DECISION NO. 2026-PDG-0027: Recognition of TSX Inc. as a Security Information Processing Agency

DECISION NO. 2026-PDG-0027
Recognition of TSX Inc. as a Security Information Processing Agency

Having regard to the requirement to be recognized as a Security Information Processing Agency ("SIPA") to carry on this activity in securities in Quebec under section 169 of the Securities Act, RLRQ, c. V-1.1 (the "Act");

Having regard to the recognition decision of TSX Inc. ("TSX") as a SIPA for listed securities under section 170 of the Act issued by the Autorité des marchés financiers (the "AMF") on June 17, 2022 (Decision No. 2022-PDG-0039);

Having regard to the expiry date of Decision No. 2022-PDG-0039 set for June 30, 2026;

Having regard to the application for recognition as a SIPA for listed securities filed by TSX with the AMF on December 15, 2025, under sections 169.1 and 170 of the Act (the "Application"), pursuant to paragraph 10 of Decision No. 2022-PDG-0039 to allow it to continue its activities in that capacity;

Having regard to the undertakings given by TSX to the AMF, which supplement the Application, are attached as Annex 1 to this Decision and form an integral part thereof;

Having regard to the filing by TSX with the AMF of the form provided for in Annex 21-101A5, Information Sheet of the Security Information Processing Agency (the "Annex 21-101A5") of Regulation 21-101 on Market Function, RLRQ, c. V-1.1, r. 5 (the "Regulation 21-101") on January 28, 2026;

Having regard to the power granted to the AMF, under section 170 of the Act, to recognize a person referred to in section 169 of the Act under the conditions it determines;

Having regard to the analysis conducted by the Principal Directorate of Markets and Derivatives and the recommendation of the Superintendent of Securities Markets and Distribution to grant TSX recognition as a SIPA for listed securities, given that this recognition does not prejudice the public interest;

Therefore:

The AMF recognizes TSX, under section 170 of the Act, as a SIPA for listed securities.

This Decision is subject to the following terms and conditions:

1. Notice and Approval of Changes
   a) TSX must notify the AMF in writing without delay of any significant change occurring in the information contained in Annex 21-101A5. b) TSX must not, without the prior written approval of the AMF, make any changes to the following aspects of its operations as a SIPA:
   i) its governance structure, including the structure of its governance committee and its advisory sub-committee; ii) the fee schedule related to services provided by TSX as a SIPA; iii) the model for sharing fees and operating revenues related to services provided by TSX as a SIPA; iv) the information products offered by TSX as a SIPA; v) the degree of dependence of TSX in its activities as a SIPA on the exclusive technology of Groupe TMX Limitée, particularly any change that has the effect of increasing this degree of dependence. c) TSX must not, without the prior written approval of the AMF, make any significant changes to the following aspects of its operations as a SIPA:
   i) fees related to services provided by TSX as a SIPA, including subscriber access fees and distribution fees; ii) the systems and technology used by TSX as a SIPA, including regarding their capacity. d) Unless TSX gives the AMF at least eighteen months' prior written notice and complies with any conditions that may be imposed by the AMF in the public interest for the orderly cessation of TSX's activities as a SIPA, TSX will not carry out any transaction that would have the effect of suspending, ceasing, or abandoning all or a significant part of its activities as a SIPA.

2. Governance
   a) TSX must ensure that the governance structure for the exercise of its activities as a SIPA guarantees:
   i) fair and meaningful representation of each data-providing market within the governance committee established for the exercise of its activities as a SIPA; ii) adequate representation of data-providing markets and persons who wish to have access to its services as a SIPA. b) TSX will maintain and monitor compliance with its policies and procedures to ensure the separation of TSX's market-related activities from its activities as a SIPA and the management of conflicts of interest inherent in these activities as a SIPA, and will file any proposed changes thereto with the AMF for review and approval.

3. Language of Services
   TSX must ensure at all times:
   a) The simultaneous availability in French and English of any information document related to its activities as a SIPA intended for the public; b) The use of the French language in all its official communications with the AMF related to its activities as a SIPA.

4. Access
   TSX must ensure that:
   a) The criteria and procedures governing access to its services as a SIPA are fair, reasonable, and transparent; b) In the exercise of its activities as a SIPA, it will not impose undue restrictions on access to the information it provides and will make the information disseminated and published available on reasonable and non-discriminatory terms; c) In the exercise of its activities as a SIPA, it will not favor any market in the collection, processing, dissemination, or publication of information.

5. Fees
   TSX must ensure that all fees it imposes in the exercise of its activities as a SIPA are transparent, fair, and equitable.

6. Financial Viability
   TSX must ensure that the financial and other resources allocated to the exercise of its activities as a SIPA are sufficient for it to properly perform its functions and ensure its financial viability.

7. Additional Information
   TSX must file with the AMF any information concerning its activities as a SIPA required under Regulation 21-101.

8. Public Interest
   TSX must conduct its activities and operations as a SIPA in a manner consistent with the public interest.

9. Applicable Law
   TSX acknowledges and undertakes that its activities as a SIPA will be carried out in accordance with the law applicable in Quebec.

10. Continuation of SIPA Activities
    If it wishes to continue its activities as a SIPA beyond the term of this Decision, namely June 30, 2029, TSX must file with the AMF, no later than December 31, 2028, a new application for recognition to carry on its activities as a SIPA.

11. End of Recognition Decision
    Unless it has been revised, modified, or revoked by the AMF, this recognition Decision will end on the earliest of the following dates:
    a) June 30, 2029, if no application for recognition as a SIPA has been filed by TSX no later than December 31, 2028; b) The date of the decision rendered following a new recognition application filed under paragraph 10 above.

This Decision replaces Decision No. 2022-PDG-0039 and takes effect on July 1, 2026.

Done on June 22, 2026.

Yves Ouellet
President and Chief Executive Officer

EFFECTIVE JULY 1, 2026
TRANSMITTED BY EMAIL

Mr. Yves Ouellet, President and Chief Executive Officer Autorité des marchés financiers 800, rue du Square-Victoria, 22nd floor P.O. Box 246, Bourse Tower Montreal (Quebec) H4Z 1G3

Sir,

listed securities other than options 1, TSX Inc. (the "TSX") in its capacity as SIPA of TMX") undertakes the following:

(a)
(b) It must provide written reports to the staff of the Canadian Securities Administrators (the "CSA"), as required by them, explaining its operations to the public.

-101A5 on market function, of Regulation 21-101 (the "Regulation 21-101")

-101A5 following the
Regulation 21-101

changes made to the information provided in form 21-

prior approval of the CSA staff.2

1 In Quebec, options are not "listed securities," but rather derivative instruments under the Derivative Instruments Act 2 regarding Regulation 21-101.

(a) will provide the CSA staff with the names of the representatives of the committee of - concerning these representatives. (b) operational priorities, bandwidth, capacity planning, performance management, including service levels, and the fee model and sharing model (c) procedures to ensure the separation of TSX's exchange activities from the activities of for review and approval any significant changes to be made to these policies and procedures. (d) TMX markets.

(a) will only distribute the following products (collectively, the "consolidated data products"):
a. Consolidated Data Feed ("CDF") b. Canadian Best Bid and Offer ("CBBO")
c. Canadian Best Bid and Offer for Protected Only Markets ("CBBOP")
d. Consolidated Last Sale ("CLS") e. Consolidated Depth of Book ("CDB") f. Consolidated Depth of Book for Protected Only Markets ("CDBP")

(b) will distribute all consolidated data products.
(c) will review any new product or change to these products that might reasonably be required as a result of changes that might be adopted by the CSA staff during the term of these undertakings.

(d) will also be available as a separate feed that can be selected.

(e) If TSX or an entity of the same group intends to create products using the data -101 and distribute them by

of TMX:

i. same group as TSX, without having obtained the consent of the data providers;

ii. Additional products may be purchased separately and will not be
grouped with the consolidated data products or any other product approved under paragraph 5a).

(f) of the markets of entities in the same group as TSX, without having obtained the consent of the data providers.

(g)
Regulation 21-
101 customer support from 7:30 am to 5:00 pm at all times.

5. AGREEMENTS WITH DATA PROVIDERS
   (a) services on fair and reasonable terms.
   (b)
   (c) Any significant modification to be made to these agreements or standard contracts will be submitted to the CSA staff for review and approval.

(a) The fee schedule for consolidated data products will be available on the website of (b) If it plans to adjust or modify fees, the fee schedule or the sharing model of - TMX before

(c) has recovered all its costs (including the cost of capital and costs associated with compliance Regulation 21- of the sector.

(d) ations regarding ations and to submit to it proof of governance.

(e) attributable" at the request of the staff of the CSA (the "") data in Canada. It will take into account the reports or studies that will be available at as well as the recommendations, if any, will be submitted to the governance committee of CSA within 90 days following the

7. NON-EXCLUSIVITY
   TMX will not seek to obtain an exclusive right under data products or the underlying data of the consolidated data products concluded with a data provider or a data buyer.

8. SELF-EVALUATION
   (a) paragraph 14.5 of Regulation 21-101 and will provide a report of the results of this review to the (b) Self-evaluation of its compliance with -101 as well as its performance Self-evaluation will be

9. FINANCIAL VIABILITY
   functions.

10. NOTICE
    eighteen (18) months if

11. TERMINATION
    These undertakings will automatically terminate on the earliest of the following dates: (i) July 1st 2029 or (ii) the date TMX ceases . Please accept our most cordial greetings.

Michelle Tran
President of TMX Datalinx