VF2018: The convergence of tokenized offerings and global equity capital markets (Brady Fletcher, Managing Director & Head of TSX Venture Exchange)
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TMX Group Limited is a Canadian financial services company that operates equities, fixed income, derivatives, and energy markets exchanges. The company provides services encompassing listings, trading, clearing, settling and depository facilities, information services as well as technology services for the international financial community. TMX Group is best known for its stock exchanges, Toronto Stock Exchange (TSX), which serves the senior equity markets, and TSX Venture Exchange (TSXV), which serves the public venture equity market. For more information, visit the company's website at www.tsx.com.
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VF2018: The convergence of tokenized offerings and global equity capital markets (Brady Fletcher, Managing Director & Head of TSX Venture Exchange)
- 1. NCFA #VF2018 TOKENIZED OFFERINGS & GLOBAL CAPITAL MARKETS CONVERGENCE: ©2018 TSX Inc. All rights reserved.
- 2. A unique world-class two tier market 2 TSX Venture Exchange Toronto Stock Exchange Unique Public Market “Incubator” •  654 companies that listed on TSXV have graduated to TSX •  20% of S&P/TSX** Composite Index constituents are graduates from TSXV **The S&P/TSX Composite Index is the product of S&P Dow Jones Indices LLC (“SPDJI”) and TSX Inc. (“TSX”). Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and TSX® is a registered trademark of TSX. SPDJI, Dow Jones, S&P and TSX do not sponsor, endorse, sell or promote any products based on the S&P/TSX Indices and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions or interruptions of the S&P/TSX Indices or any data related thereto.
- 3. TSXV Ecosystem fosters growth of venture stage companies 3 24%TSXV share of listed issuers in global growth capital marketplace 44%Global growth capital marketplace Grads come from TSXV #3Exchange group by equity capital raised in global growth capital marketplace in 2017TSX Venture Exchange Ecosystem Deal makers Retail investors and brokers Independent investment dealers Data providersCommunities Regulators Media Source: S&P Capital IQ, TSX/TSXV Market Intelligence Group and the World Federation of Exchanges.
- 4. Canopy Growth Corp (TSX – WEED) 4Source: TSX/TSXV Market Intelligence Group and S&P Global Market Intelligence. As at or YTD September 30, 2018.
- 5. Successfully incubating Technology leaders 7“UNICORNS” (CURRENT) 58“CENTAURS” (CURRENT) 75%RAISED CAPITAL (2016-17) TECHNOLOGY 1996 – RTO on TSXV (CPC) 2014 - Acquired by Mitel ($400M) LIFE SCIENCES 2014 – RTO on TSXV (CPC) 2018 – June 30 Valuation of $7.7B LIFE SCIENCES 2014 – Spin-Out on TSXV 2018 – June 30 Valuation of $1.2B TECHNOLOGY 2001 - $2M IPO on TSXV 2018 – June 30 Valuation of $640M TECHNOLOGY 1999 - $1M IPO on TSXV 2017 – Acquired by PayPal ($300M) CLEAN TECHNOLOGY 1996 – RTO on TSXV (CPC) 2018 – June 30 Valuation of $435M 50“GRADUATES” (CURRENT) TECHNOLOGY 2010 - $5M IPO on TSXV 2018 – June 30 Valuation of $8.1B CLEAN TECHNOLOGY 1996 – RTO on TSXV (CPC) 2018 – Acquired by Xylem ($510M) Source: TSX/TSXV Market Intelligence Group and Company Filings; as at June 30, 2018 unless otherwise noted; data includes companies in the technology, clean technology, renewable energy, and life sciences sectors that initially listed on TSX Venture Exchange or are currently listed on TSX Venture Exchange.
- 6. 2018 arguably: year of the ICO 6 Emergence of Regulation -  SEC settles with Airfox & Paragon Coin, calling ICOs securities -  Jay Clayton Consensus:Invest Interview – ICO firms should go see the SEC ASAP -  Colorado hits 18th Cease & Desist -  Utah accepts Bitcoin for taxes -  Crypto mining permissible for political campaign fundraising -  CIBC vs. QuadrigaCX highlighting the challenge of converting between fiat and crypto
- 7. Driven evolution of token markets 7
- 8. Opportunity for CONVERGENCE 8 CAPITAL ISSUERSUSER EXPERIENCE
- 10. Thinking about CDS as an interface 10
- 11. Global Equity Capital Markets still the big leagues 11 $80 Trillion Global Equity Capital Markets
- 12. Improving the User Experience 12 INVESTOR ISSUER -  Insider trading reporting -  Automated filings -  Information dissemination -  Proxy voting -  Instant Settlement -  Access to Capital -  Elimination of middle men -  24/7 trading -  Transparency -  Avoiding regulatory requirements -  Democratization of growth stage investment
- 13. Enhancing mobility of global capital 13