TMX Group, which operates the Toronto Stock Exchange, has struck a $300mn deal to acquire the Australian and Canadian arms of Cboe, making a play for small-scale miners exploring critical minerals vital to defence and clean energy sectors. TMX chief executive John McKenzie said mining would play a central role in expanding the Australian business, which has changed hands multiple times and struggled to compete against ASX, the dominant exchange controlling 80 per cent of Australian trading.

Australia lacks a junior market like London's Aim, meaning early-stage mineral companies must grow to a certain size before qualifying for an ASX listing. This gap creates an opportunity for Cboe Australia, which secured a licence to directly list equities last year. TMX brings experience listing smaller groups — the Toronto exchange has helped 1,110 mining and resources companies raise a total of C$1tn (US$714bn), including 27 uranium miners currently dual-listed in Canada and Australia.

The takeover requires regulatory approval and means two of Australia's three stock exchanges will be Canadian-controlled after CNSX acquired NSX last year. The move comes as ASX grapples with a botched technology upgrade and searches for a new chief executive following Helen Lofthouse's departure. TMX also sees opportunities to expand energy trading and exchange-traded funds, leveraging its 1,300 ETFs to tap into Australian demand.