Cboe finalizes acquisition of MATCHNow

Maria Nikolova

The acquisition is expected to be immediately accretive to earnings, contributing approximately $0.01 to earnings per share in 2020.

Cboe Global Markets, Inc. today announced the completion of its acquisition of MATCHNow, the largest equities alternative trading system (ATS) in Canada.

Toronto-based MATCHNow is a Canadian marketplace that offers execution for institutional, proprietary and retail orders by combining frequent call matches and continuous execution opportunities in a fully confidential trading book. Founded in 2007, MATCHNow has grown to account for nearly 65% of market share in total Canadian dark trading, or approximately 7% in total Canadian equities volume.

With this acquisition, Cboe gains a foothold in a key global capital market, while expanding the company’s geographic presence and diversifying the product capabilities of its equities business. Following a proven playbook used to grow its European equities business, Cboe plans to leverage its world-class technology, product innovation and expertise in operating markets to build out a more complete North American equities business.

MATCHNow Chief Executive Officer Bryan Blake, who joins Cboe as Vice President, Head of Canadian Equities, said, “Cboe’s legacy of innovation not only includes its flagship products, but also its ability to create and develop new markets and market models, many of which have grown to become some of the largest, most-relied upon in the world.”

Cboe acquired MATCHNow from Virtu Financial, Inc. Terms of the deal were not disclosed, however, the company noted that the purchase price is not material from a financial perspective.

The acquisition is expected to be immediately accretive to earnings, contributing approximately $0.01 to earnings per share in 2020.

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