Canadian exchange operator TMX Group has launched a new technology initiative to develop market tools and big data analytics services.
The eXplore TMX Innovation Lab will consist of a select group of TMX employees who will focus on developing solutions in technology and data, aiming to innovate and reimagine existing capabilities.
Lou Eccleston, CEO of TMX Group, said: “With this new initiative, TMX Group will be better positioned to leverage our existing technology and human capital to incubate and develop new solutions for our clients.”
As well as working with in-house technology, eXplore will also connect to external innovation networks to build on knowledge being developed across financial services research. It has already developed a formal collaboration network with the Fields Institute for Research in the Mathematical Sciences and the Capital Markets Institute at the University of Toronto.
TMX is sponsoring research to gain a clear understanding of the challenges that face Canadian capital markets and investigate the tools needed to bring opportunities to market participants.
Markets have seen an increasing focus on the scientific investigation of capital markets and trading. Earlier this year, several buy- and sell-side firms across Europe formed Plato Partnership, a new dark pool that will pour its profits back into research efforts to increase efficiencies in capital markets.