That's really been fueled across all of our business segments as opposed to just one or two. The second one is really accelerating the growth that we've spoken about where we have a strategy to be more global than local. We announced three transactions that represented roughly CAD 2 billion in inorganic investment. We're firing on all cylinders right now. We're looking ahead. We're excited. We're hoping to continue building this momentum into the second half of this year, and then, quite frankly, into 2027.
Excellent. Listen, the TM2X vision really targets CAD 2 billion of revenue at twice the speed it took to double the revenue to CAD 1 billion in 2021, or sorry, 2022. That effectively targets a CAD 2 billion top line, by I think the end of 2029. David, by my numbers, I think you were on track to getting there one year early organically. I think with the recent Cboe and MEMX deals, it looks like you'll exceed that target by roughly two years' time in 2027. Am I getting ahead of myself, or does that seem reasonable?
No. Phil, I actually think your math is directionally there, and maybe you're being a little conservative. If we look at the first half of this year organically, we did CAD 975.7 million in revenue, right. If you just look at the kind of exit runway out of the first half of the year, it's going to be touch and go as to whether we actually get there by the end of this fiscal year, which would be a couple of years ahead of the target. So, obviously it's being fueled, as I said, by those eight quarters and obviously the two quarters into this year of double-digit revenue growth, which well outstrips our long-term kind of guidance of high single digits or mid-single digits for revenue growth. Obviously, the organic transactions which you touched on, they do help, but they really help to accelerate it.
On an organic basis, we're literally within spitting distance.
Excellent. Loui, welcome. We're going to dig in deeper to the listing business a bit later in the conversation. Maybe start off and give us a sense for how the IPO pipeline is shaping up, and really what you think we need to see for a more robust IPO recovery in Canadian markets?
Yeah, sure. Thanks, Phil. I'd say we were having a pretty strong year. I think historically when we look at IPO activity, a good year would be 10 large IPOs, right? I think year-to-date we're, I think, roughly at six with a few more in the pipeline before the end of the year. With that being said, I think this is shaping up to be a pretty strong year. Now we often focus on IPOs, but the reality is we're close to 300 listings this year. A lot of activity that happens on the market comes in different ways, whether it's a reverse takeover, whether it's a direct listing. So listings activity is actually very strong, aside from just the traditional IPO.
The other thing we often miss is when we look at our venture market, year-to-date, I think we're at 15 graduates from TSX Venture to TSX. In our view, we view those as IPOs as well. Much smaller, but those don't really get captured as an IPO. I think we've had a very good year. Obviously, Apotex was a big one, Alliance Grain Traders, and a few others in the mining sector. When we look at our pipeline, it's still very strong. As I mentioned, we have a few more that are in the pipe that hopefully will close before the end of the year. Obviously, lots of different variables that'll drive whether those deals come to market or not, but we're pretty confident that we'll see at least two, three more strong IPOs before year-end.
When we look at our broader pipeline, we have more than 2,000 companies in our long-term pipeline. A lot of private companies that we engage with. Our short-term pipeline, I would say. So when we say short-term, that's in the next three years, is roughly about 500 companies that we're in active dialogue with. When we get shorter to the next 12 months, at least another 85 - 90 companies that we're in active dialogue with. So things are looking really well. Strong. Financing activity continues to be very strong. So we're very positive going into the year-end and into 2027. What can we do to drive even more activity? Obviously, we spend a lot of time lobbying the federal government for tax change, tax policy.
We spend a lot of time with the CSA trying to reduce burden and doing a lot of things internally to blur the lines between public and private. Making it very easy for these private companies to consider the public markets. I think a lot of the rule changes that we've done over the last three to four years have really accomplished a lot of that.
Excellent. David, I think the last five years have been strong.
Yeah.
Double-digit EPS growth. What gives you the confidence that you can repeat that over the next five years?
Yeah. There are a couple of points here, Phil. I think the first one is, we set a long-term financial objective to grow earnings per share double digits. It's always good when you set out an objective and you deliver upon it, and we continue to do so. While the last five years isn't the long-term, it really bodes well for not just the last five years, but what goes into the next five years. I think I've got to call it out, like, we have a really strong, dedicated team at TMX. They are very focused on organic growth initiatives. We bring together our top sales individuals for forums and seminars through the year, but it culminates in a conference that Loui actually hosts with a number of other colleagues to really figure out all the cross-sell opportunities and to really accelerate growth.
We typically, because some of those folks are some of our more senior leaders in the firm, we then follow up with a leadership team meeting the very next day, and we really focus on organic growth, and really how we can accelerate the strategy at TMX. I think you have to call it out, like it's a really good team of individuals. The second one is really we're becoming more global than purely local, right? We've shifted to more recurring revenues than, let's say, transactional revenue. We have an objective as to roughly get to 2/3. We haven't quite got close to that number yet, so there's a lot of runway, if you will, for us to go there.
What's really, really fascinating to me when I analyze the numbers, which you know I love to do, the high growth businesses, the businesses we would classify are going to have high single-digit to double- digits growth. Those businesses combined are contributing more than 50% of the revenue of the franchise. That, I think, is part of the growth acceleration for us over the last five years, and I think bodes well for the next five years.
Excellent. A lot going on at TMX Group. Can you talk about strategic priorities for the year ahead?
Execution, execution, and execution. John said to me yesterday, "Execution." Really it's execution of our global growth strategy. I think it's completing the integration of the recently announced initiatives is the most important thing. A number of them are still subject to regulatory approval. We've announced and signed, but we haven't yet closed. But we were successful in closing Cboe Australia. Our TMX Australia franchise is now part of the family.
It was really nice to welcome them to our all-employee meeting recently. Really, we had a couple of our senior team members visit them in Australia recently, and it is an energetic team of individuals that really feel like they have been part of TMX for forever. We have got to complete that integration. We have obviously now closed on our RAFI Indices integration and VettaFi, or acquisition of VettaFi. We have to finish that integration and then keep continuing to execute quarter- after- quarter, day- after- day, because that is what it is going to take.
Okay. Let us shift gears a little bit and we will talk about some familiar themes. Threats, defensive mode, as well as TMX as a fast follower. I think 2026 kind of feels like the year of disruption fear, right? That has weighed on TMX valuation despite some positive momentum in developments. Some of the key concerns, it is AI disruption, tokenization, perpetual futures. I know both of you have been asked these questions frequently over the last little while. I will nuance mine and say with the hindsight of kind of reflecting on some of the primary investor touch points and at times misconceptions, maybe talk to some of those concerns, the TMX moat, and even upside opportunities you might see kind of stemming from these?
Yeah, it is a great question, and Loui and I will probably tag team on this one. It is interesting, we have got a proven track record of innovating at TMX, right? We often do not, and it is very much in our Canadian nature, is we do not laud our successes and our firsts. But the first to bring the ETF to market, incredible development of technology and intellectual IP. On matching engine technology. It's really something that gets overshadowed when John and I often refer to the fact that on certain of these emerging, what I would call more retail theme-based topics coming out of the U.S., that we'll be a fast follower, right?
It's not because we don't have the skills and capabilities to lead. It's just in some of these, we really need to see a proven client demand, right? There's a lot of talk about prediction markets in the U.S., perpetual futures. A lot of talk about digitization of securities, where Loui and I would argue that cash securities or cash equities are already digitized in the Canadian ecosystem. It's really looking at some of those and being able to actually deliver what our clients want and need, and not maybe be swayed by a retail theme coming out of another part of the globe that's well suited in that economy and environment, but maybe less suited in the Canadian ecosystem. So yeah, because of the work that we're doing with MEMX and BOX, and now the MEMX Group, which we hope to be able to close on next year.
They recently announced that they would do binary options or prediction futures or options on event-based on earnings releases. That's something that we will look at doing possibly on the Montréal Exchange. But there needs to be enough of a demand from the Canadian investor community for us to actually deliver it. That's the theme that I would have is, we're going to be a fast follower where we're not quite sure there's a proven client demand. But when there's a client demand, we are going to lead.
Okay. If you all kind of reframe that and kind of pitch that a slightly different way. Again, you've described TMX I think as a fast follower. What makes that kind of a good strategy for TMX and its shareholders?
It is interesting, right? We do not like to spend shareholder money and shareholder capital on speculation, Phil, where, as I said earlier, there is not a proven client demand. We are spending a lot of time speaking to the client community, both in Canada and abroad, where we have operations, as to what their wants, desires, and needs are. Really a good case in point was the Canadian broker-dealer environment, really talking about collateral management, and really helping make collateral management a little bit more efficient. We partnered with Clearstream to bring to market a product called CCMS, the Canadian Collateral Management Service. Once again, it was not something that we developed in the laboratory and said, "We hope that someone would need this." This was us co-creating with the industry.
In the next few days, our team are actually bringing together a number of thought leaders on September 15th across Canada to talk about, in the broker-dealer community, the digitization concept. Right? What is it going to solve? How can we do it? How do we partner with various different other networks, Canton Network, and others, to actually bring a solution to the Canadian marketplace that is fit for purpose and is not just following maybe a trend that we see in the U.S. or in another marketplace.
Okay. Again, what are examples where it makes sense to really push to be an innovator or in cases, a disruptor?
I think the places where it is one of our core strengths, for example, matching engine technology. Different order types. Some of the next-gen technology that we used to build AlphaX US, our U.S. ATS, was to do that. We are now well-positioned as we bring together MEMX and BOX to actually critically look at the MEMX technology, the AlphaX US technology, and really innovate to that next level, and that is where we can lead. That is where I think we should lean into our strength, versus areas where it is not a core differentiator or part of our defensive moats. That is better purchased from a partner, and/or potentially a cloud service provider.
Okay. Data analytics, I think, continues to be a valuable source of growth and recurring revenue. I think Trayport has seen strong top-line expansion for years, although the relative pace slowed a bit in 2026. What do you see as the biggest drivers for near and mid-term growth for Trayport?
I think it is a couple of things. The first is continue to execute on the core Trayport technology platform that really brings together the network of brokers, traders, and exchanges for a lot of over-the-counter products that are actually traded in the energy sector in Europe. I think the second one is more product offerings. We, at one stage, did not have algorithmic trading as a capability in that ecosystem. We listened to what our clients, their wants and desires were. That was very self-evident. In addition, there was some charting analytics capabilities that they were really asking to take data out of the ecosystems. They could throw it into Excel and other visualization tools. Really, adding more product will help fuel it. Then also, it is diversification of asset classes is very important, too.
We spoke at our Investor Day about getting into other asset classes and exploring oil. Then finally, it's the geographic expansion. We've done a decent job. We have almost CAD 10 million of our revenue coming from the Trayport business based out of the U.S. right now, North America. Japan is deregulating, and that's really a growth market. That's where I think the growth would come, and that's more on the long term. On the near term, it's product enhancements and facilitating that client growth and user base.
Excellent. Given some of the broader, I'll call it, industry changes with SaaS-type models, was there any discussion or work being done to consider Trayport more as a usage-based revenue model?
Yeah. Trayport today, and this is one of the things where there's sometimes a misunderstanding. We publish metrics from our Trayport business that are very common metrics that SaaS-based businesses will publish. As a result, some people have said, "Oh, well, Trayport must be a SaaS-based business." We really don't sell software as a service at Trayport. What we effectively do is we sell access to a network, and we sell it based on user subscribers. We obviously have two models. We have clients that will be on a one-year pay-as-you-go subscriber use-based licensing agreement. But then we have a great swath of our clients that actually use our site license opportunity or model, and that's effectively priced over multiple years. Effectively, it's an all-you-can-eat during that term.
I think it's really dispelling the fact that, yes, when we show NRR, ARR, which are very common SaaS-based metrics, it isn't purely a SaaS business because we don't sell software as a service.
Okay. I think there's been a very active period, I think, of M&A for TMX. I guess the combination of BOX and MEMX is the most recent transaction announced. Can you walk us through some of the highlights of that? Also, what do you think makes this exciting for shareholders?
That's a very exciting transaction for us because we've been asked the question for a number of years, which is, you have a 48% equity earnings interest in BOX, but you have a voting interest just north of 50%. You built a U.S. ATS. Why don't you bring them together? What more can you do to accelerate your growth in the U.S.? This was a shareholder-led transaction with really some shareholders are common between MEMX and BOX, but then there are a number of unique shareholders in both entities. It was really a shareholder coming together where we felt that we could actually create a far more compelling options and trading venue in the U.S. that stands a chance long term of really competing for being the fourth biggest venue in the U.S. We were excited about that.
We sit on announcing that we would be roughly around 59% owner in that. By the time we get to close, that number might be somewhere between 55% and 60%. The reason it might slip down a little bit is the reaction from the shareholders and the marketplace to this announcement has been incredibly positive. Some of our shareholders, in both entities that had indicated initially they might roll 50% of their equity stake and take 50% off the table, are now expressing an interest to roll either 100% or a greater percentage than their 50%. We're actually quite excited about that, and that'll actually help us as well, Phil, when we come down to our leverage, because we had said we'd roughly have to disperse around CAD 800 million for this. It'll be south of that, depending on where we land up.
I think as well, bringing together these listed options venues in the U.S. is going to be really powerful for the constituents. I think we're going to have an opportunity to modernize the technology stack of the combined entity because the technology that Jonathan Kellner and his team have built at MEMX is really state-of-the-art. We were due for some technology upgrades on the BOX side. I think that that's going to help us there. It's going to help us on the global expansion agenda. Our desire to be a meaningful player in the U.S. has continued to be something that we've steadfast stood behind, and this is another step in that direction.
Okay. You recently closed Cboe Australia. What does that deal mean for TMX, I will call it, in the near to midterm? What are some of the long-term opportunities that might lead to?
Loui, do you want to?
Sure. I will speak to it from a Capital Formation perspective. Deal closed about a month ago in Australia, so teams have been working hard on integration and whatnot. I think it is a real opportunity to bring together two of the world's leading mining and energy financing ecosystems, Australia and Canada, obviously, with real strength in mining and energy. So bringing those two markets together, I think, is a real opportunity. There are two areas that I think we are really focused on right out of the gate. One is ETFs. I would argue that the ETF market in Australia is years behind where we are at here in Canada in terms of growth, innovation, maturity. So I think we have an opportunity to replicate the world-class ETF franchise that we have built here in Canada, a leading ETF market, and replicating that success in the U.S.
Following on to that, I would say the corporate opportunities, the corporate listing opportunities. So Cboe does not have any corporate listings. We know from being active in that market for years that the community there is really looking for an alternative. Just based on recent feedback from roadshows that we have done, the investment bank community there is really keen to see us up and running. So we do think we can bring some of that expertise to that market. We also think longer term, we can replicate our venture market in Australia, which does not currently exist there. Longer-term opportunities, and we will speak to this a little bit later on, but our Corporate Solutions business, and these are the different products and services that we sell to listed companies, we plan to sort of roll that offering out into that market as well.
Lots of opportunity ahead, over the next couple of years.
A bit closer to home, you have Cboe Canada, I think, likely to close next year. What makes that a compelling deal for TMX?
Yeah, it is an interesting one, Phil, because I think firstly it creates a stronger Canada, right? The deal strengthens Canada's standing as a champion in the global marketplace. I think that that is good for us, in Canada.
I think as well it does create value for our clients and for our stakeholders. The reason is it is going to give us opportunity to expand the client-centric products that are offered in the Canadian marketplace. I think it is also going to create some domestic market and opportunity for more global expansion, because we will be stronger.
Lastly, I think, as I said on the call when we announced it, is while it is going to be accretive before synergies, we are expecting there to be significant cost synergies. That is ultimately going to benefit Canada, right? It is going to benefit our clients. It is going to benefit the Canadian ecosystem by simplifying it. We have a number of venues that our broker-dealers in Canada have to connect to. We have an order that requires them to connect to all of these marketplaces, and finding a way to actually simplify that marketplace connectivity will result in lower costs for our clients.
Okay. Now, does TMX still have management and financial capacity for further M&A, or are we really entering a period of execution?
Yeah. There's two parts to that. One is financial capacity and the other one is management capacity. From a financial capacity perspective, there's absolutely more capacity than would be apparent to everyone, in part because, as I touched on on the MEMX Group/ BOX transaction, that'll probably result in less of an investment being required because more folks will probably roll at a higher percentage. But also we would probably only see our leverage top out at around 3.4 x. And I feel very comfortable right up at 2.4 x leverage. So there's capacity there. But in addition, there's management capacity for us because these acquisitions are not all closing on the same timeline, and they're also not all in the same business. So the same technology teams are not being impacted.
There are obviously parts of our information security technology team, our HR team, finance, legal, compliance, that are impacted across the board. And so what we've done is we've tried to actually augment those teams with some additional resources. We've brought in some professionals, some contractors to actually help the team. As I said earlier on, the immediate goal for us is execution. It's really finishing the job on integration, but executing on the day-to-day and not losing sight of what got us here. It just happened to be that we announced all three of them in very quick succession. We had been working on these transactions for multiple years, and for some of them almost 2.5 years. It just happened to be that they all kind of came to the same announcement dates within a similar window.
But as you see now, we've closed on TMX Australia. We're still a ways away from closing on Canada. That's still going through the Competition Bureau and the appropriate review process. Obviously, we've closed on RAFI Indices. It's another team that is dedicated for that. Then, obviously, the SEC and other bodies need to weigh in on the MEMX Group and BOX merger. So I'm not worried about our execution capability and/or our financial capability.
Okay. Maybe a bit of a follow on then. In light of recent M&A activity, what are the current capital priorities?
First and foremost for us, and it's unchanged, we want to maintain our credit rating. Leverage, we would like it to be, absent acquisitions, in that 1.5x-2.5x range. We've been active on our share buyback program this year. We were at a peak in June of last year. There were some extraneous factors coming out of some of the AI fears, which we felt were unfounded at the time, but there was clearly an impact to most of the North American exchanges and some other businesses too. We had an opportunity to accelerate our share buyback program, which we did. The next element of the capital stack, if you will, or the redeployment stack, is returning capital to our shareholders. We do that obviously in the form of share buybacks. That helps.
It's also the dividends that we pay. We've targeted a 40%-50% payout ratio. We just announced in the third quarter our third dividend increase, so in the last 12 months, which it was, A, justified, and B, a signal of the earnings power that we have. But we really needed to do that to keep pace with our 40%-50% payout ratio because our EPS have been growing at a solid double digit. That remains the stated objective. We've always been open to using leverage for inorganic financing. It is the cheapest form of financing. But we're also being very open, that if the right opportunity were to arise, we have a very attractive stock and, as it traded into its full value, it becomes a more viable acquisition financing vehicle. So we'll stay open to that.
But at the end of the day, we are so focused right now on executing on these transactions we've announced and the organic growth plans that we have. We have more than enough capital to sustain.
Excellent. Listen, I think the listing business, I think, is a fundamental part of that TMX flywheel. So Loui, how does TMX differentiate itself in the listing business, and what do you see as key to winning new listings, both at home and abroad?
Sure. There are a number of different things. I'd say first and foremost, I think our ecosystem in Canada of deal makers, advisors, brokers, is somewhat unique as much as it may not seem that way. When you get to other jurisdictions in Latin America, even Israel and parts of Europe, it doesn't come together the way it does here. That ecosystem understands the risk trade, understands our sectors, and that's what sort of makes us experts in the SME space. That's a real draw when international companies are looking at our market. I'd say also the uniqueness of our two-tier ecosystem with TSX Venture and TSX, that is truly unique in the world. That is a big draw. Our venture market really is the growth engine of our Capital Formation business. It continues to be the largest source of listings for our TSX franchise.
That ability to list a company at a very early stage, incubate on venture, use your share of currency to do acquisitions, and then ultimately graduate to TSX is really a unique model that people around the world have been trying to replicate for years. I would also say we have probably the largest and most robust global business development team of any other exchange group. We've taken the approach of putting boots on the ground in jurisdictions that we think work well with our market. We have people in the U.S., Latin America, Israel, Europe, and those people really are not only looking for listings obviously, but really doing the work to build ecosystems of deal makers in those jurisdictions.
For example, when you look at Israel and the success we've had there, I'd say anytime we're doing a listing out of Israel, 50% of the capital that's raised on a deal is actually coming from that jurisdiction and the rest coming from Canada. It's also helping us supplement and complement the pools of capital that sometimes aren't always in our market here. Those things are really what make us unique. I said this earlier in one of our meetings.
When you're in California and you're in a room like this with 100 entrepreneurs and you sort of educate them on the fact that you can go public at a very early stage and you don't have to go private equity or VC and deal with some of those issues, people's eyes light up and really take to that opportunity, and that's really been a big part of our sales pitch. The U.S. continues to be the largest source of listings outside of Canada for us, and I think it's really because the message of the uniqueness really resonates. Again, we know where we play, right? We're an SME market. We're not competing with large caps on Nasdaq and NYSE, and I think that sweet spot for us has proved us well over the years.
Okay. U.K. regulators, I think, have made some changes to really, quite frankly, I guess, to the London Stock Exchange to help them regain relevance, for lack of a better word or even a direct quote. Do you see any potential changes in Canada that could help TMX in its own home market?
Yeah. I would say, I think I touched on this a little earlier. What London has been trying to do over the last couple of years, I would argue we have been trying to do for 15 years. So we have been very engaged with the CSA and the regulators for years in driving regulatory change, reducing burden. We have been very active under the leadership of John McKenzie over the last six years, seven years of doing a lot of advocating with the federal government to drive tax policy change incentives for public companies. We will continue to do that. I think we have seen a lot of wins. We have seen regulators in Canada show a real willingness to make those changes and to make our markets far more attractive.
I think the other thing we have done, which is a little bit different, but an important point, we look at London, I think with some of the transactions that London has done over the years, their big RAFI Indices deal, the listings part of their business, I think became a bit of an afterthought. I think they are paying a little bit of the price of that now. Whereas at TMX, and David can speak to this, even as we have expanded globally and we have diversified our businesses well beyond our Capital Formation business, we have never lost sight of how important that core business is. So it is not a business that is in care and maintenance or sustain mode. This is a core part of the flywheel. I think that focus has proved us right in that strategy, and I think will continue to keep us in the position that we are in.
Okay, the Corporate Solutions business, and Capital Formation, I think it has become an increasingly important part of growth in recent years. Maybe you can kind of talk us through the importance of this business, and the opportunity that it presents.
Sure. For those in the room that may not be aware of what it is, our Corporate Solutions business is essentially all the products and services that we make available to our customers on the listing side of the business. Originally it was just the listed companies, but as we've expanded that portfolio of solutions, we now sell to public companies, private companies, so we've expanded our addressable market well beyond our public markets. We service governments, we service law firms. Not just in Canada, the service offering allows us to sell into the U.S., into LATAM, into Europe, because they are truly global offerings. A big part of that solutions offering is our transfer agency and trust business. So we offer transfer agency trust, employee plans, services business. We do registered plans, dealer services. Pretty robust offering there.
Just over a year ago, we bought a newswire business, so we're now in the disclosure dissemination business, that we're selling globally. That is the high-growth segment of our Capital Formation franchise. Our listings business will grow at a more modest 5%-7%, let's say, over the long term. Whereas this segment of our business is high single digits, low double, actually even higher double-digit, growth. The goal there is to deepen our share of wallet within our existing customer base. What we're seeing is our ability to sell multiple products into multiple touch points within a company. When we look at a particular listed company, we're seeing companies now with five, six, seven different products within our product suite in their offering.
I think that just deepens our relationship with our customers, makes it more sticky, and then just creates opportunities for us across the broader TMX franchise. That's really been the focus. Corporate Solutions represents about 40% of our total Cap Form revenue today. Our longer-term goal, by 2030, we'd like to get that at 50% and even higher. We're well on track to achieve that target.
Excellent. Maybe just in terms of some closing thoughts to leave with investors, I guess I'll aim this one for you, Dave, here. What do you think is the most compelling reason for investors to own TMX today?
Look, we're a technology-driven business that's really globally diversified. We're an information company at the heart. We set out a TM2X plan and quite frankly, as we covered right at the beginning, I feel we're on track to deliver that well ahead of schedule. I think that's one of the three most compelling reasons. The second is we've effectively deployed our capital, to accelerate our growth in a way that our shareholders have rewarded us for. We don't overpay for inorganic growth. We invest in our organic growth in a targeted manner. It's really shown in our EPS, which has consistently been double digits EPS growth, which is part of our long-term objectives. Then really the third, and I'll close with it, is we've got a proven track record of innovation.
We are obviously the benefiters of what we see around the trends around AI right now, more so than a threat. I'd leave that with everyone, which is AI is an enabler. We didn't get to unpack a lot of that today on the stage, but Loui and I did in many of our meetings earlier today. The things that we are doing at TMX to really drive innovation in our client-facing activities, that is having tangible benefits, and it's being accelerated through the use of AI is, to me, a middle-aged man, jaw-dropping. I think that's another compelling reason is we are positioning TMX for the future, and that is the future using AI, as opposed to a future avoiding or ignoring AI.
Excellent. Well, listen, it's been a great conversation. David and Loui, I'd like to thank you both personally for taking your time today, and thank the TMX organization for your continued support. Thank you.
Thank you for being a client. Thank you.
Appreciate it. Thank you.