Consolidated Volume Data Brings New Clarity to Canadian Equity Markets

August 18, 2025 |

Author: Michelle Tran, President, TMX Datalinx

Canada's capital markets are globally recognized for their strength, fairness, and resilience. Built on a foundation of transparency, innovation and broad participation, our markets support a wide range of issuers and investors—from emerging growth companies to global institutions.

However, the very competitiveness that drives innovation has also introduced complexity. With over 18 unique trading venues operating across the country, Canada's equity marketplace has become increasingly fragmented. While this structure encourages choice and efficiency, it can also obscure a clear view of market activity for Canadian stocks and ETFs. For many participants, this results in reduced transparency, incomplete liquidity signals and higher costs when seeking a more comprehensive view.

To address the visibility gap, TMX Datalinx^Ⓡ is launching TSX Consolidated Volume (TCV) in September 2025 with the data feed available to vendors. This service aggregates trading volume from across all Canadian equity venues for TSX and TSXV listings, giving market participants a significantly broader view of activity without the need to license each marketplace individually. Designed to support informed decision-making, TCV makes trading insights more accessible across Canada's public markets and enhances visibility for listed issuers.

Expanding Transparency for Retail Investors

Retail investors and advisors play a critical role in Canada's public markets. While they differ from institutions in scale, their expectations are increasingly aligned: fast, data-informed and platform-enabled decision-making. Still, access to comprehensive volume data in Canada has long been cost-prohibitive for these users. With TCV, aggregated real-time and delayed volume data is now available through major vendor platforms. For investors using self-directed platforms, this unlocks access to market signals that were previously inaccessible.

Better visibility into volume trends allows retail investors and advisors to more accurately assess liquidity, improve trade timing and interpret market momentum across venues, which enhances the investor experience. By broadening access to these insights, TCV supports a more transparent and inclusive market where all participants, regardless of size, can engage on equal footing. At the same time, for public companies and ETF providers, how liquidity is perceived directly influences capital formation, investor interest and overall trading dynamics.

Addressing a Visibility Gap for Issuers

In a competitive and fast-evolving marketplace, issuers rely on accurate, timely data to understand how their securities are trading and how they are perceived by the market. However, many public companies and ETF sponsors have historically seen only a fraction of actual market activity, typically limited to their listing exchange.

This limitation is especially challenging for small- and mid-cap issuers and ETF providers, whose securities often trade in lower volumes across multiple venues. Without a consolidated view, it becomes difficult to assess liquidity trends, monitor unusual price movements, or benchmark performance accurately.

The TCV feed changes that. By aggregating volume from all Canadian equity venues, it gives issuers access to approximately 90% of real-time trading activity for TSX and TSXV-listed securities, with the remainder available on a delayed basis. This ensures a fuller, more accurate picture of market behaviour.

"TSX Consolidated Volume gives our issuers a more accurate view of how their securities are traded across the entire Canadian marketplace," says Loui Anastasopoulos, CEO, TSX and TMX Global Capital Formation. "By reflecting the full spectrum of liquidity, it helps address longstanding visibility challenges and supports stronger engagement with investors."

This broader view helps issuers better understand how their securities are valued and traded, contributing to stronger investor confidence and more informed capital markets engagement.

TCV isn't intended to replace full-depth data solutions used by broker-dealers or firms conducting transaction cost analysis. Instead, it broadens visibility for stakeholders, such as advisors, platforms, and investors, who typically lack access to data from all venues.

Aligning Market Structure with Modern Data Needs

Canada's multi-venue equity market has fostered innovation and competition, but it has also introduced operational challenges for vendors, brokers and data platforms. Aggregating data from multiple exchanges adds complexity, increases infrastructure costs and can limit service quality for end users.

TCV addresses these challenges through a unified feed of volume data for TSX and TSXV-listed securities. It simplifies access to a more representative view of market activity, reducing the need to maintain connections to each individual venue.

Importantly, TCV doesn't alter existing licensing arrangements with other marketplaces. It's a flexible, vendor-ready solution built specifically for Canada's market structure, and designed to enhance transparency and efficiency without requiring fundamental shifts to infrastructure.

For years, full-market visibility in Canada has been limited by the structure of access. TCV shifts that dynamic by delivering a clearer, more comprehensive view to support decision-making without added complexity or prohibitive cost.

TMX is actively working with data vendors to support integration and ensure the consolidated data is displayed consistently across platforms. While adoption timelines may vary by provider, the feed is now available for vendor implementation. Full visibility ultimately depends on how vendors incorporate the data into their platforms—an outcome shaped by both industry collaboration and client demand.

As capital markets continue to evolve, the ability to make informed decisions based on complete and reliable data will distinguish those who lead. TSX Consolidated Volume is one step toward a more informed, inclusive and resilient marketplace where decisions are grounded in data that reflects reality, not just proximity.

To access TSX Consolidated Volume data, market participants should contact their preferred market data vendors. Vendors can provide visibility into the full dataset and help integrate this valuable information into client platforms.

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