VIRTUAL KEYNOTE Q&A with Tanya Rowntree, Senior Director – Head of Listings, Cboe Canada
Summary
Market Outlook: The Canadian markets are currently stable with a cautiously optimistic outlook, driven by strong trading volumes and strategic investor engagement in sectors like AI, technology, and energy transition.
Trading Dynamics: Institutional and algorithmic trading dominate the market, but there is significant growth in retail participation, particularly in small cap and ETF spaces, facilitated by advanced online platforms.
Listings Environment: SIBO Canada is seeing increased momentum in alternative financing structures, though traditional IPO activity remains measured, reflecting a global trend.
Sector Focus: High interest from issuers and investors is observed in innovative sectors such as AI, data infrastructure, clean tech, and next-gen mining, with a focus on profitability and strategic capital access.
Exchange Strategy: SIBO Canada is positioned as a tier one exchange, focusing on globally minded companies with the capability to scale, leveraging its robust platform for international capital access.
Global Expansion: SIBO is expanding its global footprint with new exchange approvals in Australia and plans for Europe and the UK, offering unique intra-listing opportunities for companies to access multiple markets efficiently.
Future Opportunities: Looking ahead to 2026, SIBO Canada aims to attract innovative companies, enhance investor education, and modernize connections between companies and capital, leveraging global technology and partnerships.
Transcript
Welcome to the Planet Micro Cap Showcase Toronto in partnership with Micro Cap Club. I'm your host, Robert Craft, and joining me right now is Tanya Roundtree. She is the senior director, head of listings for SIBO Canada. Tanya, thank you for joining me today. How you doing? >> Good, thanks. Great to be here. Thanks for having us. Absolutely. It's great to have you. Thank you again uh on behalf of uh all of us here at Planet Micro Cap and for you representing SIBO as to have SIBO as a sponsor of the event. Um really really excited to do this this virtual Q&A because you know we've been getting to know each other now for a while and um and and really getting to know what the SIBO Canada strategy is as well. And so it's been really cool and and interesting to to you know as as things have been developing. But, you know, first and foremost, you know, kind of setting the stage for for this virtual keynote here, you know, from from your vantage point at SIBO Canada, how would you describe the overall health of Canadian markets right now, both in terms of trading activity and investor sentiment? >> Yeah. Um, well, firstly, thank you for having us. We really appreciate the opportunity um to continue to build this relationship and and uh are really thankful to be able to have this platform. So, thanks for having us on. Um, yeah, where we sit at SIBO Canada today, I'd say the overall health of the Canadian markets is stable. I I really do believe that, but I would describe it definitely as cautiously optimistic. Um, trading volumes have held up really well and we're seeing lots of investor engagement. Uh, but in certain sectors, so it's particularly in AI, uh, technology enabled industries, energy transition, that's the area. Um but that said like sentiment among investors is pretty selective right so capital's flowing but where it's flowing is pretty strategic. So investors are focusing on companies uh that have really strong balance sheets that have credible management teams clear pathways to profitability. Um so what's encouraging is that even despite the kind of crazy global uncertainty that we've been seeing there's consistent liquidity. um there's really healthy competition among market participants and I think that that's been kind of underscoring how healthy our capital markets ecosystem really has been in Canada. >> Absolutely. So I mean you kind of hit on my next question here a little bit but >> sure >> who who is really driving the trading activity for instance as between retail institutional or algorithmic partnerships compared to a year ago. Yeah, I think there's definitely been some evolution. Um, institutional and algorithmic trading continues to dominate like overall volumes that absolutely uh but retail remains a really meaningful and dynamic and growing part of our Canadian market particularly in the small cap and ETF space and and investment product space. So there's lots of engagement through online platforms which have become so much more sophisticated and I think that that's leading to greater efficiency and transparency in the overall market and when we look at average daily volumes we're seeing some you know some market differences in terms of order size and that really I think speaks to smaller order sizes among do-it-yourself and retail investors and so we are seeing a bit of a transition but there's no doubt institutional and algorithmic is still is still the strongest part of of the trading activity. >> Absolutely. All right. So, you know, now to SIBO Canada specifically. What what's been the current environment like uh for new listings on SIBO Canada? Are you seeing renewed momentum in IPOs or companies coming to market through alternative structures? >> Yeah, we've seen a a lot coming to market through alternative structures. There's definitely been an uptick in momentum in financings and transactions. And that's kind of what I would say is a bit of a leading indicator. So there's a really healthy um pipeline discussion happening. And so I I think that that's really positive, but like most global markets, you know, traditional IPO activity has been a lot more measured um than we've seen. And and you know that it's not a Canada story. That's that's a global story. So what we're seeing is companies are taking like a much more calculated approach to going public. They're really choosing their timing carefully and they're seeking exchange partners that have stability, strong market presence, and really robust connectivity. And I think those are all areas where SIBO Canada excels and will continue to excel. It's just the timing I think has to be right. And and it's it's good to see uh some of this transactional activity happening and some positive financings closing. And I I think that it's just a matter of time before what we see in the pipeline starts to begin to convert into deals that are coming to market. >> I I like that word measured. That was good. I saw I saw what you did there. Not bad. So So Tanya, what which sectors or themes are showing the most interest um from both issuers and investors right now? And I'd even amend this to say, you know, which sectors have been showing the most interest that you've seen in your pipeline for SIBO Canada listings? >> Like, interestingly, I'd say they're probably both the same. Um, and you know, as >> I adjusted a little bit, yeah, for sure. You know, >> yeah, you know, innovation. Um, but but it is true, right? It sounds trit, but but it really is true. Sectors that are aligned with innovation and transformation. Um so very topical themes like AI, data infrastructure for sure is a big one. Uh clean tech, next generation mining and materials. So supporting that energy transition. Canada's, you know, really strong and dominant in that area. Um but even on the services side. So um so I think there's you know a renewed sort of investor focus on those themes but also on profitability and cash flow and and so companies are really and a little harder to find obviously in some of the um in some of the innovative spaces with among AI um but on the issuer side we're also seeing you know entrepreneurs taking a much more strategic uh kind of timing uh and and approach and what they're really wanting in all of those sectors I think is to have access to capital, but they really want visibility and they want to uh be focused about their investor base. And so I think, you know, there's been a lot of talk about communities in in the private space and and certainly in communities like uh Planet Micro Cap, right, where where there there really is a much more engaged investor base. And so I think we'll continue to see that. We'll continue to see uh entrepreneurs at all phases of the capital raising cycle engage much more closely with their audiences and of course those themes naturally attract a specific type of community and so um I think that's one trend that we're seeing. >> Interesting. So Tanya, quick followup also there, you know, because >> you know, we we've talked a lot about, you know, how SIBO Canada is positioning itself amongst its uh its listings business, you know, >> from anywhere to being, you know, not necessarily venture market, but now wanting to go more upscale, you know, larger companies. Where where's where's what's Sibo Canada's where where you guys at? What's the what's the marketing push? Where are you guys really focusing on right now? Yeah. So, we're a tier one exchange, you know, as we've talked about. And so, currently, we don't really have a venture offering as as one would think of some of our peer group, which um uh you know, really focus on that junior junior space. Um so, we're a tier one exchange and we're really focused on companies that are globally minded. Um what we're building is a really robust unique platform to be able to access capital globally. And in order to do that, you really do need to have companies that you're working with that have size and scale and are meant for a platform like ours, right? With that ability to intake advantage of raising capital in foreign jurisdictions like, you know, not just Canada here at home, but also the US, Australia, Europe, the UK. Um, if we're going to be identifying companies that can make the best use of that connectivity and that reach and breadth that we have, we really want to go after companies that can scale and and survive right in that in that kind of a market. And that's just simply going to be uh companies that are a little higher up in the market cap and uh with a little bit more of a globally um minded view on on how they want to grow. >> 100%. I mean, you know, obviously probably the main folks you probably talk with the most about, you know, the pipeline for companies, it's probably the banks, investment banks, the ones doing deals. So, I mean, what's been their feedback? You know, I mean, listen, you're not a startup exchange. Obviously, SIBO has been around for you have listings on SIBO Canada. It's not like there's no listings or anything like that. So, I'm not trying to make it seem like you guys are just getting started, you know, but like what's been what's been some of the feedback from some of the banks um saying like, "All right, yeah, no, we hear you." all that kind of stuff like what what's been what's been going on. >> Yeah. I I think some of the feedback that we're getting is uh you know really uh an enthusiasm and a positivity towards what we're building because that doesn't exist. It's unique. And I think where where the bankers are recognizing, you know, I was just talking to a banker yesterday at lunch about how his business is now like 55% outside of Canada. It's just the way that the world is these days despite some of the rhetoric that we're seeing. um capital markets are, you know, it doesn't they're not I heard a great quote and I wish of course I can't remember it now, but it's that money sort of doesn't care where you live, right? and and so the reality is we have a global footprint with capital markets and and I so I think that that's really resonating with some of the partners that we've been talking to and some of the bankers that we've been um that we've been working with and there's there's a lot of positivity about that but they also like our flexible nature and how we work and we're businessoriented and how we partner and align with clients and and really um you know have that customer service approach but also how We care about liquidity. We care about transparency. We care about market structure. As you said, we're not an upstart exchange, right? Like we we're in the corporate listings business as is as as we're here to talk about today. Um but you know, we operate five stock exchanges around the world with hundreds over 2,000 ETFs, right? And in Canada alone, we've got now and we were the innovators in this 130 Canadian depository receipts. you know, a really cool investable vehicle for investors who want to trade fractional shares, trade big US names in local currency in, you know, a tradable vehicle that is a bit novel. And I think a lot of people thought, why would you do that? Well, now we've got billions trading in, you know, these 130 names and many more to come. So, we've always been on that innovative side and I think our partners, whether they're bankers or lawyers, um you know, or even um investors have really appreciated where we're moving the ball forward and and I think we have to be forward thinking in this kind of an economy. We're getting a lot of messages out of the rest of the world about digitization, tokenization. Um you really can't be stuck in your ways. And so part of that is how do you how do you globally connect that capital? And so um it's something we've been building. We're getting really really close and and I'm proud to say you know ready to launch in Australia which was just announced and soon to be in Europe and the UK. And so I I think um a lot of that enthusiasm that we've seen uh I look forward to telling the stories in 26 and 27 of um of companies who've really taken advantage of that. So, so, um, yeah, I think that's been resonating. >> Yeah. Quick followup on that. So, what what does that mean that you know, you're almost ready to launch and you just launched Austral give give me some more context there because I I'm this is news to me. >> Yeah. So, um, we just received approval from the regulator in Australia to be a competitor stock exchange along with ASX for corporate listings. And so, what really makes SIBO unique is we've got all of those connection points. We've got all of um that data, all of that trading support, all of those banking relationships that already exist there because of the hundreds of ETFs and because of the exchange traded products that we've got in our multiple jurisdictions. The last piece of the puzzle is to really then open that up for corporate listings. And so for companies who really want to raise capital, if you're a mining company sitting in Canada and you've got an asset or a property that sits in Australia and you've got investors there that are going to be really interested in your story, you know, um what you're going to be able um to do is to intralist your company on SIBO and have one platform and be able to list in Canada and in Australia and access investors that way. And then eventually we're also building this capability of being posted for trading. So the ability to have um that security trade in uh Australia in local currency for investors who really understand the story and of course I don't need to tell your audience about the synergies that exist between Canada and Australia from a mining perspective and certainly Canada and Europe. Um, and so we have lots of companies who are really interested and some of them are like consumer products companies, you know, but they have distribution and they have manufacturing in Europe and they've got people who really love what they're doing and and that ability is appealing for them to be able to say as we grow, we want to be able to choose an exchange partner that can grow with us and we won't need to go um, you know, to two different exchanges. There's actually a lot um a lot of synergies and a lot of streamlining that can happen with one exchange partner. >> Absolutely. So, you know, this gets into another topic of having to do with global context and you know, I'm I think some folks are trying to get, you know, obviously there's dual listing's been around forever, right? You know, on one of your competitor exchange and then cross, you know, dual list on OTC or something in the US or NASDAQ and all all that good stuff. But SIBO is really on the forefront of this idea of the intra listing. So can you compare and contrast what the real main difference is and what the value proposition is for those that aren't familiar with this type of model? Yeah, I I think um we really do operate, you know, as one company and uh we we have this very interconnected way of operating and I think that when you're able to solve for challenges in one organization, there's a lot of appeal and a lot of benefit for that. Certainly a lot can be accomplished by having a dual listing, but there can be cost efficiencies that can come from an intra listing with one partner like SIBO. And then there can also be um a a real improvement on the customer service, time to market, speed to market by working with a a partner that wants to talk to one another. Not not that we don't always, you know, uh play nicely in the sandbox, but it's two very different companies, two very different sets of a rulebook. What we're trying to do is harmonize our listing standards, harmonize that process of what the path to listing looks like in multiple jurisdictions. So from that perspective, um an issuer benefits. There's still of course the regulatory differences and and the stuff that we'll have to work through. But um but I'd say that's the predominant uh advantage. >> Absolutely. All right. So we're coming up on the end, but I had a couple more questions that Yeah. >> are SIBO specific. So >> Sure. I I mean you kind of alluded to this a lot already but you know I think the main thing that people want to hear is yes we get a tier one exchange yeah not necessarily venture >> margin eligible you know institutional coverage um yeah so I think those things are important >> no 100% so I mean how how is SIBO Canada uniquely positioned to help this next generation of Canadian growth companies succeed in the public markets >> I I think there are a number of ways where we're uniquely situated to help growth companies and I mean that's how we've started right so like the whole the whole um genesis of how we began was really to support growth companies in their journey and I think part of that uh you can't step away from how we how we structure our trading right so I think that from a liquidity perspective that's been really helpful for growth companies we have smart order routing right advanced matching technology that ensures fair access and optimal execution. Those are like that fairness factor of the way that we started I think is a really important thing. Um consolidated data I think is a really important thing. And then I guess I'd say finally is just that global connection for growth companies and um and the enhancements that we've built from a technology perspective. Um you know I I think it sets us way apart. We just went through a huge technological uh transformation at the exchange across all of our businesses. And so we all speak to one another now. And um you know when you go through acquisitions there's that period of time where you've got to catch up and we're there now and we're full steam ahead. And so I think for a growth company that that's really wanting a a company to stand behind them from a technology perspective um you know from a servicing perspective with the right partnerships access to the right visibility you know I think I think we stand apart in that in that respect. >> Very good. All right. Final question for you here today. A as we as we listen I know you can answer more but you know I think I think I I want to you know >> this is easy Bobby. >> We gota we gota but we got to you know I want to I want to button it up. You know chef's chef's kiss at the end of it but >> oh okay pressure. So, no. Well, it's not this isn't a curveball by any means, but I mean, you know, look looking ahead as we as we head into 2026, you know, what what's top of mind for SIBO Canada and where do you see the biggest opportunities to strengthen the ecosystem for both investors and issuers? >> Yeah, it's a good question. Um, speaking for the organization, I think, um, top of mind for us is definitely growth with purpose. you know, we're really focused on attracting more innovative and globally minded companies to list in Canada. And so I I think um you know, we do see a lot of interest from US companies that aren't quite ready for the US market that want to come to Canada and know then that they have a partner that can get them back there. And many of our issuers do that and you know, one day they'll do that on SIBO US, not just going to NASDAQ. And so um you know I think attracting globally minded companies is top of mind for us. Uh deepening investor access and education especially in the ETF and small cap segments is something we're really passionate about. We do that a lot in the US market in terms of options education. And I definitely think you'll see more of that from SIBO um this year in our ETF segment for sure. and small caps of course I think benefit from that as most of it is is around trading and and execution and then uh building partnerships right on enhancing data liquidity and visibility I think I think that's going to be an area there are lots of platforms that we've partnered with um this year to really help um uh really get that message out of our issuers um and uh and sectors too a lot of sector education so I think we see a real opportunity to modernize how companies companies and investors connect. And that's for me what I'm most passionate about, connecting great companies with pools of capital where they might not have otherwise um had that opportunity to link up or connect. And so, uh we'll be leveraging our SIBO global technology for that and taking our distinctly Canadian approach and and I really like that with integrity and with community and uh with a real support for the ecosystem. Like I said, we wanted to button up. That was a great place to end it. So Tanya, with that, where can our audience go and find more information on SIBO Canada? >> Yeah, visit us on our website at sibo.com or, you know, over um the coming days at the Planet Micro Cap Conference in Toronto. The whole team will be there. We're uh proud to be a sponsor and to be present and engaging with uh with everyone there, and I hope to meet you when you're there. >> Very good. Well, Tanya, thank you so much for joining me today. Really do appreciate it. Good luck. Stay safe. I'll see you in Toronto. >> We'll see you in Toronto. >> Thank you. >> Bye.
VIRTUAL KEYNOTE Q&A with Tanya Rowntree, Senior Director – Head of Listings, Cboe Canada
Summary
Transcript
Welcome to the Planet Micro Cap Showcase Toronto in partnership with Micro Cap Club. I'm your host, Robert Craft, and joining me right now is Tanya Roundtree. She is the senior director, head of listings for SIBO Canada. Tanya, thank you for joining me today. How you doing? >> Good, thanks. Great to be here. Thanks for having us. Absolutely. It's great to have you. Thank you again uh on behalf of uh all of us here at Planet Micro Cap and for you representing SIBO as to have SIBO as a sponsor of the event. Um really really excited to do this this virtual Q&A because you know we've been getting to know each other now for a while and um and and really getting to know what the SIBO Canada strategy is as well. And so it's been really cool and and interesting to to you know as as things have been developing. But, you know, first and foremost, you know, kind of setting the stage for for this virtual keynote here, you know, from from your vantage point at SIBO Canada, how would you describe the overall health of Canadian markets right now, both in terms of trading activity and investor sentiment? >> Yeah. Um, well, firstly, thank you for having us. We really appreciate the opportunity um to continue to build this relationship and and uh are really thankful to be able to have this platform. So, thanks for having us on. Um, yeah, where we sit at SIBO Canada today, I'd say the overall health of the Canadian markets is stable. I I really do believe that, but I would describe it definitely as cautiously optimistic. Um, trading volumes have held up really well and we're seeing lots of investor engagement. Uh, but in certain sectors, so it's particularly in AI, uh, technology enabled industries, energy transition, that's the area. Um but that said like sentiment among investors is pretty selective right so capital's flowing but where it's flowing is pretty strategic. So investors are focusing on companies uh that have really strong balance sheets that have credible management teams clear pathways to profitability. Um so what's encouraging is that even despite the kind of crazy global uncertainty that we've been seeing there's consistent liquidity. um there's really healthy competition among market participants and I think that that's been kind of underscoring how healthy our capital markets ecosystem really has been in Canada. >> Absolutely. So I mean you kind of hit on my next question here a little bit but >> sure >> who who is really driving the trading activity for instance as between retail institutional or algorithmic partnerships compared to a year ago. Yeah, I think there's definitely been some evolution. Um, institutional and algorithmic trading continues to dominate like overall volumes that absolutely uh but retail remains a really meaningful and dynamic and growing part of our Canadian market particularly in the small cap and ETF space and and investment product space. So there's lots of engagement through online platforms which have become so much more sophisticated and I think that that's leading to greater efficiency and transparency in the overall market and when we look at average daily volumes we're seeing some you know some market differences in terms of order size and that really I think speaks to smaller order sizes among do-it-yourself and retail investors and so we are seeing a bit of a transition but there's no doubt institutional and algorithmic is still is still the strongest part of of the trading activity. >> Absolutely. All right. So, you know, now to SIBO Canada specifically. What what's been the current environment like uh for new listings on SIBO Canada? Are you seeing renewed momentum in IPOs or companies coming to market through alternative structures? >> Yeah, we've seen a a lot coming to market through alternative structures. There's definitely been an uptick in momentum in financings and transactions. And that's kind of what I would say is a bit of a leading indicator. So there's a really healthy um pipeline discussion happening. And so I I think that that's really positive, but like most global markets, you know, traditional IPO activity has been a lot more measured um than we've seen. And and you know that it's not a Canada story. That's that's a global story. So what we're seeing is companies are taking like a much more calculated approach to going public. They're really choosing their timing carefully and they're seeking exchange partners that have stability, strong market presence, and really robust connectivity. And I think those are all areas where SIBO Canada excels and will continue to excel. It's just the timing I think has to be right. And and it's it's good to see uh some of this transactional activity happening and some positive financings closing. And I I think that it's just a matter of time before what we see in the pipeline starts to begin to convert into deals that are coming to market. >> I I like that word measured. That was good. I saw I saw what you did there. Not bad. So So Tanya, what which sectors or themes are showing the most interest um from both issuers and investors right now? And I'd even amend this to say, you know, which sectors have been showing the most interest that you've seen in your pipeline for SIBO Canada listings? >> Like, interestingly, I'd say they're probably both the same. Um, and you know, as >> I adjusted a little bit, yeah, for sure. You know, >> yeah, you know, innovation. Um, but but it is true, right? It sounds trit, but but it really is true. Sectors that are aligned with innovation and transformation. Um so very topical themes like AI, data infrastructure for sure is a big one. Uh clean tech, next generation mining and materials. So supporting that energy transition. Canada's, you know, really strong and dominant in that area. Um but even on the services side. So um so I think there's you know a renewed sort of investor focus on those themes but also on profitability and cash flow and and so companies are really and a little harder to find obviously in some of the um in some of the innovative spaces with among AI um but on the issuer side we're also seeing you know entrepreneurs taking a much more strategic uh kind of timing uh and and approach and what they're really wanting in all of those sectors I think is to have access to capital, but they really want visibility and they want to uh be focused about their investor base. And so I think, you know, there's been a lot of talk about communities in in the private space and and certainly in communities like uh Planet Micro Cap, right, where where there there really is a much more engaged investor base. And so I think we'll continue to see that. We'll continue to see uh entrepreneurs at all phases of the capital raising cycle engage much more closely with their audiences and of course those themes naturally attract a specific type of community and so um I think that's one trend that we're seeing. >> Interesting. So Tanya, quick followup also there, you know, because >> you know, we we've talked a lot about, you know, how SIBO Canada is positioning itself amongst its uh its listings business, you know, >> from anywhere to being, you know, not necessarily venture market, but now wanting to go more upscale, you know, larger companies. Where where's where's what's Sibo Canada's where where you guys at? What's the what's the marketing push? Where are you guys really focusing on right now? Yeah. So, we're a tier one exchange, you know, as we've talked about. And so, currently, we don't really have a venture offering as as one would think of some of our peer group, which um uh you know, really focus on that junior junior space. Um so, we're a tier one exchange and we're really focused on companies that are globally minded. Um what we're building is a really robust unique platform to be able to access capital globally. And in order to do that, you really do need to have companies that you're working with that have size and scale and are meant for a platform like ours, right? With that ability to intake advantage of raising capital in foreign jurisdictions like, you know, not just Canada here at home, but also the US, Australia, Europe, the UK. Um, if we're going to be identifying companies that can make the best use of that connectivity and that reach and breadth that we have, we really want to go after companies that can scale and and survive right in that in that kind of a market. And that's just simply going to be uh companies that are a little higher up in the market cap and uh with a little bit more of a globally um minded view on on how they want to grow. >> 100%. I mean, you know, obviously probably the main folks you probably talk with the most about, you know, the pipeline for companies, it's probably the banks, investment banks, the ones doing deals. So, I mean, what's been their feedback? You know, I mean, listen, you're not a startup exchange. Obviously, SIBO has been around for you have listings on SIBO Canada. It's not like there's no listings or anything like that. So, I'm not trying to make it seem like you guys are just getting started, you know, but like what's been what's been some of the feedback from some of the banks um saying like, "All right, yeah, no, we hear you." all that kind of stuff like what what's been what's been going on. >> Yeah. I I think some of the feedback that we're getting is uh you know really uh an enthusiasm and a positivity towards what we're building because that doesn't exist. It's unique. And I think where where the bankers are recognizing, you know, I was just talking to a banker yesterday at lunch about how his business is now like 55% outside of Canada. It's just the way that the world is these days despite some of the rhetoric that we're seeing. um capital markets are, you know, it doesn't they're not I heard a great quote and I wish of course I can't remember it now, but it's that money sort of doesn't care where you live, right? and and so the reality is we have a global footprint with capital markets and and I so I think that that's really resonating with some of the partners that we've been talking to and some of the bankers that we've been um that we've been working with and there's there's a lot of positivity about that but they also like our flexible nature and how we work and we're businessoriented and how we partner and align with clients and and really um you know have that customer service approach but also how We care about liquidity. We care about transparency. We care about market structure. As you said, we're not an upstart exchange, right? Like we we're in the corporate listings business as is as as we're here to talk about today. Um but you know, we operate five stock exchanges around the world with hundreds over 2,000 ETFs, right? And in Canada alone, we've got now and we were the innovators in this 130 Canadian depository receipts. you know, a really cool investable vehicle for investors who want to trade fractional shares, trade big US names in local currency in, you know, a tradable vehicle that is a bit novel. And I think a lot of people thought, why would you do that? Well, now we've got billions trading in, you know, these 130 names and many more to come. So, we've always been on that innovative side and I think our partners, whether they're bankers or lawyers, um you know, or even um investors have really appreciated where we're moving the ball forward and and I think we have to be forward thinking in this kind of an economy. We're getting a lot of messages out of the rest of the world about digitization, tokenization. Um you really can't be stuck in your ways. And so part of that is how do you how do you globally connect that capital? And so um it's something we've been building. We're getting really really close and and I'm proud to say you know ready to launch in Australia which was just announced and soon to be in Europe and the UK. And so I I think um a lot of that enthusiasm that we've seen uh I look forward to telling the stories in 26 and 27 of um of companies who've really taken advantage of that. So, so, um, yeah, I think that's been resonating. >> Yeah. Quick followup on that. So, what what does that mean that you know, you're almost ready to launch and you just launched Austral give give me some more context there because I I'm this is news to me. >> Yeah. So, um, we just received approval from the regulator in Australia to be a competitor stock exchange along with ASX for corporate listings. And so, what really makes SIBO unique is we've got all of those connection points. We've got all of um that data, all of that trading support, all of those banking relationships that already exist there because of the hundreds of ETFs and because of the exchange traded products that we've got in our multiple jurisdictions. The last piece of the puzzle is to really then open that up for corporate listings. And so for companies who really want to raise capital, if you're a mining company sitting in Canada and you've got an asset or a property that sits in Australia and you've got investors there that are going to be really interested in your story, you know, um what you're going to be able um to do is to intralist your company on SIBO and have one platform and be able to list in Canada and in Australia and access investors that way. And then eventually we're also building this capability of being posted for trading. So the ability to have um that security trade in uh Australia in local currency for investors who really understand the story and of course I don't need to tell your audience about the synergies that exist between Canada and Australia from a mining perspective and certainly Canada and Europe. Um, and so we have lots of companies who are really interested and some of them are like consumer products companies, you know, but they have distribution and they have manufacturing in Europe and they've got people who really love what they're doing and and that ability is appealing for them to be able to say as we grow, we want to be able to choose an exchange partner that can grow with us and we won't need to go um, you know, to two different exchanges. There's actually a lot um a lot of synergies and a lot of streamlining that can happen with one exchange partner. >> Absolutely. So, you know, this gets into another topic of having to do with global context and you know, I'm I think some folks are trying to get, you know, obviously there's dual listing's been around forever, right? You know, on one of your competitor exchange and then cross, you know, dual list on OTC or something in the US or NASDAQ and all all that good stuff. But SIBO is really on the forefront of this idea of the intra listing. So can you compare and contrast what the real main difference is and what the value proposition is for those that aren't familiar with this type of model? Yeah, I I think um we really do operate, you know, as one company and uh we we have this very interconnected way of operating and I think that when you're able to solve for challenges in one organization, there's a lot of appeal and a lot of benefit for that. Certainly a lot can be accomplished by having a dual listing, but there can be cost efficiencies that can come from an intra listing with one partner like SIBO. And then there can also be um a a real improvement on the customer service, time to market, speed to market by working with a a partner that wants to talk to one another. Not not that we don't always, you know, uh play nicely in the sandbox, but it's two very different companies, two very different sets of a rulebook. What we're trying to do is harmonize our listing standards, harmonize that process of what the path to listing looks like in multiple jurisdictions. So from that perspective, um an issuer benefits. There's still of course the regulatory differences and and the stuff that we'll have to work through. But um but I'd say that's the predominant uh advantage. >> Absolutely. All right. So we're coming up on the end, but I had a couple more questions that Yeah. >> are SIBO specific. So >> Sure. I I mean you kind of alluded to this a lot already but you know I think the main thing that people want to hear is yes we get a tier one exchange yeah not necessarily venture >> margin eligible you know institutional coverage um yeah so I think those things are important >> no 100% so I mean how how is SIBO Canada uniquely positioned to help this next generation of Canadian growth companies succeed in the public markets >> I I think there are a number of ways where we're uniquely situated to help growth companies and I mean that's how we've started right so like the whole the whole um genesis of how we began was really to support growth companies in their journey and I think part of that uh you can't step away from how we how we structure our trading right so I think that from a liquidity perspective that's been really helpful for growth companies we have smart order routing right advanced matching technology that ensures fair access and optimal execution. Those are like that fairness factor of the way that we started I think is a really important thing. Um consolidated data I think is a really important thing. And then I guess I'd say finally is just that global connection for growth companies and um and the enhancements that we've built from a technology perspective. Um you know I I think it sets us way apart. We just went through a huge technological uh transformation at the exchange across all of our businesses. And so we all speak to one another now. And um you know when you go through acquisitions there's that period of time where you've got to catch up and we're there now and we're full steam ahead. And so I think for a growth company that that's really wanting a a company to stand behind them from a technology perspective um you know from a servicing perspective with the right partnerships access to the right visibility you know I think I think we stand apart in that in that respect. >> Very good. All right. Final question for you here today. A as we as we listen I know you can answer more but you know I think I think I I want to you know >> this is easy Bobby. >> We gota we gota but we got to you know I want to I want to button it up. You know chef's chef's kiss at the end of it but >> oh okay pressure. So, no. Well, it's not this isn't a curveball by any means, but I mean, you know, look looking ahead as we as we head into 2026, you know, what what's top of mind for SIBO Canada and where do you see the biggest opportunities to strengthen the ecosystem for both investors and issuers? >> Yeah, it's a good question. Um, speaking for the organization, I think, um, top of mind for us is definitely growth with purpose. you know, we're really focused on attracting more innovative and globally minded companies to list in Canada. And so I I think um you know, we do see a lot of interest from US companies that aren't quite ready for the US market that want to come to Canada and know then that they have a partner that can get them back there. And many of our issuers do that and you know, one day they'll do that on SIBO US, not just going to NASDAQ. And so um you know I think attracting globally minded companies is top of mind for us. Uh deepening investor access and education especially in the ETF and small cap segments is something we're really passionate about. We do that a lot in the US market in terms of options education. And I definitely think you'll see more of that from SIBO um this year in our ETF segment for sure. and small caps of course I think benefit from that as most of it is is around trading and and execution and then uh building partnerships right on enhancing data liquidity and visibility I think I think that's going to be an area there are lots of platforms that we've partnered with um this year to really help um uh really get that message out of our issuers um and uh and sectors too a lot of sector education so I think we see a real opportunity to modernize how companies companies and investors connect. And that's for me what I'm most passionate about, connecting great companies with pools of capital where they might not have otherwise um had that opportunity to link up or connect. And so, uh we'll be leveraging our SIBO global technology for that and taking our distinctly Canadian approach and and I really like that with integrity and with community and uh with a real support for the ecosystem. Like I said, we wanted to button up. That was a great place to end it. So Tanya, with that, where can our audience go and find more information on SIBO Canada? >> Yeah, visit us on our website at sibo.com or, you know, over um the coming days at the Planet Micro Cap Conference in Toronto. The whole team will be there. We're uh proud to be a sponsor and to be present and engaging with uh with everyone there, and I hope to meet you when you're there. >> Very good. Well, Tanya, thank you so much for joining me today. Really do appreciate it. Good luck. Stay safe. I'll see you in Toronto. >> We'll see you in Toronto. >> Thank you. >> Bye.