The TMX Group logo, home of the TSX, is shown in Toronto on June 28, 2013.Aaron Vincent Elkaim/The Canadian Press
One of TMX Group Ltd.'s marquee executives has left the company.
Kevan Cowan, who had been president of TSX Markets and group head of equities, has left "to pursue other opportunities," the operator of the Toronto Stock Exchange announced earlier Monday. Mr. Cowan was responsible for equities trading and listings for the various exchanges run by the TMX. He had worked on a recent revamp of the 'maker-taker' stock-trading fee model at the company. He also was one of the firm's highest-paid executives, making $1,095,560 in fiscal 2014, according to a proxy circular filed in March.
Earlier in his career, Mr. Cowan worked as a partner in a law firm. In 1997, he joined the Toronto Stock Exchange's Canadian dealing network as general counsel. In 2014, Toronto Life magazine named him the 39th most influential person in Toronto.
TMX Group has been in flux over the past few years. In 2012, the company was acquired by Maple Group Acquisition Corp. after a prolonged takeover battle with the the London Stock Exchange. Long-term chief executive officer Tom Kloet stepped down late last year and was replaced by Lou Eccleston, an American and a virtual unknown in Corporate Canada.
The competitive landscape for TMX Group has intensified in 2015. In March, the Aequitas NEO Exchange, which is owned by a number of major financial players including CI Investments Inc., RBC Dominion Securities Inc. and OMERS Capital Markets, launched. So far, market share gains have been minuscule but Aequitas is seen as a possible challenger to TMX Group over the long term.
A successor to Mr. Cowan will be announced in the next few days. Mr. Cowan did not respond to a request for comment.
Niall McGee