International. Market Review

International 

MARKET REVIEW 

Publicly Traded. Not private & Privatized market efforts to tap into as majority or minority 

S.B.G - CIG - Bennett. Internal Investors & clients 

The 22nd Firm at CIG of S.B.G is Bennett controlled 

International Markets

(*) Market Adaptation
( ) Not Listing on Markets

NORTH AMERICA 2

Canada – USA 

The Global Dow USA

Dow Jones USA 

NASDAQ 100 USA 

NASDAQ Comp USA

NYSE International 100 USA *

NYSE US 100 USA *

Russell 2000 USA

S&P 500 USA

S&P/TSX Canada *

VIX USA

U.S. Dollar Index USA


WESTERN EUROPE 5

Switzerland – France – Germany – Britain – Sweden 

DAX Germany * 

DivDAX Germany

MDAX Germany

TecDAX Germany

AEX Netherlands

CAC 40 France * 

FTSE 100 Great Britain * 

IBEX 35 Spain

OMXS30 Sweden *

SMI Switzerland *


SOUTH AMERICA 1

Chile 

BSX Bermuda

GPA Chile *

IBC Venezuela

BVQ Ecuador


EASTERN EUROPE 0

Not considered. Potential future

SAX Slovakia 

AFRICA / MIDDLE EAST 0

Not considered. Potential future 

EGX30 Egypt

NSE 20 Kenya


ASIA / PACIFIC 5

Japan – China – Hong Kong – India – Australia 

HSeng Hong Kong *

KOSPI Republic of Korea

NIKKEI 225 Japan *

SENSEX India * 

Shanghai Composite China *

Australian Securities Exchange Ltd (ASX) *

A PROCESS TO MANAGED STRUCTURE WITH QUARTERLY AUDIT RECORDS 

Taking a company public in Canada is a complex, highly regulated process that typically takes 6 to 12 months. The most common route is an Initial Public Offering (IPO), where a company files a prospectus with securities regulators in one or more provinces or territories to sell shares to the public. 

Core Pathways to Going Public

• Initial Public Offering (IPO): The standard route involving filing a prospectus, auditing financial statements, and hiring underwriters.

• Capital Pool Company (CPC): Specific to the TSX Venture Exchange (TSXV), a shell company with no assets (except cash) lists on the exchange, raises funds, and then acquires a private company, known as a "qualifying transaction".

• Reverse Takeover (RTO): A private company purchases an existing, inactive, or "shell" public company, allowing it to take over the public entity.

• Special Purpose Acquisition Company (SPAC): A "blank check" company that raises money through an IPO with the specific purpose of acquiring a private operating business within a set timeframe (usually 36 months). 

Choosing a Stock Exchange

• Toronto Stock Exchange (TSX): The senior exchange for established, profitable companies.

• TSX Venture Exchange (TSXV): Geared towards junior and early-stage companies.

• Canadian Securities Exchange (CSE): Designed for emerging companies with simplified listing requirements.

• Cboe Canada (formerly NEO Exchange): A senior exchange for public companies. 

The IPO Process

• Assemble a Team: Hire investment bankers (underwriters), lawyers, and auditors.

• Preparation: Conduct a thorough review of the company's capital structure, governance, and business plan.

• Audited Financials: Prepare 2–3 years of audited financial statements, typically in accordance with International Financial Reporting Standards (IFRS).

• File Preliminary Prospectus: This document is filed with provincial securities regulators and contains full, true, and plain disclosure of all material facts.

• Marketing: The "roadshow" begins to gauge investor interest.

• Final Prospectus & Closing: After addressing regulator comments, the final prospectus is filed, shares are priced, and trading begins. 

Costs and Requirements

• Costs: Underwriter fees (typically 4–7% of gross proceeds), legal and accounting fees, filing fees (approx. C$20,000 for regulators plus exchange fees), and printing/marketing costs.

• Regulatory Scrutiny: Companies must adhere to strict continuous disclosure obligations, including filing annual and quarterly financial statements, Management Discussion and Analysis (MD&A), and reporting material changes.

• Governance: Requirements for boards often include independent directors and specific committees (e.g., audit committee). 

Post-IPO Obligations

Once public, the company is considered a "reporting issuer" and must: 

• Maintain up-to-date public disclosures.

• Comply with insider trading reporting rules.

• Adhere to corporate governance standards. 


Registering on a stock exchange depends on who you are: an investor just needs a brokerage account, but a company wanting to list, or a professional wanting to trade/advise, must follow strict regulatory processes with securities commissions (like OSC in Ontario) and the exchange (like TSX/TMX) for licensing, filings, and fees, which involves proving qualifications and paying significant costs to become a "registrant" or member. 

For Investors (Buying/Selling Stocks)

• Open a Brokerage Account: Sign up with a licensed investment firm (e.g., RBC Direct Investing, TD Direct Investing).

• Fund Account: Deposit money into your new account.

• Start Trading: Use the platform to buy and sell stocks, ETFs, etc.. 
For Companies (Listing a Company)

• Meet Eligibility: Ensure your company meets the exchange's financial and governance standards (e.g., TSX, TSXV).

• File with Regulators: File prospectuses and other documents with provincial securities commissions (like OSC, ASC).

• Pay Fees: Pay significant listing and legal fees to the exchange and regulators.

• Appoint Professionals: Engage lawyers, accountants, and underwriters. 
For Professionals (Advisors, Traders)

• Identify Role: Determine if you're an advisor, trader, portfolio manager, etc..

• Register with Regulator: Apply to your provincial securities commission (e.g., OSC, BCSC, ASC) via the National Registration Database (NRD) for your specific "registration category".

• Meet Qualifications: Show proper education, experience, and pass exams.

• Apply to Exchange (if needed): Apply to specific exchanges (like TMX Group) for membership, pay fees, and complete orientations. 

Key Regulatory Bodies (Canada Example)

• Canadian Securities Administrators (CSA): Oversees provincial regulators.

• Provincial Regulators: Ontario Securities Commission (OSC), Alberta Securities Commission (ASC), BC Securities Commission (BCSC).

• Exchanges: Toronto Stock Exchange (TSX), TSX Venture Exchange (TSXV). 

Managed European International. USA - China 

CITY - S.B.G - CIG - BENNETT