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        Hello I am Ted Dixon with
        your INK morning report
preview
        for November 19th.
        Brighter skies for
        Canada's stock exchange
incumbent.
        The sun has been shining
        on Canadian stocks over
the past year,
        with the INK Canadian
Insider Index
        up more than 50%.
        One of the natural winners
from
        the bull market is the TMX
Group.
        It runs Canada's largest
stock exchange,
        the TSX and has benefited
        from a rising number of
        issuers on the exchange.
        That means more listing
fees
        and that is good for the
bottom line.
        According to Refinitiv,
the TMX's trailing
        12-months free cash flow
per
        share has been on the
rise.
        While the TMX runs
Canada's largest exchange,
        it has been facing
        competitive domestic
pressures from
        centralized rivals such as
Nasdaq Canada
        and there is also
        the prospect of
competition from
        cryptocurrencies
        cryptocurrency exchanges
which you know
        have the technology
already
        to list tokenized versions
of stocks.
        However,
        North American regulators
        have been relatively
        successful at slowing down
        the global rollout of such
services,
        giving incumbent exchanges
        a chance to catch up.
        Although the TMX has been
pretty
        quiet about its blockchain
strategy,
        we would be surprised
        if it doesn’t have
        something on the drawing
boards.
        Interestingly, this week
        Fidelity Clearing House
        rolled out what it
believes is
        the first regulated entity
to offer
        digital currency trading
and
        custody to service
institutional investors.
        We will have to see if the
TMX Group
        has anything similar up
its sleeve.
        (Insider Bertrand)
Meanwhile,
        a director has spent
        over $2.5 million buying
shares this month,
        signalling a high degree
of
        confidence in the group's
prospects.
        Well that is our summary
        for today and I hope to
see you
        again next week as we let
        the insiders guide us
        to opportunity this fall.
        This is not a
recommendation to
        buy or sell securities and
        nothing in this video or
        in INK reports should be
considered
        financial advice
information is for
        educational purposes INK
employees may
        hold an interest in
        any stock mentioned in
        our videos or in our
reports.