)
    Additions to goodwill related to
     Equicom                                ($   2.1)          -    ($   2.1)
    Net sale (purchase) of marketable
     securities                              $  72.5    ($  52.2)    $ 124.7
                                             --------    --------    --------
    Cash Flows from (used in) Investing
     Activities                            ($1,122.8)   ($  64.5)  ($1,058.3)
                                             --------    --------    --------
    


    Financial Statements Governance Practice

    The Finance & Audit Committee of the Board of Directors of TMX Group Inc.
reviewed this press release as well as the second quarter 2008 unaudited
consolidated financial statements and related Management's Discussion and
Analysis (MD&A), and recommended they be approved by the Board of Directors.
Following review by the full Board, the financial statements, MD&A and the
contents of this press release were approved.

    Consolidated Financial Statements

    TMX Group's Q2/08 unaudited consolidated financial statements have been
prepared in accordance with Canadian generally accepted accounting principles
(GAAP) and are reported in Canadian dollars. The financial information in this
press release is in Canadian dollars unless otherwise indicated and is based
on financial statements prepared in accordance with Canadian GAAP, unless
otherwise noted.
    TMX Group expects to file its Q2/08 unaudited consolidated financial
statements and MD&A with Canadian securities regulators today, after which
time the statements and related MD&A may be accessed through www.sedar.com, or
on the TMX Group website at www.tsx.com. We are not incorporating information
contained on the website in this press release. In addition, copies of these
documents will be available upon request, at no cost, by contacting TMX Group
Investor Relations by phone at (416) 947-4277 or by e-mail at
shareholder@tsx.com.

    Non-GAAP Financial Measures

    Toronto Stock Exchange customers are billed for initial and additional
listing fees and with this system there is a lag between the time when
securities are issued or reserved and the time when these listing fees are
paid for by Toronto Stock Exchange listed issuers. For TSX Venture Exchange
issuers, fees are paid either prior to or at the time of listing or reserving
securities. In order to reflect these activities, we have adopted the terms
issuer services fees billed, initial listing fees billed and additional
listing fees billed. These terms replace "listing fees received", "initial
listing fees received" and "additional listing fees received", which have been
used in previous financial reporting. The composition of these measures,
however, is unchanged.
    Certain measures used in this press release, specifically issuer services
fees billed, initial listing fees billed and additional listing fees billed do
not have standardized meanings prescribed by Canadian GAAP and therefore are
unlikely to be comparable to similar measures presented by other issuers. We
present these measures as an indication of how initial and additional listing
activity and the fees billed or received in connection with the listing or
reserving securities, impact the financial performance and cash flows of our
business. Management uses these measures to assess the effectiveness of our
strategy to serve our listed issuers and grow the listings portion of our
business.
    We present adjusted earnings per share prior to loss on termination of
joint venture as an indication of operating performance exclusive of the
payment made to ISE Ventures, a wholly-owned subsidiary of ISE, related to
terminating our previously announced derivatives joint venture. This measure
does not have a standardized meaning prescribed by Canadian GAAP and therefore
is unlikely to be comparable to similar measures presented by other issuers.
Management believes this measure allows it to assess the operating performance
excluding this type of payment.

    Forward-Looking Information

    This press release contains "forward looking information" (as defined in
applicable Canadian securities legislation) that is based on expectations,
estimates and projections as of the date of this press release. Often, but not
always, such forward looking information can be identified by the use of
forward looking words such as "plans", "expects", "is expected", "budget",
"scheduled", "targeted", "estimates", "forecasts", "intends", "anticipates",
"believes", or variations or the negatives of such words and phrases or
statements that certain actions, events or results "may", "could", "would",
"might" or "will" be taken, occur or be achieved or not be taken, occur or be
achieved. Forward looking information involves known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of TMX Group to be materially different from any
future results, performance or achievements expressed or implied by the
forward looking information in this press release.
    Examples of such forward looking information in this press release
include, but are not limited to factors relating to stock and derivatives
exchanges and the business, financial position, operations and prospects of
TMX Group, which are subject to significant risks and uncertainties, including
competition from other exchanges or marketplaces, including alternative
trading systems, new technologies and other sources, on a national or
international basis; dependence on the economy of Canada; failure to retain
and attract qualified personnel; geopolitical factors which could cause
business interruption; dependence on information technology; failure to
implement our strategies; changes in regulation; risks of litigation; failure
to develop or gain acceptance of new products; adverse effect of new business
activities; dependence of trading operations on a small number of clients; the
risks associated with NGX's and MX's clearing operations; the risks associated
with the credit of customers; cost structures being largely fixed; and
dependence on market activity that cannot be controlled. Actual results and
developments are likely to differ, and may differ materially, from those
expressed or implied by the forward looking information contained in this
press release.
    Such forward looking information is based on a number of assumptions
which may prove to be incorrect, including, but not limited to, assumptions in
connection with business and economic conditions generally; exchange rates
(including estimates of the U.S. dollar - Canadian dollar exchange rate), the
level of trading and activity on markets, and particularly the level of
trading in TMX Group's key products; the continued availability of financing
on appropriate terms for future projects; productivity at TMX Group, as well
as that of TMX Group's competitors; market competition; research & development
activities; the successful introduction of new derivatives and equity
products; tax benefits/charges; the impact on TMX Group of various regulations
and initiatives; TMX Group's ongoing relations with their employees; and the
extent of any labour, equipment or other disruptions at any of their
operations of any significance other than any planned maintenance or similar
shutdowns.
    While we anticipate that subsequent events and developments may cause our
views to change, we have no intention to update this forward looking
information, except as required by applicable securities law. This forward
looking information should not be relied upon as representing our views as of
any date subsequent to the date of this press release. We have attempted to
identify important factors that could cause actual actions, events or results
to differ materially from those current expectations described in forward
looking information. However, there may be other factors that cause actions,
events or results not to be as anticipated, estimated or intended and that
could cause actual actions, events or results to differ materially from
current expectations. There can be no assurance that forward looking
information will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward looking
information. These factors are not intended to represent a complete list of
the factors that could affect us. A description of the above-mentioned items
and additional risk factors are discussed in TMX Group's materials, including
our 2007 Annual MD&A, our Q2/08 interim MD&A and our Annual Information Form.
Please see the risk factors outlined in the previously mentioned documents,
which risk factors are specifically incorporated by reference, filed with the
securities regulatory authorities in Canada from time to time, and the impact
upon them of subsequently reported items.

    About TMX Group Inc.

    TMX Group's key subsidiaries operate cash and derivatives markets for
multiple asset classes including equities, fixed income and energy products.
Toronto Stock Exchange (TSX), TSX Venture Exchange, Montreal Exchange (MX),
Natural Gas Exchange (NGX), Shorcan and other TMX Group companies provide
trading markets, clearing facilities, data products and other services to the
global financial community who access Canada's capital market. From its home
base in Canada TMX Group reaches internationally, as its equity markets are
the 7th largest in the world by issuer market capitalization and list more
resource companies than any other exchange group. TMX Group is headquartered
in Toronto and maintains offices in Montreal, Calgary and Vancouver. For more
information on TMX Group, visit our website at http://www.tsx.com.

    
    Teleconference/Audio Webcast

    TMX Group will host a teleconference/audio webcast to discuss the
financial results for second quarter 2008.

    Time: 4:00 p.m. - 5:00 p.m. ET on Wednesday, July 30, 2008.

    To teleconference participants: Please call the following number at least
    15 minutes prior to the start of the event.

    Teleconference Number:   416-644-3423 or 1-800-731-5774

    AudioWebcast:            www.tsx.com, under Investor Relations

    Audio Replay:            416-640-1917 and 1-877-289-8525
                             The passcode for the replay is 21277759
                             followed by the number sign.



    TMX GROUP INC.
    (formerly TSX Group Inc.)
    Interim Consolidated Balance Sheets
    (In thousands of dollars)
    (Unaudited)

    -------------------------------------------------------------------------
                                                       June 30,  December 31,
                                                          2008          2007
                                                                    (audited)
    -------------------------------------------------------------------------
    Assets
    Current Assets:
      Cash and cash equivalents                     $  118,653    $   53,398
      Marketable securities                            226,930       249,399
      Restricted cash                                    1,481             -
      Accounts receivable                               61,432        48,438
      Energy contracts receivable                    1,025,951       745,378
      Fair value of open energy contracts              224,925        74,907
      Daily settlements and cash deposits              153,307             -
      Prepaid expenses                                  11,062         6,561
      Future income tax asset                           26,335        22,840
      -----------------------------------------------------------------------
                                                     1,850,076     1,200,921
    Premises and equipment                              27,417        21,324
    Future income tax asset                            134,748       131,613
    Other assets                                        22,191        25,869
    Investments in affiliates                           89,068        11,731
    Intangible assets                                  862,896        66,578
    Goodwill                                           524,267        65,883
    -------------------------------------------------------------------------
    Total Assets                                    $3,510,663    $1,523,919
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Liabilities and Shareholders' Equity
    Current liabilities:
      Accounts payable and accrued liabilities      $   56,717    $   48,175
      Energy contracts payable                       1,025,951       745,378
      Fair value of open energy contracts              224,925        74,907
      Daily settlements and cash deposits              153,307             -
      Deferred revenue                                  49,540         6,484
      Deferred revenue - initial and additional
       listing fees                                     66,381        61,820
      Obligation under capital lease                        44           152
      Income taxes payable                               6,833         9,724
      -----------------------------------------------------------------------
                                                     1,583,698       946,640
    Accrued employee benefits payable                   12,474        12,113
    Future income tax liability                        212,559             -
    Obligation under capital lease                          50            71
    Other liabilities                                   24,083        30,331
    Deferred revenue - initial and additional
     listing fees                                      380,700       362,854
    Term loan                                          428,127             -
    -------------------------------------------------------------------------
    Total Liabilities                                2,641,691     1,352,009

    Shareholders' Equity:
      Share capital                                  1,146,098       379,370
      Share option plan                                  4,719         5,060
      Deficit                                         (282,792)     (212,520)
      Accumulated other comprehensive income               947             -
      -----------------------------------------------------------------------
    Total Shareholders' Equity                         868,972       171,910
    -------------------------------------------------------------------------
    Total Liabilities and Shareholders' Equity      $3,510,663    $1,523,919
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    TMX GROUP INC.
    (formerly TSX Group Inc)
    Interim Consolidated Statements of Income
    (In thousands of dollars, except per share amounts)
    (Unaudited)

    -------------------------------------------------------------------------
                                  Three months ended        Six months ended
                                             June 30                 June 30
                                    2008        2007        2008        2007
    -------------------------------------------------------------------------

    Revenue:
      Issuer services           $ 38,317    $ 32,248    $ 75,956    $ 62,396
      Trading, clearing and
       related                    52,728      42,880      94,753      84,995
      Market data                 33,085      27,787      62,205      54,378
      Business services and
       other                       5,947       3,449       9,516       5,697
      -----------------------------------------------------------------------
      Total revenue              130,077     106,364     242,430     207,466
      -----------------------------------------------------------------------

    Expenses:
      Compensation and benefits   25,614      22,331      48,766      47,660
      Information and trading
       systems                     8,672       6,525      15,830      13,126
      General and administration  13,972      10,199      24,212      21,269
      Amortization                 6,033       3,771      10,227       7,512
      -----------------------------------------------------------------------
      Total operating expenses    54,291      42,826      99,035      89,567
      -----------------------------------------------------------------------

    -------------------------------------------------------------------------
    Income from operations        75,786      63,538     143,395     117,899
    -------------------------------------------------------------------------

    Income from investments in
     affiliates                      368          21         499          62
    Investment income              3,371       1,122       7,817       5,109
    Interest expense              (3,071)       (256)     (3,333)       (483)
    Other acquisition related
     expenses                       (750)          -     (15,902)          -

    -------------------------------------------------------------------------
    Income before income taxes    75,704      64,425     132,476     122,587
    -------------------------------------------------------------------------

    Income taxes                  26,477      25,297      50,503      47,011

    -------------------------------------------------------------------------
    Net income                  $ 49,227    $ 39,128    $ 81,973    $ 75,576
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Earnings per share:
      Basic                     $   0.65    $   0.57    $   1.15    $   1.10
      Diluted                       0.65        0.57        1.15        1.10
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    TMX GROUP INC.
    (formerly TSX Group Inc.)
    Interim Consolidated Statements of Comprehensive Income
    (In thousands of dollars)
    (Unaudited)

    -------------------------------------------------------------------------
                                  Three months ended        Six months ended
                                             June 30                 June 30
                                    2008        2007        2008        2007
    -------------------------------------------------------------------------

    Net income                  $ 49,227    $ 39,128    $ 81,973    $ 75,576

    Other comprehensive income
      Unrealized gain on
       translating financial
       statements of a
       self-sustaining foreign
       operation                     947           -         947           -
    -------------------------------------------------------------------------
    Comprehensive income        $ 50,174    $ 39,128    $ 82,920    $ 75,576
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    TMX GROUP INC.
    (formerly TSX Group Inc.)
    Interim Consolidated Statements of Changes in Shareholders' Equity
    (In thousands of dollars)
    (Unaudited)

    -------------------------------------------------------------------------
                                                    Six months ended June 30
                                                          2008          2007
    -------------------------------------------------------------------------

    Common shares:
      Balance, beginning of period                  $  379,370    $  387,501
      Issuance of common shares                        806,573             -
      Shares purchased under normal course
       issuer bid                                      (47,644)            -
      Proceeds from options exercised                    6,246         3,344
      Cost of exercised options                          1,553           911
      -----------------------------------------------------------------------
      Balance, end of period                         1,146,098       391,756

    Share option plan:
      Balance, beginning of period                       5,060         3,942
      Cost of exercised options                         (1,553)         (911)
      Cost of share option plan                            903         1,161
      Options issued                                       309             -
      -----------------------------------------------------------------------
      Balance, end of period                             4,719         4,192

    Deficit:
      Balance, beginning of period                    (212,520)     (164,488)
      Transitional adjustment                                -           621
      Net income                                        81,973        75,576
      Dividends on common shares                       (56,158)      (52,142)
      Shares purchased under normal course
       issuer bid                                      (96,087)            -
      -----------------------------------------------------------------------
      Balance, end of period                          (282,792)     (140,433)

    Accumulated other comprehensive gain:
      Balance, beginning of period                           -             -
      Impact of changes in foreign currency rates
       on net investment in a self-sustaining
       foreign operation                                   947             -
      -----------------------------------------------------------------------
      Balance, end of period                               947             -

    -------------------------------------------------------------------------
    Shareholders' equity, end of period             $  868,972    $  255,515
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    TMX GROUP INC.
    (formerly TSX Group Inc.)
    Interim Consolidated Statements of Cash Flows
    (In thousands of dollars)
    (Unaudited)

    -------------------------------------------------------------------------
                                  Three months ended        Six months ended
                                             June 30                 June 30
                                    2008        2007        2008        2007
    -------------------------------------------------------------------------
    Cash flows from (used in)
     operating activities:
      Net income                $ 49,227    $ 39,128    $ 81,973    $ 75,576
      Adjustments to determine
       net cash flows:
        Amortization               6,033       3,771      10,227       7,512
        Unrealized (gain) loss on
         marketable securities       (40)      3,276        (842)      3,786
        (Income) from investments
         in affiliates              (368)        (21)       (499)        (62)
        Cost of share option plan    457         535         903       1,161
        Issuance of share options    309           -         309           -
        Amortized financing fees     110           -         110           -
        Future income tax asset   (3,548)     (6,006)     (3,941)    (10,100)
        Accounts receivable and
         prepaid expenses          2,363     (10,385)     (7,341)    (20,716)
        Other assets               4,670         428       3,868         857
        Accounts payable and
         accrued liabilities       1,250       2,617      (4,469)     (9,092)
        Long term accrued and
         other liabilities         2,202      (4,160)     (5,887)     (2,790)
        Deferred revenue          (2,077)      9,688      65,261      82,141
        Income taxes payable,
         net                       9,642       5,228      (1,688)    (14,920)
        ---------------------------------------------------------------------
                                  70,230      44,099     137,984     113,353
    Cash flows from (used in)
     financing activities:
        Restricted cash              (74)          -         (74)          -
        Reduction in obligation
         under capital lease         (14)       (203)       (155)       (430)
        Proceeds from exercised
         options                     517         273       6,246       3,344
        Dividends on common
         shares                  (30,970)    (26,070)    (56,158)    (52,142)
        Shares purchased
         under normal course
         issuer bid             (134,372)          -    (134,372)          -
        Proceeds from term
         loan, net               428,017           -     428,017           -
        Issuance of common
         shares                  806,573           -     806,573           -
        ---------------------------------------------------------------------
                               1,069,677     (26,000)  1,050,077     (49,228)
    Cash flows from (used in)
     investing activities:
        Additions to goodwill     (2,142)          -      (2,142)          -
        Additions to premises and
         equipment                (1,905)     (1,193)     (3,264)     (2,207)
        Additions to intangible
         assets                   (2,751)     (1,925)     (4,148)     (1,925)
        Payment for termination
         of joint venture        (15,152)          -     (15,152)          -
        Marketable securities    107,625     (18,911)     72,503     (52,223)
        Acquisitions, net of
         cash acquired        (1,170,603)     (8,142) (1,170,603)     (8,142)
        ---------------------------------------------------------------------
                              (1,084,928)    (30,171) (1,122,806)    (64,497)

    -------------------------------------------------------------------------
    Increase (decrease) in cash
     and cash equivalents         54,979     (12,072)     65,255        (372)
    -------------------------------------------------------------------------
    Cash and cash equivalents,
     beginning of period          63,674      48,718      53,398      37,018
    -------------------------------------------------------------------------
    Cash and cash equivalents,
     end of period              $118,653    $ 36,646    $118,653    $ 36,646
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Supplemental cash flow
     information:
      Interest paid             $  7,345    $    161    $  7,608    $    389
      Interest received            3,099       3,979       6,711       8,092
      Income taxes paid           20,916      24,818      56,872      71,345
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    TMX GROUP INC.

    Market Statistics

    (Unaudited)
    -------------------------------------------------------------------------
                                   Three months ended       Six months ended
                                        June 30                 June 30
    -------------------------------------------------------------------------
                                    2008        2007        2008        2007
    -------------------------------------------------------------------------
    Toronto Stock Exchange:
      Volume (millions)         24,980.9    24,789.0    50,507.7    48,527.1
      Value ($ billions)           483.0       431.7       956.2       817.9
      Transactions (000s)       38,887.6    27,708.9    80,167.5    53,689.1
      Issuers Listed               1,615       1,623       1,615       1,623

      New Issuers Listed:             32          70          78         114
        Number of Initial Public
         Offerings                    18          38          39          58
        Number of graduates from
         TSX Venture/NEX              10          23          27          39
      New Equity Financing:
       ($ millions)              9,510.7    14,682.7    18,386.0    28,256.3
        Initial Public
         Offering Financings
         ($ millions)            1,028.4     2,191.0     1,526.3     3,694.3
        Secondary Offering
         Financings(1)
         ($ millions)            5,144.1     7,811.7    11,793.7    13,222.7
        Supplementary Financings
         ($ millions)            3,338.2     4,680.0     5,066.0    11,339.3
      Market Cap of Issuers
       Listed ($ billions)       2,156.6     2,195.1     2,156.6     2,195.1
      S&P/TSX Composite
       Index(2) Close           14,467.0    13,906.6    14,467.0    13,906.6

    TSX Venture Exchange:(3)
      Volume (millions)         13,844.6    13,440.2    25,332.6    26,925.7
      Value ($ millions)         9,978.3    12,519.0    17,758.9    25,182.0
      Transactions (000s)        2,073.1     2,269.4     3,806.1     4,651.0
      Issuers Listed               2,396       2,273       2,396       2,273

      New Issuers Listed              64          61         137         119
      New Equity Financing:
       ($ millions)              1,866.5     3,409.8     3,376.9     5,827.7
        Initial Public Offering
         Financings ($ millions)    58.7       124.3       126.7       239.7
        Secondary Offering
         Financings(1)
         ($ millions)            1,807.8     3,285.5     3,250.2     5,588.0
      Market Cap of Issuers
       Listed: ($ billions)         55.9        62.1        55.9        62.1
      S&P/TSX Venture Composite
       Index(2) Close            2,635.8     3,174.4     2,635.8     3,174.4

    Toronto Stock Exchange and
     TSX Venture Exchange:
      Professional and
       Equivalent Real-time
       Data Subscriptions        167,756     149,687     167,756     149,687


                                        May-June
                                    2008        2007

    Montreal Exchange:
        Volume (Contracts)
         (000s)                  6,584.9     8,299.8
        Open Interest (Contracts)
         (000s) as at June 30    2,395.1     2,775.8

      Data Subscriptions as at
       June 30                    28,197      27,239

    Boston Options Exchange:
      Volume (Contracts) (000s) 29,251.3    19,496.8


    (1) Secondary Offering Financings includes prospectus offerings on both a
        treasury and secondary basis.
    (2) S&P is a trade-mark owned by The McGraw-Hill Companies, Inc. and is
        used under license.
    (3) TSX Venture Exchange market statistics do not include data for debt
        securities. 'New Issuers Listed' and 'S&P/TSX Venture Composite Index
        Close' statistics exclude data for issuers on NEX. All other TSX
        Venture Exchange market statistics include data for issuers on NEX,
        which is a board that was established on August 18, 2003 for issuers
        that have fallen below TSX Venture Exchange's listing standards
        (162 issuers at June 30, 2008 and 158 issuers at June 30, 2007).



    SUPPLEMENTARY INFORMATION ON DEFERRED REVENUE - INITIAL AND ADDITIONAL
    LISTING FEES(1)
    As at June 30, 2008
    Unaudited

    (in millions of dollars)
    -------------------------------------------------------------------------

    Future amortization of deferred revenue - initial and additional listing
    fees

    -------------------------------------------------------------------------
                    Q1           Q2           Q3           Q4     Total Year
    -------------------------------------------------------------------------

    2008               -            -         16.7         16.7         33.4
    2009            16.5         16.4         16.3         16.2         65.4
    2010            16.1         15.9         15.8         15.7         63.5
    2011            15.5         15.3         15.1         14.9         60.8
    2012            14.7         14.3         14.0         13.7         56.7
    2013            13.4         13.1         12.7         12.2         51.4
    2014            11.7         11.1         10.7         10.1         43.6
    2015             9.6          8.9          8.3          7.9         34.7
    2016             7.3          6.5          5.7          5.1         24.6
    2017             4.3          3.3          2.4          1.6         11.6
    2018             1.0          0.4            -            -          1.4

            Total deferred revenue - initial and additional
             listing fees                                          $   447.1

    Note: only includes initial and additional listing fees billed up to
    June 30, 2008 (and is calculated based on an estimated service period of
    ten years)

    (1) Please refer to Forward-Looking Information.
    





For further information:

For further information: Jean-Charles Robillard, Director, Corporate
Communications, TMX Group, Office: (514) 594-3567, E-Mail: JCRobillard@m-x.ca;
Paul Malcolmson, Director, Investor and Public Relations, TMX Group, Office:
(416) 947-4317, E-Mail: paul.malcolmson@tsx.com


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