Information: - Toronto Stock Exchange (often abbreviated as TSX) is one of the world's largest stock exchanges. It is the ninth largest exchange in the world by market capitalization. Based in Toronto, it is owned by and operated as a subsidiary of the TMX Group for the trading of senior equities. A broad range of businesses from Canada and abroad are represented on the exchange. In addition to conventional securities, the exchange lists various exchange-traded funds, split share corporations, income trusts and investment funds. More mining and oil and gas companies are listed on Toronto Stock Exchange than any other stock exchange. - Canada (French: ) is a country in the northern half of North America. Its ten provinces and three territories extend from the Atlantic to the Pacific and northward into the Arctic Ocean, covering , making it the world's second-largest country by total area and the fourth-largest country by land area. Canada's border with the United States is the world's longest land border. The majority of the country has a cold or severely cold winter climate, but southerly areas are warm in summer. Canada is sparsely populated, the majority of its land territory being dominated by forest and tundra and the Rocky Mountains. About four-fifths of the country's population of 36 million people is urbanized and live near the southern border. Its capital is Ottawa, its largest city is Toronto; other major urban areas include Montreal, Vancouver, Calgary, Edmonton, Quebec City, Winnipeg and Hamilton. - A stock exchange or bourse is an exchange where stock brokers and traders can buy and/or sell stocks (also called shares), bonds, and other securities. Stock exchanges may also provide facilities for issue and redemption of securities and other financial instruments, and capital events including the payment of income and dividends. Securities traded on a stock exchange include stock issued by listed companies, unit trusts, derivatives, pooled investment products and bonds. Stock exchanges often function as "continuous auction" markets, with buyers and sellers consummating transactions at a central location, such as the floor of the exchange. - ARC was founded in 1996 as a royalty trust with the acquisition of 21 properties from Mobil Oil Canada . The acquisition was funded by an initial IPO of $ 180 million on the Toronto Stock Exchange . The company operated as a royalty trust from inception in 1996 until December 31 , 2010 . As a result of the Canadian Government 's change in the tax treatment of trusts ARC converted from a trust to a corporation on January 1 , 2011 . - A royalty trust is a type of corporation, mostly in the United States or Canada, usually involved in oil and gas production or mining. However, unlike most corporations, its profits are not taxed at the corporate level provided a certain high percentage (e.g. 90%) of profits are distributed to shareholders as dividends. The dividends are then taxed as personal income. This system, similar to real estate investment trusts, effectively avoids the double taxation of corporate income. - Toronto is the most populous city in Canada, the provincial capital of Ontario, and the centre of the Greater Toronto Area, the most populous metropolitan area in Canada. Growing in population, the 2011 census recorded a population of 2,615,060. As of 2015, the population is now estimated at 2,826,498, making Toronto the fourth-largest city in North America based on the population within its city limits. Toronto trails only Mexico City, New York City, and Los Angeles by this measure, while it is the fifth-largest (behind also Chicago) if ranked by the size of its metropolitan area . An established global city, Toronto is an international centre of business, finance, arts, and culture, and widely recognized as one of the most multicultural and cosmopolitan cities in the world. - A split share corporation is a corporation that exists for a defined period of time to transform the risk and investment return (capital gains, dividends, and possibly also profits from the writing of covered options) of a basket of shares of conventional dividend-paying corporations into the risk and return of the two or more classes of publicly traded shares in the split share corporation. Most commonly a split share corporation issues equal numbers of shares from a class of preferred shares and a class of capital or class A shares. The proceeds of the share offering are invested in conventional dividend-paying shares according to the regulations of the split share corporation. The preferred shares typically offer relatively high and secure dividend yield at a fixed coupon rate but with no expectation of capital gain by the time that the split share corporation is wound up. The capital shares often (but not in every corporation) pay a dividend like the preferred shares; in addition, the capital shares offer participation in the leveraged capital gains (or losses) of the underlying basket of conventional shares. Given the information above, choose from the list below the object entity that exhibits the relation 'headquarters location' with the subject 'arc resources'. Choices: - calgary - canada - central - edmonton - forest - hamilton - mexico city - new york - ottawa - quebec - split - toronto - vancouver - york
Answer:
calgary