Cboe Canada announced receipt of all necessary approvals to formally unify its Canadian operations by bringing together the NEO Exchange and the MATCHNow alternative trading system (ATS), along with other related Canadian regulated entities, “into one corporate entity under the umbrella of Cboe Canada, effective January 1, 2024.”
This unification aims to “further strengthen Cboe Canada‘s market position – where it currently accounts for approximately 15 percent of total Canadian equities trading market share – and is a part of its broader strategy to build a comprehensive equities offering encompassing trading, market data, access services, and listings.”
Additionally, Cboe Canada plans to “migrate the existing NEO trading platform to Cboe technology in the first quarter of 2025, subject to regulatory review.”
The migration of the MATCHNow trading platform “to Cboe technology was completed in 2022.”
As one unified entity, Cboe Canada is expected “to offer a full and integrated portfolio of trading capabilities through a single point of access, bringing greater efficiencies and enhanced quality of service to its clients and the Canadian capital markets overall.”
Dave Howson, Global President of Cboe Global Markets, said:
“Since entering the Canadian markets in 2020, Cboe has been focused on strategically growing our presence and diversifying our product capabilities, and we couldn’t be more grateful for the continued support and engagement from our clients and industry partners throughout this journey. While these entities have operated seamlessly as part of Cboe since the acquisitions, the formal amalgamation of our Canadian operations as Cboe Canada is a significant step towards solidifying our foothold in the region even further and laying the foundation for the continued growth of our business. We remain committed to offering the same world-class market expertise, services, and innovative solutions that our clients have come to expect, now further supported by the infrastructure and resources of Cboe’s global network.”
Cboe acquired MATCHNow, Canada’s largest equities dark pool by trading volume, in August 2020 and NEO, a fintech organization comprising a fully registered Tier-1 Canadian securities exchange, in June 2022.
The existing MATCHNow and NEO trading venues will “continue to operate under their current names – MATCHNow, NEO-L, NEO-N, and NEO-D – within Cboe Canada. In addition, Cboe Canada’s listings, market data, and private placement services will continue operations as usual.”
Cboe Canada is Canada’s senior stock exchange “for the purpose-driven Innovation Economy. Fully operational since 2015, Cboe Canada lists companies and investment products seeking an internationally recognized stock exchange network that enables investor trust, quality liquidity, and broad awareness including unfettered access to market data. Cboe Canada is part of the Cboe Global Markets group, leveraging deep international expertise, industry-leading market intelligence and technology, and unparalleled service to deliver what stakeholders and the world need now, and for the future. Cboe Canada is an affiliate of Cboe MATCHNow.”
Cboe Global Markets (Cboe: CBOE), the world’s derivatives and securities exchange network, delivers trading, clearing and investment solutions to people around the world.