Core Insights - TMX Group Limited reported trading statistics for November 2025 across its marketplaces, including the Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange, and Montréal Exchange [1] Overall Market Performance - Total trading volume in November 2025 was 14,208,169,648 shares, a decrease from 18,846,129,482 in October 2025 but an increase from 12,025,217,832 in November 2024 [2] - The total value of trades in November 2025 was $348,072,436,278, down from $388,951,149,042 in October 2025 and up from $280,339,336,898 in November 2024 [2] - The number of transactions in November 2025 was 28,095,632, compared to 32,543,664 in October 2025 and 22,281,813 in November 2024 [2] Daily Averages - Daily average trading volume in November 2025 was 710.4 million shares, down from 856.6 million in October 2025 and up from 572.6 million in November 2024 [3] - Daily average value of trades was $17,403.6 million in November 2025, slightly down from $17,679.6 million in October 2025 and up from $13,349.5 million in November 2024 [3] - Daily average transactions were 1,404,782 in November 2025, down from 1,479,257 in October 2025 and up from 1,061,039 in November 2024 [3] Year-to-Date Statistics - Year-to-date trading volume for 2025 reached 151,375,747,288 shares, a 25.5% increase from 120,597,202,054 shares in 2024 [4] - Year-to-date value of trades was $3,627,871,623,338, reflecting a 29.3% increase from $2,804,748,794,477 in 2024 [4] - Total transactions year-to-date were 285,714,873, up 25.2% from 228,153,094 in 2024 [4] Toronto Stock Exchange Performance - In November 2025, the Toronto Stock Exchange recorded a trading volume of 8,908,413,019 shares, down from 10,276,749,913 in October 2025 but up from 7,986,209,101 in November 2024 [6] - The value of trades on the Toronto Stock Exchange in November 2025 was $325,825,113,125, down from $359,530,835,199 in October 2025 and up from $260,757,004,269 in November 2024 [6] - The number of transactions was 23,960,280 in November 2025, compared to 27,510,977 in October 2025 and 19,643,417 in November 2024 [6] TSX Venture Exchange Performance - The TSX Venture Exchange saw a trading volume of 4,048,567,315 shares in November 2025, down from 6,622,291,383 in October 2025 and up from 2,864,394,117 in November 2024 [10] - The value of trades was $3,431,901,111 in November 2025, down from $6,100,705,074 in October 2025 and up from $1,372,153,132 in November 2024 [10] - The number of transactions was 1,591,029 in November 2025, down from 2,567,858 in October 2025 and up from 732,906 in November 2024 [10] TSX Alpha Exchange Performance - The TSX Alpha Exchange recorded a trading volume of 1,221,120,861 shares in November 2025, down from 1,893,812,483 in October 2025 and up from 1,154,006,820 in November 2024 [14] - The value of trades was $18,065,379,256 in November 2025, down from $22,249,060,790 in October 2025 and up from $17,538,591,868 in November 2024 [14] - The number of transactions was 2,430,819 in November 2025, compared to 2,314,065 in October 2025 and 1,841,692 in November 2024 [14] Montréal Exchange Performance - The Montréal Exchange reported a derivatives volume of 20,484,351 contracts in November 2025, up from 19,430,481 in October 2025 and slightly up from 19,576,991 in November 2024 [22] - Open interest in contracts was 33,839,881 in November 2025, up from 33,112,659 in October 2025 and significantly up from 23,771,795 in November 2024 [22] Year-to-Date Statistics for Montréal Exchange - Year-to-date volume for 2025 was 214,478,368 contracts, a 19.3% increase from 179,706,965 contracts in 2024 [23] - Open interest year-to-date was 33,839,881 contracts, up 42.4% from 23,771,795 in 2024 [23]