CBOE CANADA ANNOUNCES PLANNED UNIFICATION OF ITS CANADIAN OPERATIONS
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
TORONTO, Dec. 18, 2023 /CNW/ -- 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.
About Cboe Canada
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.
About Cboe Global Markets
Cboe Global Markets (Cboe: CBOE), the world's leading derivatives and securities exchange network, delivers cutting-edge trading, clearing and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, FX, and digital assets, across North America, Europe and Asia Pacific. Above all, Cboe is committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future. To learn more about the Exchange for the World Stage, visit www.cboe.com.
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Cautionary Statements Regarding Forward-Looking Information
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as "may," "might," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements.
We operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees or a shift in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communication networks from security vulnerabilities and breaches; our ability to attract and retain skilled management and other personnel, including compensation inflation; increasing competition by foreign and domestic entities; our dependence on and exposure to risk from third parties; global expansion of operations; factors that impact the quality and integrity of our indices; our ability to manage our growth and strategic acquisitions or alliances effectively; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to minimize the risks, including our credit, counterparty, investment, and default risks, associated with operating a European clearinghouse; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing potential conflicts between our regulatory responsibilities and our for-profit status; our ability to maintain BIDS Trading as an independently managed and operated trading venue, separate from and not integrated with our registered national securities exchanges; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments or intangible assets; the impacts of pandemics; the accuracy of our estimates and expectations; litigation risks and other liabilities; and operating a digital asset business and clearinghouse, including the expected benefits of our Cboe Digital acquisition, cybercrime, changes in digital asset regulation, losses due to digital asset custody, and fluctuations in digital asset prices. More detailed information about factors that may affect our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2022 and other filings made from time to time with the SEC.
We do not undertake, and we expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.
1 data per CIRO/IIROC Reports of Market Share by Marketplace | IIROC
SOURCE Cboe Canada
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