Cboe Canada Obtains Approval to Unify Its Canadian Operations

Cboe Canada announced on Monday that it has received all necessary approvals to formally unify its Canadian operations by integrating the NEO Exchange, the MATCHNow alternative trading system (ATS), and other related regulated Canadian entities into one corporate entity under the umbrella of Cboe Canada, effective January 1, 2024.

As a unified entity, Cboe Canada is expected to provide its clients with a comprehensive portfolio of trading capabilities through a single point of access, allowing both its clients and the Canadian capital markets as a whole to access greater efficiency and enhanced quality of service.

The exchange stated that the move is intended to further strengthen Cboe Canada's market position, where it currently accounts for approximately 15% of total Canadian equities trading market share. It is also a part of its broader strategy to build a comprehensive equities offering encompassing trading, market data, access services, and listings.

In addition, Cboe Canada plans to migrate the existing NEO trading platform to Cboe technology system in the first quarter of 2025, subject to regulatory review. The migration of the Canadian securities trading platform, MATCHNow​, to Cboe technology was completed in February 2022.

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 dark pool, from Virtu Financial in August 2020, and the NEO Exchange, Canada's Tier 1 stock exchange for the innovation economy, in June 2022.

Cboe Canada added in the announcement: "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's global strategy goes beyond the equities field and the Canadian market. Last month, Cboe Japan completed its migration to the technology platform, and Cboe Digital​ announced its plan to offer trading and clearing in margin futures on Bitcoin and Ether in January 2024.

Additionally, Cboe recently announced a series of senior executive appointments to strengthen its leadership team supporting its continued expansion across global markets, including the new CEO, Fredric J. Tomczyk; Chief Financial Officer, Jill Griebenow; Global Head of Derivatives, Catherine Clay; Global Head of Data and Access Solutions, Adam Inzirillo; Head of Derivatives Market Intelligence, Mandy Xu​, etc.