Is TMX Group / X Halal?
TMX Group Limited (TSX: X) runs the Toronto Stock Exchange, the TSX Venture Exchange, the Montréal Exchange derivatives market, and CDS Clearing. It is market infrastructure — tolls on trading, not lending — and the ratio math clears comfortably. But facilitating interest-based securities markets is a genuine gray area, so this PASS is provisional.
The two-gate Shariah screen
Every screener on this site runs the same two gates: first, the business must be halal (no conventional insurance, banking, alcohol, gambling, and the like); second, the financial ratios must clear (debt under roughly 33% of market cap, non-compliant income under roughly 5%).
Gate one: the business — provisional PASS
TMX operates exchanges, markets, and clearing houses for Canadian capital markets and sells select services globally. Its four segments are Global Insights (data, TMX Datalinx, Trayport, VettaFi), Capital Formation (TSX, TSXV, TSX Trust, Newsfile), Derivatives Trading & Clearing (Montréal Exchange, CDCC, BOX), and Equities and Fixed Income Trading & Clearing (TSX/TSXV/Alpha trading, CDS Clearing, Shorcan Brokers). Revenue is trading, clearing, listing, and data fees — not interest-based lending. The gray area, disclosed rather than hidden: CDCC clears fixed-income repurchase agreements and Shorcan is a fixed-income interdealer broker — the business facilitates trading in interest-based securities, and some screeners exclude the financials sector outright. Gate one: provisional PASS.
Gate two: the ratios — PASS
Debt-to-market-cap: ~13.1% (ceiling ~33%) — PASS. At June 30, 2026, TMX reported C$1,945.3 million of debt — C$1,545.6 million of debentures, a C$300 million term facility drawn in May 2026 to repay a matured series, and C$99.7 million of commercial paper — roughly 13.1% of the ~C$14.9 billion market cap (TSX: X near C$53.50 in late September 2026; about 275.8 million shares outstanding).
Interest income: ~0.7% of revenue (ceiling ~5%) — PASS. Interest income on funds invested of C$3.4 million for Q2 2026, against revenue of C$487.5 million, is roughly 0.7%. The statements also show C$269.4 million of "REPO and collateral interest income," but it nets to exactly zero against matching interest expense — clearing pass-through, not retained interest income — and is excluded from total revenue. Cash of C$374.8 million (~2.5% of market cap; ~3.5% including C$142.5 million of marketable securities) is under the ceiling. Gate two: PASS.
What other screeners say
No verified current third-party verdict on TMX Group was found in public sources during our September 2026 research — not on Zoya, Musaffa, or ShariaPortfolio. The gray area is our own honest disclosure, not a third-party disagreement.
The bottom line
This screener gives TMX Group Limited (TSX: X) a provisional PASS. The numbers clear comfortably: a ~13.1% debt ratio and ~0.7% interest-income ratio, with revenue built on trading and data fees rather than lending. The asterisk: the business exists to facilitate securities markets including interest-based fixed-income trading, and scholars and screeners differ on whether exchange operators sit inside the financials exclusion. This is our independent screening, not a fatwa. Snapshot dated September 28, 2026; re-checked quarterly after earnings.
What could flip it: another large debt-financed acquisition, a deep share-price slide — or your scholar's position on exchange operators. See all the screeners on the screeners hub.
Frequently asked questions
Is TMX Group stock halal?
This screener gives TMX Group Limited (TSX: X) a provisional PASS. TMX operates stock exchanges, clearing houses, and market data businesses — market infrastructure, not lending — and its revenue comes from trading, clearing, listing, and data fees. Debt of C$1,945.3 million is roughly 13.1% of a ~C$14.9 billion market cap — under the ~33% AAOIFI ceiling; and interest income on funds invested of C$3.4 million is roughly 0.7% of C$487.5 million in Q2 2026 revenue — under the ~5% screen. The 'provisional' qualifier: TMX facilitates trading and clearing in interest-based securities (fixed-income clearing through CDCC, the Shorcan interdealer bond broker), and some screeners exclude the financials sector outright. This is an independent screening, not a fatwa.
What are TMX Group's debt and market-cap figures?
At June 30, 2026, TMX Group reported debt of C$1,945.3 million — C$1,545.6 million of debentures, a C$300 million term facility drawn in May 2026 to repay a matured series, and C$99.7 million of commercial paper — roughly 13.1% of the ~C$14.9 billion market cap (TSX: X near C$53.50 in late September 2026; about 275.8 million shares outstanding) — under the ~33% AAOIFI ceiling.
Does TMX Group earn interest income?
TMX reports C$3.4 million of interest income on funds invested for Q2 2026 — against revenue of C$487.5 million, that is roughly 0.7% — well under the ~5% screen. The statements also show C$269.4 million of 'REPO and collateral interest income,' but it nets to exactly zero against matching interest expense — it is clearing pass-through, not retained interest income — and is excluded from total revenue.
What could change TMX Group's halal screener?
Another large debt-financed acquisition (TMX's debt mostly dates to past acquisitions), or a deep share-price slide, could push the debt ratio toward the ~33% ceiling. The bigger gray area is structural: the business facilitates interest-based securities markets, and scholars and screeners differ on whether exchange operators belong in the financials exclusion. This screener is a snapshot dated September 28, 2026 and is re-checked quarterly after earnings.
What do Zoya, Musaffa, and ShariaPortfolio say?
No verified current third-party verdict on TMX Group was found in public sources during our September 2026 research — not on Zoya, Musaffa, or ShariaPortfolio. Our provisional PASS result is an independent application of the AAOIFI-style screen; consult a scholar or screener of your choice before investing.