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Bryce C. Tingle is the N. Murray Edwards Chair in Business Law at the University of Calgary’s faculty of law. His book Hard Lessons in Corporate Governance was shortlisted for the Donner Prize.
Canada has been shaken out of its complacency by the actions of the Trump administration over the past 100 days. As this country considers how it can compete against a suddenly antagonistic southern neighbour, some consideration should be given to the woeful state of our public markets.
The Toronto Stock Exchange, long the crown jewel of Canada’s financial system, has shrunk almost by half in terms of the number of operating companies it supports. Most of the missing companies have gone to the U.S. In the terminology we generally use for businesses, the TSX is being badly outcompeted by the U.S.
At a time when Quebec’s Premier is musing about accepting pipelines, and various other provinces are considering reducing long-standing trade barriers, improving the competitiveness of our public markets needs to be a priority. Our stock exchanges’ competitors include both American companies that buy the Canadian startups that would otherwise have listed on the TSX, as well as the American stock exchanges that directly attract Canadian companies away from the TSX.
For the rest of this article: https://www.theglobeandmail.com/business/commentary/article-too-long-has-the-toronto-stock-exchange-been-shrunken-and-battered-no/