Toronto Stock Exchange – TSX
The Toronto Stock Exchange’s origin was believed to be from the Association of Brokers which was a group formed by Toronto businesspeople in 1852. In 1861 twenty-four brokers met in Toronto at the Masonic Hall to form the Toronto Stock Exchange. However, the exchange was not officially incorporated until 1878 by an act of the Legislative Assembly of Ontario.
The Toronto Stock Exchange is owned by the TMX group and is the largest of Canada’s stock exchanges. Additionally, the TSX is the 8th largest stock exchange by market capitalization in the world totaling 3 trillion.
TSX Listings
As of September 2020, the TSX has 1,637 listings with 790 comprised of Exchange Traded Funds (“ETFs”).
Below is a sector breakdown of the listings:
Clean Technology & Renewable Energy
Closed-End Funds
Communications & Media
Consumer Products & Services
SPAC
ETFs
Financial Services
Industrial Products & Services
Life Sciences
Mining
Oil & Gas
Real Estate
Technology
Utilities & Pipelines
Total
Listed Issuers
# of listings
% of Listings
Total Market Cap
($ millions)
%
TSX Listing Requirements
TSX listing requirements are broken down into three sectors:
1. Industrial, Technology and Research & Development Companies
TSX NON-EXEMPT TECHNOLOGY ISSUERS
Earnings or Revenue
Cash Flow
Net Tangible Assets
Adequate Working Capital & Capital Structure
Cash in Treasury
Products & Services
Management & Board of Directors
Public Distribution and Market Capitalization
Minimum $10,000,000 held by public shareholders.
300 public shareholders each holding a board lot.
Minimum $50,000,000 market capitalization.
Sponsorship
TSX Non-EXempt Research and Development (R&D) Issuers
Earnings or Revenue
Cash Flow
Net Tangible Assets
Adequate Working Capital & Capital Structure
Cash in Treasury
Products & Services
Management & Board of Directors
Public Distribution and Market Capitalization
Minimum $4,000,000 held by public shareholders.
300 public shareholders each holding a board lot or more.
Sponsorship
TSX Non-Exempt Forecasting Profitability
Earnings or Revenue
Cash Flow
Net Tangible Assets
Adequate Working Capital & Capital Structure
Cash in Treasury
Products & Services
Management & Board of Directors
Public Distribution and Market Capitalization
Minimum $4,000,000 held by public shareholders.
300 public shareholders each holding a board lot or more.
Sponsorship
TSX Non-Exempt Profitable Issuers
Earnings or Revenue
Cash Flow
Net Tangible Assets
Adequate Working Capital & Capital Structure
Cash in Treasury
Products & Services
Management & Board of Directors
Public Distribution and Market Capitalization
Minimum $4,000,000 held by public shareholders.
300 public shareholders each holding a board lot or more.
Sponsorship
TSX Exempt industrial Companies
Earnings or Revenue
Cash Flow
Net Tangible Assets
Adequate Working Capital & Capital Structure
Cash in Treasury
Products & Services
Management & Board of Directors
Public Distribution and Market Capitalization
Minimum $4,000,000 held by public shareholders.
300 public shareholders each holding a board lot or more.
Sponsorship
2. Mining Companies
TSX Non-Exempt Exploration and Development Stage
Property Requirements
Recommended Work Program
Working Capital and Financial Resources
Net Tangible Assets, Earnings or Revenue
Other Criteria
Management & Board of Directors
Distribution, Market Capitalization and Public Float
Sponsorship
TSX NON-EXEMPT Producer
Property Requirements
Recommended Work Program
Working Capital and Financial Resources
Net Tangible Assets, Earnings or Revenue
Other Criteria
Management & Board of Directors
Distribution, Market Capitalization and Public Float
Sponsorship
TSX Exempt
Property Requirements
Recommended Work Program
Working Capital and Financial Resources
Net Tangible Assets, Earnings or Revenue
Other Criteria
Management & Board of Directors
Distribution, Market Capitalization and Public Float
Sponsorship
3. Oil & Gas (Exploration or Producing) Companies
TSX NON-EXEMPT OIL AND GAS DEVELOPMENT STAGE ISSUERS
Net Tangible Assets or Earnings
Working Capital and Financial Resources
(a) execute the development plan and cover all other capital expenditures & G&A and debt service expenses, for 18 months with a contingency allowance;
OR
(b) bring the property into commercial production, and adequate working capital to fund all budgeted capital expenditures and carry on the business.
Applicable to both (a) and (b)
18 month projection of sources and uses of funds signed by CFO; appropriate capital structure.
Distribution, Market Capitalization and Public Float
Minimum market value of the issued securities that are to be listed of at least $200,000,000.
Sponsorship
Property Requirements
Recommended WorkProgram
Management and Board of Directors
Other Criteria
TSX NON-EXEMPT Oil and Gas Producing Issuers
Net Tangible Assets or Earnings
Working Capital and Financial Resources
Distribution, Market Capitalization and Public Float
Sponsorship
Property Requirements
Recommended WorkProgram
Management and Board of Directors
Other Criteria
TSX Exempt Oil and Gas Issuers
Net Tangible Assets or Earnings
Working Capital and Financial Resources
Distribution, Market Capitalization and Public Float
Sponsorship
Property Requirements
Recommended WorkProgram
Management and Board of Directors
Other Criteria
TSX Listing & Annual Fees
Following is an overview of listing and annual fees for the TSX. Keep in mind their are other associated fees in going public as well as the cost of being public.
TSX Application Fee
There is a non-refundable application fee of $10,000 when submitting the application and will be subtracted from the listing fee.