Stock exchanges
Number of listed companies
Domestic market capitalization
million US$

TMX Group Inc.

Name TMX Group Inc. (Toronto Stock Exchange)
Country Canada
Number of listed companies 3504
Domestic market capitalization 3264137.36 million US$
SSE Partner Exchange Yes
Has annual sustainability report Yes

  • TMX Group introduced the TMX Group Environmental, Social and Governance Report in May/2020

ESG reporting required as a listing rule No

  • However, if any environmental or social information is deemed ‘material’, it must be immediately disclosed by a news release as required by the Exchanges’ Timely Disclosure Policies. In addition, securities rules require issuers to disclose all material information including material environmental and social issues. (Source).
  • Canadian Environmental Protection Act (1999) requires companies to provide information on specific pollutant emissions for inclusion in the National Pollutant Release Inventory. The act was expanded five years later to include the GHG Emissions Reporting Program, which requires Canadian Large Emitters to report GHG emissions.  Banks and other financial institutions with equity of CDN$1 billion or more are also required (Ban Act, 1991) to publish an annual statement describing their contributions to the Canadian economy and society. (Source).
  • The Canadian Securities Administrators requires mining companies to report on reasonably available information on environmental, permitting, and social or community factors as it relates to mineral exploration, development, and production activities on a mineral property that is material to the issuer. TSX includes a reference to this in its listing standards for mineral exploration and development stage mining companies. (Source, Source).

Has written guidance on ESG reporting Yes

  • A Primer for Environmental & Social Disclosure, 2020 (First edition in March 2014)
  • TMX entered into a strategic alliance with IHS Markit to endorse their ESG Reporting Repository (the “Repository”). The Repository facilitates the disclosure of issuer ESG information into a variety of frameworks and standards, such as SASB and TCFD, and has extensive distribution channels to disseminate the information to global investors and stakeholders.
  • Related information:
    • In 2010, the Canadian Securities Administrators issued CSA Staff Notice 51-333 Environmental Reporting Guidance to help issuers understand reporting requirements for environmental issues. It identifies where requirements exist, explores the concept of materiality and provides specific disclosure examples. While the notice did not specifically address social information, it has been noted that social issues are included since the Annual Information Form and Management’s Discussion and Analysis cover all material issues. (Source)

Offers ESG related training Yes

  • Inside the Learning Academy platform, TMX offers training and content related to ESG.
  • The webpage ESG 101 shows training designed to offer support for navigating ESG reporting, ratings, and data collection.
  • In 2022, TMX provided training on Climate-related Financial Disclosures (TCFD recommendations) in collaboration with the SSE, CDP and IFC. (source)

Market covered by sustainability-related index Yes

Has sustainability bond listing segment Yes

  • The TSX Sustainable Bonds initiative enables investors to access information and transact sustainable bonds with the same ease and transparency that with listed equities. Regulatory approval was received in November 2020, and Sustainable Bonds is available for trading on TSX since March 1, 2021.

Has SME listing platform Yes

Women on boards mandatory minimum rule No

  • Several provinces have a “comply or explain” rule regarding women’s consideration for top management positions in listed companies with self-determined quotas. In 2017 the province of Ontario set a goal of 30% women on board to be reached within three or five years by listed companies. More details here.

Additional information
  • TMX Group has strategically targeted growth- oriented Clean Technology and Renewable Energy companies seeking a market to access North American and global capital. As of March 2018, TSX and TSX Venture Exchange were home to 90 of these companies with a total market cap of over C$40 billion. Source: TSX/TSXV Market Intelligence Group. (Source).
  • TMX Group is a member of the following organizations:
    • UN Sustainable Stock Exchange
    • World Federation of Exchanges Sustainability Working Group
    • Responsible Investment Association of Canada

Organizational model of stock exchange
  • Listed company for profit; demutualized in 2000

Regulatory bodies

Regulatory model

Independent Member Self-Regulatory Organization (SRO) Model

  • The two major exchanges that the TMX Group operates are the TSX and the Montreal Exchange. Under Ontario securities rules, the Ontario Securities Commission gives oversight to all financial markets in the province. The TSX has self-regulatory abilities but delegates market surveillance and enforcement to the Investment Industry Regulatory Organization of Canada (IIROC); an independent organization. The TSX only has listing regulatory authority as a result of the delegated powers. This would warrant a ‘Independent Member SRO Model’ classification. The Montreal Exchange operates in Quebec, which is regulated by the Autorité des Marchés Financiers (AMF), an independent but government owned organization. The AMF assists the Montreal Exchange in developing rules and regulations and gives general oversight to the markets but the majority of the regulatory authority lies with the Montreal Exchange itself, making it a Strong Exchange SRO Model.

About the stock exchange

Location: Toronto, Canada

  • TMX Group’s businesses operate cash and derivative markets for multiple asset classes including equities, fixed income and energy. They also provide clearing facilities, data products and other services to the international financial community. (Source).

Criteria for Stock Exchange Database

The SSE maintains a database of sustainability activities for all stock exchanges that are either members of the SSE initiative and/or members of the World Federation of Exchanges. This database is the most comprehensive database of stock exchanges worldwide and contains data on all main stock exchanges. The information in this database is intended to inform investors and other stakeholders on the work stock exchanges are undertaking to advance sustainability in their respective markets.

The information provided in this database is based on publicly available information prepared by the SSE Secretariat with input from stock exchanges in most instances. Sources and explanatory notes on sustainability information have been included in individual Stock Exchange Fact Sheets. The criteria for each category can be found below.

While every effort is made to keep the information in this database up to date, please be aware that certain factors change frequently and therefore may not be exact, such as the number of listed companies or market cap.


Criteria Considered

Country Country of primary residence or registration
Has signed the SSE Commitment Letter? To be considered an SSE Partner Exchange, the CEO or Chairperson of the exchange must sign an SSE commitment letter. Contact the SSE for more information if your exchange would like to join.
Has annual sustainability report? For a yes, stock exchanges must report, either in a stand alone report or integrated into their financial report, on their environmental and social impact and corporate governance.
ESG reporting required as a listing rule? For a yes, all three factors have been considered (environmental, social and governance) within the listing rules for some or all listed companies. This requirement may come from the regulatory authority or the exchange, depending on the market.
Offers written guidance on ESG reporting? For a yes, all three factors have been considered (environmental, social and governance). The SSE has developed a model guidance that all exchanges can use to develop their own guidance to issuers. For more details, click here.
Offers ESG related training? For a yes, training must have taken place in the previous 12 months, and must be interactive. The topic of the training must be on some area of sustainability.
Market covered by sustainability-related index? Sustainability-related indices may include environmental or social  indices, or ESG indices. This could include specific themes, such as low carbon indices, or general sustainability indices. The index must be specific to the market the exchange operates in (a region or world index is not included).
Has sustainability bond listing segment? For a yes, the exchange has developed the rules and regulations allowing for sustainability bonds to be listed, and provides a separate segment for listing making the bonds easy to find and identify.
Has an SME listing platform? For a yes, the exchange offers a listing platform specifically for Small-and-Medium sized enterprises.
Additional Information Additional Information captures exchanges’: sustainability section of websites,  sustainability products not captured under indices; information on future sustainability commitments and other information on the exchange
Organizational model of stock exchange Whether the exchange is listed or not, and when it was demutualized
Regulatory bodies The regulatory authority that sets listing requirements and capital market regulation for the exchange's market
Regulatory model

The extent to which exchanges have regulatory authority in their market. This may include:

  • Limited exchange SRO
  • Strong exchange SRO
  • Independent member SRO
  • Government (Statutory)
  • Non-SRO
About the stock exchange The location of the headquarters of the exchange, and any additional details about the stock exchange.