Cboe Canada to integrate NEO Exchange and MATCHNow into single entity

Rick Steves

This move is aimed at building a comprehensive equities offering, which will include trading, market data, access services, and listings.

Cboe Canada has announced a significant restructuring in its Canadian operations, slated to take effect on January 1, 2024. This change involves the formal integration of the NEO Exchange and the MATCHNow alternative trading system (ATS), along with other related Canadian regulated entities, into a single corporate entity under Cboe Canada.

The unification of these entities under Cboe Canada is part of a broader strategy to enhance Cboe’s market position in Canada. Currently, Cboe accounts for approximately 15 percent of the total Canadian equities trading market share.

Cboe Canada to offer comprehensive equities offering

A major development in this process is the planned migration of the NEO trading platform to Cboe technology, scheduled for the first quarter of 2025, pending regulatory review. This follows the successful migration of the MATCHNow trading platform to Cboe technology in 2022.

This amalgamation is expected to offer greater efficiencies and enhanced quality of service to Cboe Canada’s clients. It will provide a full and integrated portfolio of trading capabilities through a single point of access, benefiting the Canadian capital markets. This move is aimed at building a comprehensive equities offering, which will include trading, market data, access services, and listings.

Dave Howson, Global President of Cboe Global Markets, highlighted the company’s commitment to delivering world-class market expertise, services, and innovative solutions, now bolstered by Cboe’s global network.

“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 and NEO during pandemic

Cboe’s expansion into the Canadian market began with the acquisition of MATCHNow in August 2020, followed by NEO in June 2022. MATCHNow is known as Canada’s largest equities dark pool by trading volume, while NEO is a fintech organization comprising a fully registered Tier-1 Canadian securities exchange. Post-amalgamation, the MATCHNow and NEO trading venues will continue operating under their current names within Cboe Canada.

Cboe Canada, as a senior stock exchange for the Innovation Economy, has been operational since 2015. It focuses on listing companies and investment products seeking an internationally recognized exchange network. Being part of Cboe Global Markets, it leverages deep international expertise and a commitment to building a trusted, inclusive global marketplace.

Cboe Global Markets, known for its derivatives and securities exchange network, offers a range of trading solutions and products in multiple asset classes. It operates across North America, Europe, and Asia Pacific, with a focus on creating sustainable financial futures for its stakeholders.

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