TMX : Embracing emerging technologies across industry

Unlocking growth potential, driving value and streamlining efficiencies with blockchain technology

Over the past few months, John Lee, Managing Director, Enterprise Innovation and Product Development, TMX Group, has engaged in an ongoing dialogue with a consortium of industry partners, leaders and early adopters who are developing bold new ways of leveraging disruptive technologies to power game-changing, value-based solutions.

A video launched this week by TMX Group, entitled, Embracing Technology - Unlocking growth potential and driving value through blockchain technology, captures highlights from some of those discussions, addressing the application of blockchain technology on a national and global scale for financial institutions and capital markets, among other sectors.

Click to watch the video trailer

Click to watch the full length video

Along with John Lee, these videos feature Eric Wetlaufer, former Global Head of Public Market Investments, Canada Pension Plan Investment Board (CPPIB); Carol Wilding, FCPA, FCA, President and CEO, CPA Ontario; Usman Sheikh, Partner, National Head - Blockchain and Smart Contract Group and National Litigation Lead - Securities, Compliance and Investigations, Gowlings WLG.

'Blockchain technology is a unique type of technology that has massive disruptive properties attached to it,' notes John Lee, TMX Group. 'Just the sheer nature of blockchain technology and the scope of potential business applications draws stakeholders - competitors, partners and peers - together to collaborate on industry-wide solutions. The applicability of blockchain is real, and the areas that TMX is focused on can bring positive value to the ecosystem as a whole,' said John Lee.

'One thing is for certain, disruptive technology, like artificial intelligence and automation, are absolute game changers,' said Carol Wilding, speaking about what she is seeing as a business leader and a regulator in the accounting profession.

Applauding the developments to date, Usman Sheikh shares that billions of dollars have been raised around the world through this mechanism. 'We have seen Exchanges try to implement prototypes and other strategies to incorporate blockchain into their daily business. Similar to TMX, our law firm had some level of prophetic insight a number of years ago that this technology would be impactful for our client and totally disruptive.'

But this is not new territory for Gowlings or TMX. TMX has been heavily involved in the exploration of emerging technologies for some time, working closely with the legal community and regulators, to problem solve. John Lee and team have worked to test the applicability of blockchain solutions, working in partnership with the Bank of Canada and Payments Canada with Project Jasper and identifying other client-focused opportunities, including eproxy voting.

All that said, there is still more to come, new regulations need to be shaped and laws need to be refined.

'We need to wash out some of the confusion and really focus on companies that are providing a platform in institutional scale and quality,' said Eric Wetlaufer.

The work being done to investigate disruptive technologies across industry is impressive on all fronts and Canada has taken a leadership position on a national and global scale.

'The amount of capital that we've seen invested in this area and the amount of passion that we've seen amongst Canadian citizens, particularly here in Toronto, is totally unmatched when you compare it around the world,' said Usman Sheikh. 'The revolution is here!'