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Sep 21, 2016

TMX Group cutting 115 jobs, about 10% of work force, to reduce costs

TMX Group TSX Toronto Stock Exchange

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TMX Group Ltd., Canada’s largest stock exchange operator, is cutting 10 per cent of its work force as part of an ongoing effort to reduce costs.

In a statement released after the close on Tuesday, TMX said it intends to eliminate roughly 115 positions, 95 full-time staff and a further 20 consultants and contractors. As of June 30, TMX had 1,173 employees. Most of the job cuts will be rolled out by the end of the first quarter of next year. TMX will take a charge of up to $17-million due to severance costs in connection with the layoffs.

TMX, the operator of the Toronto Stock Exchange and TSX Venture Exchange, said it is aiming to cut costs by roughly $9-million this year, and a further $4-million in 2017.

On Sunday, TMX found itself in a bizarre situation, when it had to put out an urgent statement to reassure investors that it was in fact still a member of the S&P/TSX Composite, Canada’s benchmark stock index. Over the weekend, S&P Capital IQ, the U.S.-based financial data provider, sent an erroneous alert to its clients, informing them that TMX wasn’t in the index any more. S&P later admitted the alert went out by accident, but did not reveal the reason for the error.

On Wednesday, Lou Eccleston, the chief executive officer of TMX is due to speak at an institutional investor conference in Montreal.

Shares in TMX have risen 54 per cent since the start of the year.