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Capital Markets February 5, 2026 · 8 min read

TSX/TSXV Foreign Issuer Listing Trends & 2026 New Listing Statistics

TSX/TSXV 외국 발행사 상장 동향 및 2026 신규 상장 통계

Key Takeaway

TSX and TSXV rank 3rd globally among international exchanges for new international listings, with more than 3,600 issuers listed. Foreign issuers account for approximately 9.2% (~155 companies) of TSXV listings, and 84 new issuers listed on TSX in December 2025 alone, reflecting robust listing activity. With TMX publishing its 2026 Guide to Listing to actively recruit international companies, this represents an optimal moment for Rise Partners to advance Canadian listings for Korean companies in direct alignment with TMX's internationalization strategy.

# TSX/TSXV Foreign Issuer Listing Trends & 2026 New Listing Statistics

Executive Summary

TSX and TSXV rank 3rd globally among international exchanges for new international listings, with more than 3,600 issuers listed. Foreign issuers account for approximately 9.2% (~155 companies) of TSXV listings. In December 2025 alone, 84 new issuers listed on TSX, reflecting sustained listing momentum. TMX's publication of the 2026 Guide to Listing signals continued aggressive pursuit of international issuers — making this an optimal window for Rise Partners to advance Canadian listings for Korean companies in alignment with TMX's internationalization strategy.

Details

TSX/TSXV International Listing Overview

TMX ranks 3rd among global peer exchanges for new international listings ([TMX International](https://www.tsx.com/en/listings/listing-with-us/sector-and-product-profiles/international)). This reflects TMX's proactive stance on attracting international companies and a well-developed institutional infrastructure for foreign issuers.

Total Listing Snapshot:

  • TSX + TSXV combined: 3,600+ listed issuers
  • TSXV foreign issuer ratio: approximately 9.2% (~155 companies)

    • 2025 New Listing Trends

    TSX December 2025 New Listings ([TMX December Statistics](https://www.stocktitan.net/news/TMXXF/tmx-group-equity-financing-statistics-december-ubas4bj3qnq5.html)):

  • New issuers in December: 84 (vs. 15 the prior month and 7 in the same month of the prior year — a sharp increase)
  • Breakdown: 78 Canadian Depositary Receipts, 2 ETFs, 1 Industrial Products, 3 Mining
  • The surge in CDR (Canadian Depositary Receipts) listings reflects TMX's strategy to broaden Canadian investor access to international equities

    • TSXV December 2025 New Listings:

  • New issuers in December: 2 (vs. 3 the prior month and 2 in the same month of the prior year)
  • Breakdown: 1 Mining, 1 Technology

    • TSX August 2025 ([StockTitan](https://www.stocktitan.net/news/TMXXF/tmx-group-equity-financing-statistics-august-wwy4rqrgl58e.html)):

  • New issuers in August: 44 — the highest monthly figure for 2025
  • Year-over-year increase: +159%

    • TSX May 2025:

  • New TSX listings up +79.7% year-over-year

    • International Issuer Distribution by Sector (as of December 31, 2025)

    Distribution of internationally operating companies in the Oil & Gas sector:

    | Region | TSX | TSXV | |--------|-----|------| | UK/Europe | 5 | 6 | | Latin America | 5 | 12 | | Africa | 2 | 6 | | United States | 4 | 10 | | Asia | 4 | 4 | | Middle East | 3 | 2 | | Australia/New Zealand/PNG | 2 | 3 |

    Asian Issuer Presence: 4 Asia-based Oil & Gas companies are listed on TSX and 4 on TSXV. As these figures represent only the Oil & Gas sector, total Asian issuer counts — including Mining, Technology, and other sectors — are expected to be significantly higher.

    Interlisted Companies

    TMX publishes monthly lists of companies interlisted on TSX or TSXV while simultaneously listed on foreign exchanges ([TMX Interlisted](https://www.tsx.com/en/trading/market-data-and-statistics/market-statistics-and-reports/interlisted-companies)). This confirms that established precedents exist for Korean companies to pursue dual listings on TSX/TSXV while maintaining their KOSPI or KOSDAQ listings.

    TSXV International Issuers Report

    TMX publishes a monthly TSXV International Issuers report. The most recent edition, dated February 2026, is publicly available ([TSXV Intl Issuers February 2026](https://www.tsx.com/en/resource/573)).

    2026 Guide to Listing

    TMX has published its 2026 Guide to Listing, providing detailed guidance on listing procedures, requirements, and benefits for international companies ([2026 Guide to Listing](https://www.tsx.com/ebooks/en/2026-guide-to-listing/)). This underscores TMX's continued commitment to attracting international listings through 2026.

    CDR (Canadian Depositary Receipts) Program

    The fact that 78 of the 84 new TSX listings in December 2025 were CDRs illustrates TMX's active efforts to expand Canadian investor access to global equities. CDRs enable Canadian investors to trade foreign-listed shares in Canadian dollars — a structure worth examining as a potential market access pathway for Korean companies entering the Canadian market.

    Key Figures

  • TSX + TSXV total listed issuers: 3,600+
  • TMX global ranking for new international listings: 3rd
  • TSXV foreign issuer ratio: ~9.2% (~155 companies)
  • TSX new listings, December 2025: 84 (vs. 7 in December 2024)
  • TSX new listings, August 2025: 44 (+159% YoY)
  • TSX new listings, May 2025: +79.7% YoY
  • CDR listings (December 2025): 78
  • TSXV Asian Oil & Gas issuers: 4
  • TSX Asian Oil & Gas issuers: 4
  • TSXV new listings, December 2025: 2

    • Rise

    Implications

    1. **Alignment with TMX's Internationalization Strategy**: TMX holds the 3rd global ranking for new international listings and has published the 2026 Guide to Listing, signaling an aggressive push to attract foreign issuers. Rise Partners should establish a direct partnership with TMX's international listings team to share a Korean company pipeline and secure institutional support.

    Source: https://www.tsx.com/en/listings/listing-with-us/sector-and-product-profiles/international

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