just now
December 18, 2023 - Cboe Canada has announced that it has received all necessary approvals to officially unite its Canadian operations. This integration will bring together the NEO Exchange, the MATCHNow alternative trading system (ATS), and other related Canadian regulated entities into one corporate entity under the umbrella of Cboe Canada, with the effective date set for January 1, 2024.
Cboe Canada plans to migrate the existing NEO trading platform to Cboe technology in the first quarter of 2025.
This strategic move is designed to further strengthen Cboe Canada's market position in Canada, where it currently holds approximately 15 percent of the total Canadian equities trading market share. It is part of Cboe Canada's broader strategy to create a comprehensive equities offering that includes trading, market data, access services, and listings. Furthermore, Cboe Canada has plans to transition the existing NEO trading platform to Cboe technology in the first quarter of 2025, pending regulatory review. The migration of the MATCHNow trading platform to Cboe technology was successfully completed in 2022.
By operating as one unified entity, Cboe Canada aims to offer a complete and integrated portfolio of trading capabilities through a single point of access. This consolidation is expected to bring greater operational efficiencies and an enhanced quality of service to its clients and the Canadian capital markets as a whole.
Dave Howson, Global President of Cboe Global Markets, expressed his gratitude to clients and industry partners for their support throughout this journey, saying, "Since entering the Canadian markets in 2020, Cboe has been focused on strategically growing our presence and diversifying our product capabilities. The formal unification 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. Additionally, 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.
