Review of Operations – 2005
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REVIEW OF OPERATIONS – 2005 (continued)

Revenue

Listing Revenue 
The following is a summary of listing fees reported and listing fees received* in 2005 and 2004. We present the latter measures as an indication of how initial and additional listing activity and the fees received for these activities impact the financial performance and cash flow of the business:

(in millions of dollars)


Reported

Received*


2005

2004

%
Increase

2005

2004

%
Increase

Initial listing fees 

$   9.3

$   7.1

31%

$   28.0

$   24.7

13%

Additional listing fees

$ 29.8

$ 24.5

22%

$   69.7

$   59.1

18%
Sustaining listing fees**

$ 48.6

$ 43.4

12%

$   48.6

$   43.4

12%

Total listing fees

$ 87.7

$ 75.0

17%

$ 146.3

$ 127.2

15%
  • Initial listing fees and additional listing fees reported increased due to capital market activity and fee increases during the period from April 1, 1995 to December 31, 2005 compared with the period from April 1, 1994 to December 31, 2004.
  • Initial listing fees received* increased due to an increase in new issuers listed on Toronto Stock Exchange (223 in 2005 versus 204 in 2004) and an increase in new issuers listed on TSX Venture Exchange (165 in 2005 versus 142 in 2004). The impact from the increase in the number of new issuers was somewhat offset by a decrease of 2% in the total value of initial financings on Toronto Stock Exchange and TSX Venture Exchange during 2005 compared with 2004 ($15.5 billion raised in 2005 versus $15.8 billion in 2004).
  • Additional listing fees received* increased due to the higher value of additional financings on Toronto Stock Exchange and TSX Venture Exchange in 2005 compared with 2004 ($36.8 billion raised in 2005 versus $34.9 billion in 2004). Excluding one offering in 2004 of $3.2 billion, which did not generate listing fees because the related shares had been reserved in an earlier transaction, the value of additional financings on Toronto Stock Exchange and TSX Venture Exchange increased by 16% in 2005 versus 2004.
  • Sustaining listing fees increased due to the overall higher market capitalization of issuers at end of 2004 compared with the end of 2003.


Trading and Related Revenue 

(in millions of dollars) 


2005

2004

%
Increase

Capital Markets

$ 108.7

$ 88.8

22%

Energy Markets

$   16.8

$ 10.8

56%

Total trading and related fees

$ 125.5

$ 99.6

26%


*See discussion under the heading Non-GAAP Financial Measures.
**Sustaining listing fees received, as shown in this table, represents the amount recognized for accounting purposes during the year. Sustaining listing fees are billed during the first quarter of the year, recorded as deferred revenue and amortized over the year on a straight line basis.

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