TMX Group Reports Results for Fourth Quarter and Year End 2008
TMX Group has released results for the fourth quarter and year ended December 31, 2008. “We are pleased to report good results for both the fourth quarter and full year 2008 despite difficult market conditions. We are proud of our many accomplishments in 2008, including our progress in integrating the Montréal Exchange with TMX Group and NGX’s continued success with the execution of its growth strategy,” said Tsaid homas Kloet, chief executive officer of TMX Group, in a press release. Based in Toronto, TMX Group's key subsidiaries operate cash and derivative markets for multiple asset classes including equities, fixed income and energy.
Michael Ptasznik, chief financial officer of TMX Group added in the release, “The benefits of continued diversification are evident in these solid financial results. In addition to the positive contribution from trading on TSX, MX and BOX this quarter, we experienced revenue growth in both our energy segment and our market data operations while continuing to maintain cost controls and realize efficiencies.”
Net income for Q4/08 increased over Q4/07 primarily due to the increased revenue related to the inclusion of revenue from MX and BOX, as well as increased issuer services, cash equity trading, energy trading and market data revenue. This increase in revenue was somewhat offset by higher operating expenses, interest expense and a $13.3 million pre-tax mark to market adjustment (12 cents per common share after tax, on both a basic and diluted basis) on interest rate swaps. The latter expense represents a non-cash item.