Toronto Stock Exchange owner TMX Group will rename as TMX Australia Exchange now that the deal with Cboe Global Markets, first announced in April, is complete.
Cboe Australia handles about 18 to 20 per cent of the trading volume of ASX-listed shares, about $2 billion worth, with the rest handled by the ASX itself.
It was also granted a license by ASIC in October 2025 for corporate listings, creating direct competition for the ASX for initial public offerings.
Cboe Australia was launched in Australia in 2011 under the name Chi-X Australia and was acquired by Cboe Global Markets in 2021.
But just five years later, the company formerly known as the Chicago Board Options Exchange decided to sell the platform to focus on its core business.
TMX says the acquisition will bring together the world's leading mining and energy transition financing ecosystems, unlocking the potential to innovate for a growing global client base.
TMX Group on Thursday reported net income of $142 million for the June quarter, on revenue of $487.5 million.
The company has a market cap of $C14.1 billion ($14.3 billion), compared to $10.8 billion for the ASX Limited.
Webull Australia chief executive Rob Talevski has predicted that the exchange's new owners could prove a tough competitor for the local bourse.
"TMX is arriving with the balance sheet, the cross-border ambition, and a willingness to shake the tree that its predecessors never had," he said.
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