How Public Companies Can Benefit From the CSE-NSX Integration | The CSE Podcast E8-S5

🎙️ Our latest CSE Podcast episode is live — and this one marks an exciting new chapter in our global expansion story.

Host Anna Serin, Director of Listings Development at the Canadian Securities Exchange, sits down with Eduardo Carmona of the National Stock Exchange of Australia to discuss the opportunities now available to Canadian issuers following CSE’s acquisition of the NSX.

💡 Spotlight topic: How can Canadian issuers access Australian capital markets?

From the NSX’s origins dating back to the 1800s Gold Rush era, to its evolution into a modern, venture-focused exchange, Eduardo outlines why Australia represents a compelling new pathway for growth companies — particularly in mining, tech, life sciences, and emerging crypto listings.

📊 In this episode, we cover:
• Why Australia’s “superannuation” pension system creates a powerful domestic capital base
• The dual-listing fast-track pathway for CSE and TSX issuers
• Key listing requirements
• Planning considerations for capital raises and blackout periods
• How 43-101 technical reports align with Australia’s JORC framework

💬 “Having options can be quite powerful.” — Eduardo Carmona

With growing interest from CSE, TSXV, and TSX issuers — and a clear mandate to build a true venture market in Australia — this conversation offers practical insight for companies considering a dual listing or expanding their investor base globally.

As we look ahead to PDAC and beyond, the Canada–Australia capital markets connection is only getting stronger.

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#CSEPodcast #AnnaSerin #NSX #GlobalMarkets #DualListing #Mining #Tech #Crypto #CapitalMarkets #Australia #CSE

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Transcript

SPEAKER_00 0:06

Hi, my name's Anna Sarah, and I'm Director of Listings Development with the Canadian Securities Exchange. You're joining us for another CSC podcast, and I'm joined today by none other than Eduardo Carmona with the National Stock Exchange of Australia. Thank you for joining me, Eduardo. Thank you, Anna, for having me. You have made a long journey from Sydney, Australia to join us here in Vancouver. Is this your first time in Canada? Very first time, yeah. Wonderful. Well, I hope you're enjoying yourself. The sunshine is out. You stopped in in Toronto and you visited our offices in Toronto for a few days and then made your way out here.

SPEAKER_01 0:41

That's exactly it. Had a few cold days in Toronto. I don't think I've quite experienced negative 23 before, especially coming from 40 degrees the weekend previously in Sydney. But you know, it's uh we get to romanticize it a little bit.

SPEAKER_00 0:52

Uh yeah, just remind our audience it is summertime in Australia right now. Um, and I think we're getting record, record lows as far as the coldness out east. So you got to experience it all. Well, let's dive right into it. Uh, it's very exciting to have you here. Um, as most of our audience knows, we completed the acquisition of the National Stock Exchange of Australia back in late 2025. Uh, you and I did a roadshow across Australia with um our fearless leaders, Richard Carleton, the CEO of the CSE, and Max Cunningham, the CEO of the NSXA. Um, and now that we're finally kind of formally working together, you're here in Canada to talk to all of our Canadian issuers and the stakeholders about the opportunity to duelist in Australia, right?

SPEAKER_01 1:38

That's exactly it. I think uh to quote yourself, Anna, I think you called it our coming out party here in Canada.

SPEAKER_00 1:43

That's exactly right.

SPEAKER_01 1:44

Post the acquisition and uh show the newlyweds floating around.

SPEAKER_00 1:48

That's right. Listen, you're a great partner. So I'm very excited about that. Before we dive into the opportunity for Canadian issuers, uh, give us a little brief history and the story of who the National Stock Exchange of Australia is.

SPEAKER_01 2:01

Yeah, fantastic. So uh the NSX has a very rich history. It uh dates back to the 1800s in the Bindigo Stock Exchange during the gold rush in Australia. Uh we then had a bit of a change of name, came the Newcastle Stock Exchange, and then became the National Stock Exchange of Australia as we know it today in 2006. We actually think we might be the first exchange uh globally to ever tokenize real life assets when we tokenized Vats of Wine back in 2001-2003. We also held the uh taxi license plate market in Australia until a pesky company called Uber came around. Uh, but I think most importantly to mention, I think a lot of the reason we're here today is the acquisition of the NSX by the CSE, which, as you mentioned, announced in May, wrapped up in October. And I think it's quite an important step forward in the history of NSX and obviously the CSE. Uh and I think, you know, in terms of what the latest happened, the first thing we did after the acquisition is we ran off and we got the CSE recognized in the eyes of ASIC, the financial regulatory body in Australia, as a recognized exchange.

SPEAKER_00 3:00

Uh just to add to that, I think one thing that we were maybe taken aback by was just how quickly ASIC worked to formalize that with us, um, which just showed great support in Australia. We were really excited about that, about how efficient that move was. But let's talk a little bit about why this all came to be. Um, I think it's important to just touch on, you know, our Canadian, um, our Canadian network understands really well how the CSE works uh within our Canadian framework. And I think there was a lot of synergies between us and the NSXA, which is why we started working together. And we started working together outside of us acquiring the NSXA, but um why don't you touch a little bit on some of those synergies and what what makes the NSXA stand similar to the CSC and maybe um differentiate from other exchanges in Australia?

SPEAKER_01 3:51

Absolutely. I think we're to begin with, I think where the opportunity lays was that the CSE saw an opportunity to grow a venture market in Australia, which is currently absent. Um not sure people know, but in Australia there's previously kind of one main exchange uh with one listing rules for all size companies. Uh we actually battled that notion. We think that one size doesn't fit all. Uh so we can't be treating guys with a market cap of five million who kind of do wear three hats in one job, two teams with market caps in the billions uh under the same scrutiny, right? And it just makes their life a little bit harder. And I think it's to the loss of the overall market and the investors.

SPEAKER_00 4:28

You know, it's always interesting when we show up in Perth, you kind of look around at the buildings around you, and it's BHP and Rio Tinto. I mean, some of the major mining companies globally are centered or or their headquarters are in Australia. And, you know, on the other exchange in Australia, they really are, you know, there is one rule book for those issuers as well as the explorers, right?

SPEAKER_01 4:51

That's exactly it. So I think what's uh pretty exciting is the ability to create that kind of venture market in Australia. And as you know, we don't really shy away that we might be a bit more ambitious than the CSE just because you know there is no venture market. So we want to be a combination of the CSE and the TSX fee. Yeah. Creating that alternative.

SPEAKER_00 5:09

Okay, well, and on that point, I think that's the reason that we really did kind of um come together because we obviously have a very uh robust uh venture market here in Canada. You know, Canada, I think, is known globally, I think, as a marketplace where startup and growth companies will come to list and raise capital and grow as issuers. And there is a real attraction to accessing those Australian markets. Uh, but it's always been a little bit more difficult because there is only that one size fits all uh marketplace in Australia. Talk to us about the Australian markets. Why, why is this uh why is this so interesting for Canadian issuers to go and raise capital?

SPEAKER_01 5:47

I think I'd put that down to kind of three main points right now. Um I think the first one, uh historically Canada and Australia have been a bit of a pendulum where there's uh different valuations in different markets. But I think at the moment Australia is carrying slightly favorable uh especially mining valuations. Uh second of all, I think the opportunity to give companies in Canada a pathway to reach Australia uh gets them accessibility to kind of 24-hour trading if they combine it with maybe one more other market, which is a big win for a lot of companies out there.

SPEAKER_00 6:15

Trade all day long. That's exactly it.

SPEAKER_01 6:18

And I think lastly, I'm not sure if many people know, but Australia's got a very strong pension system called the superannuation. The way the superannuation works is these guys have kind of offices the size of investment banks where they still do, unlike many other counterparts worldwide, do individual stock picking, which creates a really big opportunity for companies out there in the Australian market.

SPEAKER_00 6:38

It's an amazing opportunity. So to just break that down a little bit further, uh, the superannuation program is essentially a forced pension program that all Australians receive. So whatever uh employment they have, their employer um puts into this superannuation program for their pension. Um, and as you mentioned, it still has the ability to get invested uh by the investment bankers into individual stocks. So the capital markets in Australia have this infusion of capital guaranteed every year, and every Australian is an investor. This also adds to why there's a real opportunity for dual listing, moreover, than um, you know, there's opportunities now for Canadian issuers, especially through platforms like Interactive Brokers, where you can trade all over the world on the CSC. But there is an extra drive in Australia, I feel, for a local listing because of the superannuation program, wouldn't you say?

SPEAKER_01 7:31

Yeah, absolutely.

SPEAKER_00 7:32

Yeah, yeah. Okay. So so now Canadians, um issuers all over the world and Canadian issuers and issuers on any exchange have this opportunity to access a more venture style, growth, uh, transparent liquid marketplace in Australia. So let's talk about some of the sectors that are really relevant in Australia.

SPEAKER_01 7:54

Yeah, of course. I mean, look, uh what we're here, obviously, mining's a big one, looking at kind of two capital markets very heavily based around kind of the 40% of mining exploring um listings. So with that said, obviously that's a main uh market, but we're very agnostic when it comes to industry. Uh so with that said, we're looking at tech. A lot of it, you know, a lot of the companies we believe that used to be listed and were listed and became billion market cap companies, I don't think could be listed today. Yeah. Uh so we look at the you know, pre-revenue tech and at the experience of those young and entrepreneurship companies. Uh life sciences as well. Some of the policies in Australia have recently changed in terms of what level you need funding to become a publicly listed company, which isn't the story at the NSX. So we're happy to engage with them. Uh so yeah. And especially what we're quite excited about, which we're working in the newer and novel side of things, is that we're working with crypto uh listings or crypto-based listings. The exciting part about that is that there's currently none of that sort uh listed in the Australian capital markets at the moment. And we're quite proactive on engaging with the financial regulatory body to get these companies there. So we expect the first one to come around this year, uh, which would give us a product not available anywhere else.

SPEAKER_00 9:04

Absolutely. I mean, you know, it uh one thing that I find really exciting, because we obviously are seeing an incredible mining um sector right now, finally, but I do find it exciting to finally see um some startup and growth tech companies, crypto, AI, coming to the junior capital markets, which I think is really exciting. And uh, you know, you're seeing that in Australia. So there's an appetite for it. Yeah, absolutely. Absolutely. Okay. Um I want to next touch on you know where we're seeing interest come to the NSXA. So uh there's a few different places that you're seeing interest level from issuers. Talk to us about that.

SPEAKER_01 9:39

Yeah, absolutely. We've touched on that a little bit so far, but even though the dual listing pathway wasn't maybe the initial motivation of the transaction, it's definitely been a benefit that's uh come out from it. Uh so we're engaging, you know, with uh 20, 30 odd companies already uh from the CSC, but also the TSX fee and the TSX, looking for that dual listing access to Australia. So we're excited about that with the first ones coming out in the first half of this year for sure. Okay. Uh the second one we do is transfers for more competing exchange. We offer a kind of fast track transfer program that is for 8,000 AUD, which is quite a minimal cost. Um and that's with the concept, right, that you're already listed in local jurisdictions. So, you know, just switch over exchange shouldn't be that difficult if you're feeling frustrations. Yes. And then as we've touched on a little bit, is that newer novel side of things, which is the the crypto back listings, uh, which we think once we get the first, there'd be quite a lot of demand following similar concepts or similar listings after that.

SPEAKER_00 10:34

You know, of the time that we've spent in Australia, what I was um surprised by was also just this quite large private sector. And they just felt that it was you had to be a certain size to be able to access the capital market. So there's a lot of private equity and and and private companies um that are quite excited to access the capital markets. They just haven't had the availability to um till this point, right?

SPEAKER_01 10:58

Yep, that's exactly what we're trying to do, right? Is lower that barrier to entry to capital markets. And I think it's a very natural point of uh to go on to a little bit of the listing requirements that we have at the NSX at this point. Yeah, absolutely. Um so we have a free float of 25%. We've got no profits tests, no assets tests, and a minimum market cap of 500,000 AUD. Yep. We don't currently actually have any companies that small in terms of market cap, but the entry point is there. And then we also ask for two years of audited financials. Okay. That's not to say we work with a lot of young entrepreneurships uh and companies of that size. Yep. Um so in that instance, we're quite happy to waive the two years audited financials, completely dependent on the experience of the board members that they've done it before, or the C-suites if they ran companies of that similar nature.

SPEAKER_00 11:43

Okay. Um and some of these are very similar to the CSE and how we approach uh newer, newer companies. I think the one thing that's important, especially early stage companies, is that they might start out as a small company, but their ability to raise capital is what allows them to grow. Um, you know, on the CSE, what we've seen over our 20-year lifespan is that we have a lot of small companies that have become very big companies. They choose to stay on our marketplace because they are happy with how uh their their liquidity, their shareholders, their accessibility. And so, you know, we hope the same for the NSXA as well. Let's touch a little bit on the paths to listing. Let's let's touch on some housekeeping. So you had just touched on some of the requirements, but there's a few different paths to listing with the NSXA. Let's touch on that.

SPEAKER_01 12:30

Yep, absolutely. So we kind of got four general paths to listing. Uh, we've got the traditional IPO, everyone's very familiar with.

SPEAKER_00 12:37

Um, pretty standard across global markets. Yeah, you file with the regulators, you raise capital while doing so, and you file with the exchange and you go to market. That's it. Okay.

SPEAKER_01 12:48

Um I think I'll begin with just because obviously we're here and conversating about what the result of this acquisition is going to look like. Yeah. Uh but I'll jump to the possibility of what we're offering is the the dual dual listing, fast track listing. Um that is consisting that if you you come from a recognized exchange, i.e. the CSC, the TSX, main board, um, and you fulfill our listing requirements, um, you are then eligible for a fast track timeline. That look, we know we can get it down to four to six a week, but you know with everything in life, the first ones take a little bit longer. So we're working through that now, but with the idea of getting it down to that time frame, and it's much more cost-effective. Okay. The reasons for that is because you are applying with an information memorandum, which is a short doc uh form of a prospectus, uh, which also has been quoted to be a bit of the tenth of the price uh with lawyers in in Australia.

SPEAKER_00 13:38

It sure is like hearing that. Exactly.

SPEAKER_01 13:40

Cost effective, time efficient, way to market. Um but what's very important to note that if you choose this strategy, you have a blackout period for doing financings or capital raisings. Yes. Uh and what that time period looks like, it's three months before and after your listing date. Okay. Um so usually, if uh even though this is a very appealing pathway for companies, it usually requires a little bit more planning. So we sit down with the companies and see what we can make work in case that is attractive. One of the important things to consider if you're choosing that pathway is whether the company has Australian shareholders already. Yes. Uh because this brings out the question and the notion of liquidating the market once you have that listing. Yeah. It makes more sense for a company if you have Australian shareholders. Yes. The reason because of that is because you can do what they call transmutation, which is a fun word I learned this year, um, which is where you know transfer the shares under the registry in the Canadian market to the Australian market. And you can bypass not having to do that financing from the get-go, uh, which opens the door to doing kind of shorter dog financing down the road. Okay. Which if you're organized and you plan it well, could probably mean a lot of uh money saved.

SPEAKER_00 14:49

Okay, I think you brought up something that's really important for issuers that are interested in this, is the pre-planning component. Because if you pre-plan, so you're gonna need obviously capital to do the uh dual listing, you're gonna need capital to go to Australia and do a capital raise. Uh, you know, there there is some capital that's gonna be required. So you want to make sure that you have that capital in the bank, you know, uh three months prior to your listing time, and that you're going to be have enough capital to for three months after before you can go to market, um, as well as, you know, if you have those existing shareholders. So planning is is key. I'm assuming our issuers can access you guys directly when they're ready to do that and start that planning process, right?

SPEAKER_01 15:31

Yep, absolutely. Feel free to reach out to me directly. Always happy to have the conversations, whether it's for planning and actual listing or just a matter of education. Uh, we're here to spread the word of the NSX and what we're here to offer. Okay. Uh so yeah, happy to have any conversation anyone wants.

SPEAKER_00 15:45

Very exciting. Um listen, is there anything else that you want to touch on as issuers are considering making this leap uh to Australia to raise capital?

SPEAKER_01 15:56

Yeah, of course. Look, and again, continuing with the theme of the venture market, like we're also very issue focused. Uh, a lot of the time throughout the year, we we sponsor many events where kind of a condition for us is to get our companies there and speaking. Yep. Um again, market caps in the billions know how to do this, they've done it for many years. Company market caps in the five million level maybe don't have that experience. And uh there's a a notion sometimes that without doing the roadshow side of things, you'll just automatically get the liquidity, which is a bit of a misconception. You always have to get out there and be speaking in front of the camera per se.

SPEAKER_00 16:27

That's right. That's right. Um, you know, the other thing is um one thing that we're starting to notice is that there is some added value too for Canadian issuers. Um, you know, check that your service providers have a sister company in Australia that's recognized by ASIC or that it um has operations in Australia as well. I think that's helpful as well, isn't it? So your auditor and your lawyer that they're they have some tie to Australia as well.

SPEAKER_01 16:52

Yeah, absolutely. That helps. It's not necessarily a strict rule, but I mean, like if you're entering the market for the first time and you need to get your financials in place, maybe a local counterpart would be more fitting. Yep. But I think it's quite important actually to mention that uh a unique role we offer here at the NSX is the role of a nominated advisor. Okay. Uh for those listening. Nobody gets scared. No one gets scared. Please don't think of the London uh AIM and LSC uh nomads that um people's hairs usually stand up on the back of their neck. Okay, tell us about this program. Exactly. So what it is, it is basically law firms, auditors, thought brokers, investor relationship firms that basically become partners of the NSX. Okay. Uh they commit to learning our listing rules to then be able to assist potential issuers. Okay. And what I mean by that is that if you're a company coming onto the NSX, you're obliged to choose one of these so-called partners from our list. Yep. Uh but again, look, you use them as much as you need them. You're not forced to pay fees of a certain X or Y amount. Um you just get bills for the hours you do need them, but it's a third, another assistive hand, uh almost like training wheels, to help these issuers remain active and continue being successful and focusing on their business objectives.

SPEAKER_00 18:04

Sounds great.

SPEAKER_01 18:04

I love it.

SPEAKER_00 18:05

I love it.

SPEAKER_01 18:05

With that mentioned, uh, you're not forced to have a nomad if you're bigger and we're confident that you have the expertise, you can internalize that role for bigger uh entities. Training wheels. Exactly okay.

SPEAKER_00 18:16

You touched on this already. I just want to end off with this. So um, you know, we were there in October for the closing of the acquisition, and it was also around that time that we received uh recognition from uh the Australian regulators. Can you maybe just touch on uh the value that this provides to CSC listed companies?

SPEAKER_01 18:34

Yeah, absolutely. And I think we can we can mention it again because ASIC deserves a round of applause.

SPEAKER_00 18:39

Yes, thank you, ASIC.

SPEAKER_01 18:41

They did it in four weeks, which is almost you know unheard of, but we're extremely grateful. Yeah, and I think it shows a very positive image of uh increasing competition in Australia, especially in the sense of capital markets. Yeah. Um but no, that's great. I mean, what it really it makes it a bit easier if you're from the CSC and a bit quicker as well from the main board of TSX. But it expediates the timeline, it gives you cost effective and it gives you options, right? Everyone likes options, and having options can be quite powerful. Yes. Uh so again, uh you know, get on the phone, give us a call, and we'll help you plan that. And how it'd be favorable coming from uh from one of those exchanges.

SPEAKER_00 19:15

I think one of the key themes with that is just that there is a little bit more alignment. They recognize some of our policies. Uh, you may not need as many waivers for how you're reporting in Canada versus reporting in Australia. So it it makes it a little bit of a smoother process, right?

SPEAKER_01 19:31

Yeah. What the recognition of the exchange really is, is that it verifies that the exchange you're coming from is respected and is equivalent to that of what is in Australia. Yep. Uh so by doing so, there's not it cuts down a lot of the repetition of work, especially when it comes to reporting obligations, uh, mining valuations, comparing the the jork to the 4310.

SPEAKER_00 19:49

Yeah, absolutely.

SPEAKER_01 19:51

Uh furthermore.

SPEAKER_00 19:52

There's one other thing that you brought up. The 43101 and the jork, since we are uh dealing with a lot of our mining issuers, is that a 43101 is recognized in Australia, correct? Yes. Okay, great. Okay. Um, Eduardo, uh, we could talk for hours about this. Um, I really hope to see you back in Canada soon. I know that uh your CEO, Max Cunningham, will be joining us in Canada again for PDAC. So hopefully we can sit down with him and have another conversation. Um, thank you so much. We are so excited to work with you and uh excited for the future for all of us.

SPEAKER_01 20:24

Exactly. Thank you very much, Anna, and uh back soon as well.

SPEAKER_00 20:27

Sounds great.