Cboe Canada offers four distinct trading venues: NEO-L, NEO-N, NEO-D, and MATCHNow. Our venues offer reliable liquidity, price improvement, reduced order fragmentation, larger fill sizes, and faster times to trade.
NEO-L is a transparent and protected marketplace that provides:
Primary listings exchange for Cboe Canada listed securities
Priority for natural investors
Market making programs that reward liquidity providers with balanced matching prioritization
Opening and Closing Auction for Cboe Canada listed securities
NEO-N is a transparent marketplace that provides:
Priority for natural investors
A speed bump that allows passive orders to interact with natural liquidity takers efficiently
Size-time matching with single fill priority
Market-By-Price Market Data feed (aggregated orders by price level)
Opportunity to earn a rebate for active orders
NEO-D is a dark marketplace that provides:
Price improvement opportunities versus the protected NBBO
Opportunity to earn a rebate for active orders
Price/Time priority that provides a level playing field for all participants
MATCHNow is a dark marketplace that provides:
Price improvement opportunities versus the protected NBBO
Anonymity and protection by minimizing information leakage and market impact
Consistent liquidity and certainty of execution
Reduced trading and execution costs by facilitating broker internalization
Unique matching opportunities through randomized call auctions and willing to trade feature
Block trading opportunities through Cboe BIDS Canada, a non-displayed, conditionals execution platform allowing Canadian brokers and global buy-side clients to trade large blocks of Canadian equities without revealing their order information to the broader market
