TMX introduces four-letter trading symbols
02 November 2016 | 2255 views | 0
Yesterday TMX Group marked the first trading day for four letter stock symbols on Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV), an industry initiative designed to offer Canadian issuers and applicants greater choice in how they are identified and also to provide interlisted issuers with the opportunity to be uniformly represented throughout the North American marketplace.
Prior to this initiative, a stock's root symbol was limited to three letters or less.
"Across the markets we serve, TMX has moved to partner with our clients to seek out new solutions and effect positive change," said Nick Thadaney, President & CEO, Global Equity Capital Markets, TMX Group. "We've seen tremendous interest from our equities markets clients in expanding to four character symbols and, with valuable support from other service providers, we have responded to meet their needs. Providing greater choice on our Exchanges remains a top priority for TMX and we look forward to exploring new opportunities to broaden our solutions and services and lead Canada's markets into the future."
Beginning November 1 , six issuers on TSX adopted four character symbols: Colliers International Group Inc. (CIGI), CounterPath Corporation (PATH), Enghouse Systems Limited (ENGH), Mercer International Inc. (MERC.U), ONEX Corporation (ONEX) and Shopify Inc. (SHOP), and one issuer Trakopolis IoT Corp. (TRAK) began trading on TSXV under the new symbol.
Shopify's symbol has expanded from its original two-letter symbol, "SH" to "SHOP" on TSX, which aligns with the company's U.S. ticker symbol. Commenting on the change, Shopify's founder and CEO Tobi Lütke said, "We are excited to announce 100% growth in stock ticker digits."