Toronto-based TMX Group Ltd., the parent firm of the Toronto Stock Exchange (TSX) and the TSX Venture Exchange, announced organizational changes and a structural realignment on Tuesday that the firm says will strengthen its value as a provider of technology solutions.
Jean Desgagne, president and CEO of the Canadian Depository for Securities (CDS), will take on the newly created role of head of global enterprise services. In addition to his role at CDS, in which he has served since February 2013, Desgagne assumes responsibility for the functions accountable for the delivery of operations, technology, transaction services and procurement.
Meanwhile, Brenda Hoffman, senior vice president and group head of information technology at TMX Group, has resigned and will leave the company effective July 31.
TMX Group (TSX:X) also intends to create a new executive role that will focus on the firm’s commercial strategy and client experience. The individual will be charged with overseeing TMX Group’s client-facing organizational framework as well as the firm’s sales and client management system.
“We will begin recruiting for that position in the coming days,” said Carolyn Quick, vice president of corporate communications and public affairs with TMX Group in an e-mail response.
The two newly created executive roles are related to a realignment of TMX Group’s overall organizational structure following the completion of a strategic review first launched in January. The changes “will invigorate our ability to obtain significant efficiencies and ignite innovation across all aspects of the business and compete more effectively in Canada, across North America and around the world,” said Lou Eccleston, CEO of TMX Group, in the announcement.
TMX Group will prioritize investments and leverage existing resources and organizational capabilities around five strategic pillars:
- Capital formation: Better facilitate capital-raising for issuers at all stages of development and providing access to alternative sources of capital.
- Derivatives: Intensify new product creation and leverage market position.
- Market insights: Deliver integrated data sets to fuel proprietary and third-party analytics to help clients make better trading and investment decisions.
- Market solutions: Leverage capabilities and available technologies to introduce new operating models into new sectors and asset classes.
- Efficient markets: Operate innovative, efficient, reliable, fast, easy to use platforms for trading and clearing.
“We have now established the foundation for how we provide greater value to clients, deliver total return to shareholders, and build competitive differentiation for TMX going forward,” Eccleston said.