TORONTO (Reuters) - Markets operator TMX Group Ltd plans to better integrate its disparate units and make more use of data amid rising competition in the domestic exchange industry, the Toronto Stock Exchange operator’s chief executive said on Tuesday.
The company posted an 8 percent decline in first-quarter profit late on Monday, missing analyst expectations, hurt by low commodity prices and higher expenses.
“I now have a pretty good handle on both what we do well, and on what we can do better in terms of addressing the complex challenges faced by our customers and how we can provide optimal services in the Canadian marketplace,” Chief Executive Lou Eccelston told analysts on a conference call.
TMX has moved to limit the impact of a rival exchange, Aequitas Neo, with a secondary market for private companies and just last week said it would slash its fees.
Eccelston, whose background is heavy on data analytics, launched a strategic review of the company after taking the top job late last year.
“We’re going to work on solutions that derive more insight and value from the vast amount of data that is generated across our business operations,” he said.
He said more detail on initiatives coming out of the review will be released in coming months.
Along with the Toronto bourse, the company also owns the Montreal derivatives exchange and the small-cap TSX Venture Exchange, clearing and depositary services.
Around 65 percent of the companies listed on TMX exchanges are involved in the natural resources industry, making the company particularly sensitive to ebbs and flows in commodity prices.
Reporting by Alastair Sharp Editing by W; Simon