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- NEO Exchange, MATCHNow, and other related Canadian regulated entities to be formally integrated into one corporate entity
- Effective January 1, 2024, the amalgamation is expected to bring greater efficiencies and enhanced quality of service to customers
- Cboe Canada plans to migrate the existing NEO trading platform to Cboe technology in the first quarter of 2025
Cboe Canada today 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[1] 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.
"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," said Dave Howson, Global President of Cboe Global Markets. "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.
