The Globe and Mail reports in its Friday edition that Canada's main stock exchange operator is dramatically reducing its reliance on both Canada and the traditional stock exchange business with its latest billion-dollar acquisition. The Globe's Jameson Berkow writes that TMX Group announced plans late Wednesday to acquire the 78 per cent of VettaFi Holdings LLC it did not already own for $848-million (U.S.). TMX had acquired 22 per cent of VettaFi in early 2023 for $175-million (U.S.). New York-based VettaFi has 113 employees and makes most of its revenue from its index business, which develops, calculates and maintains multiple indexes. Because that business earns money through licensing fees from passive fund managers and exchange-traded funds that track their indexes, much of its revenue -- more than 80 per cent, according to TMX -- is recurring. The deal will boost the proportion of TMX revenue generated outside Canada to 46 per cent. The company's market data business, which it refers to as global solutions insights and analytics, will account for 41 per cent of total revenues once the deal closes next month. The Globe notes that TMX has long-term goals of generating more than half of its revenue outside Canada.