From 2 to 200 Listed Companies: Scaling Indigenous Capital Markets

Indigenous capital markets, institutional deal flow, and a 2-to-200 listed company gap: TMX Group CEO John McKenzie and CIBC's Lisa Raitt.John McKenzie, CEO of TMX Group, and the Hon. Lisa Raitt, Vice Chair at CIBC Capital Markets, sit down with Mark Magnacca and Rob Brant during the Canadian Indigenous Investment Summit 2026.McKenzie quantifies the scale of the opportunity: two Indigenous-led companies are currently listed on Canadian exchanges, against a proportional target of 150 to 200.Raitt argues that the deals Indigenous communities are presenting to institutional investors are resource, energy, and infrastructure transactions evaluated on the same commercial terms as any other proponent.The conversation covers the capital stack now forming around Indigenous projects, including federal loan guarantees, the FNFA debt programme, and the first exchange-listed equity vehicles, alongside TMX Group's reconciliation-linked index data showing 20 years of outperformance among committed companies.