- 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.
Cboe Media
Contacts
|
|
Cboe Analyst
Contact
|
Angela
Tu
|
Joanne
Kearney
|
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Kenneth Hill,
CFA
|
+1-646-856-8734
|
+1-416-804-5949
|
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+1-312-786-7559
|
atu@cboe.com
|
joanne.kearney@smithcom.ca
|
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khill@cboe.com
|
CBOE-C
CBOE-OE
Cboe® and Cboe Global Markets® are registered trademarks of
Cboe Exchange, Inc. All other trademarks and service marks are the
property of their respective owners.
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