Equities Market Research

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Canadian Cash Equities May Highlights

In March, Cboe Canada migrated its NEO trading books to Cboe Titanium (Cboe Ti), Cboe’s leading-edge technology platform that powers our global markets. Market share on Cboe Canada’s NEO-D venue increased 50%

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NEO Migration to Cboe Titanium

• In March, Cboe Canada migrated its NEO trading books to Cboe Titanium (Cboe Ti), Cboe’s leading-edge technology platform that powers our global markets
• Market share on Cboe Canada’s NEO-D venue increased 50%
• Retail now accounts for 56% of active flow
• NEO-D represents Canada’s only inverted, pure dark and price-time market
• NEO-D allows fee-sensitive retail investors to seek price improvement for client order flow while earning a rebate
• NEO-D allows liquidity providers to interact with Immediate-or-Cancel (IOC) flow on a non-broker preference basis

Post-Migration Latency

• Prior to the migration, the latency of the average round trip from order to acknowledgement ranged from 105 to 115 microseconds
• Post-migration, FIX latency improved about 45.5% to 60 microseconds (based on March 2025 metrics), speaking to the power and value of Cboe Ti

Cboe MATCHNow Market Structure

• Did you know that MATCHNow has two separate order matching sequences at midpoint to maximize liquidity in the book?
• Continuous market: active-to-passive match
• Randomized: 1-3 second passive-to-passive call auction
• Average trade sizes are 273 shares and 349 shares respectively

Cboe BIDS Canada

• Volume market share in May was 83.4% of all conditional trading, up 43 basis points year-over-year
• Volume market share in Q1 of 2025 was 83.6% of all conditional trading, up 25 basis points year-over-year
• In May, 156 buy-side accounts were live trading Canadian equities through Cboe BIDS Canada

Conditional Trading – Canadian Market Volume (based on monthly shares traded for three venues that report their data to CIRO)

Recent Events

• Cboe hosted the annual Women in Equities golf event in Toronto, bringing together 20 industry professionals to learn about Cboe’s global organization and play golf!

News and Insights

• The Titanium Effect: Reengineering Cboe Canada's Trading Infrastructure
• Follow the Flow: Maximizing Executions with Cboe Routing Strategies
• Early Birds and Night Owls: How Extended Trading Hours are Reshaping U.S. Equities Markets
• Cboe's Vision for 24/5 Market Accessibility: Leveraging Data to Empower Investors

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