TMX to close down fund platform

The TMX Group Inc. is shutting down its mutual fund trading platform at the end of the year.

The exchange company announced that TSX NAVEx — a mutual fund trading platform that launched in 2016 — will be shuttered on Dec. 30.

“TMX has decided to decommission TSX Navex and focus on other opportunities as part of its ongoing commitment to provide markets with client-centric, technology-driven solutions,” the firm said in a notice.

“As markets shift, product priorities must continuously be evaluated to ensure we provide the maximum value to clients and stakeholders.”

The platform was originally launched with the promise of utilizing the TMX’s trading and clearing infrastructure for equities to enable easier, cheaper bulk trading of mutual funds.

In today’s announcement, the TMX said that it “continues to explore new ways to evolve our business to address client needs in traditional as well as innovative markets.”

James Langton

James is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994.