Canadian Cash Equities May Highlights

June 9, 2025

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

Canada Equities

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