TMX Group Limited

OK, let's do a quick email before we take a break from Craig.

He says, hi, Tim, my own TMX group.

I noticed it's a larger holding at King West.

What do you see for the next five years? What would be a reasonable total return annually over that time? I was also worrying about the cycle for the stock.

Its author, Thomas Kalafatis, is Managing Partner at Halbright Advisors.

He was also CEO and Managing Partner at Independent Trading Group, Managing Director and Global Head, Equity Execution and Prime Services Group at CIBC World Markets, Vice President Sales and Trading at TSX Group, and held roles in corporate finance in New York City for Stern, Stewart & Company.

Welcome, Mr. Califaz.

The title asks whether Canada's big bank model has killed the geese that lay the golden eggs.

We are going to an email from Mike.

Uh, "Any thoughts on TMX Group? Is it a buy, sell, or hold, and would you buy at these levels?" Uh, have you owned TMX Group at any point?

Absolutely.

So we do own this.

So you'd be getting four hours in the aftermarket and two and a half in, in the pre-market.

So right now, apparently this exists on TSX Alpha from 8:00 AM to 5:00 PA- 5:00 PM, which is kind of an alternative exchange ran by TMX Group.

I think, like, in my opinion, it's largely a dud.

I think they mention that it's, like, 0.012% of total volume.

The next morning apparently it opened in the red.

So I've had a lot of people...

The reason I got asked about this is I've had a lot of people, it, ask me if it's a threat to TMX Group, because I do cover that company quite a bit.

And I don't really, I don't think it's a threat at all.