TMX Q1 profit rises

Source: TMX

TMX Group Inc. [TSX:X] announced results for the first quarter ended March 31, 2010.

Commenting on the first quarter, Thomas Kloet, Chief Executive Officer of TMX Group noted: "We are pleased to deliver solid financial results as we continue to see strong evidence of a rebound in investor and issuer confidence. This was reflected in a substantial increase in IPO activity on both of our equity exchanges as well as a marked increase in additional financing activity on TSX Venture Exchange. TSX Venture Exchange also experienced a significant increase in trading activity, signaling a renewed confidence in that area of our markets and in the Canadian economy. In addition, open interest and volumes increased on MX, which had a positive impact on Canadian derivatives trading and clearing revenue."

Michael Ptasznik, CFO of TMX Group added: "We were very pleased with how the overall increase in financing and trading activity on TSX Venture Exchange translated into improved operating performance. This was reflected in both higher initial and additional listing fees billed as well as higher equity trading revenue. We continue to realize the benefits from diversifying our revenue stream, with revenue growth resulting from the addition of crude oil trading and clearing activities and increases in revenue from fixed income trading being prime examples. While operating expenses were 2% lower in the first quarter compared with last year, we continue to invest in new technology initiatives and in expanding our business."

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