Canadian Cash Equities July Highlights

August 11, 2025

July Highlights

In July, Cboe Canada represented 12.7% market share
Primary Peg order type launching September 30 (see details below)
Track Canadian equities activity and Cboe Titanium latency stats live:
Cboe CA Equities Overview
Cboe Canadian Equities Titanium System Performance
In July, three new Exchange Traded Funds (ETFs) were listed on the Cboe Canada exchange by Hamilton ETFs: QDAY, SDAY and CDAY. Now, Cboe Canada is home to 248 ETFs, 32 issuers and 123 Canadian Depository Receipts (CDRs).

Growth in Conditionals

Cboe BIDS Canada continues to set record trading volume; in July 64.4 million shares traded (single counted) 3.4 million Average Daily Volume (ADV), which represented 87% conditional market share.

Cboe BIDS Canada Month over Month sector highlights:

Communications: (+120% in ADV)
Consumer, Cyclical: (+19% in ADV)
Consumer, Non-cyclical: (+49% in ADV)
Technology: (+261% in ADV)
Large market cap average daily volume grew by 26% month-over-month.

Primary Peg Launching September 30

Effective September 30, 2025, Cboe Canada will add a visible “Primary Peg” order type, also known as a “Near-side Peg” to its NEO-L and NEO-N trading books. This order type is designed to peg at or away from the Protected National Best Bid (PNBB) for buy orders and at or away from the Protected National Best Offer (PNBO) for sell orders.

A Primary Peg order can optionally include a peg offset amount on the order to peg away from the PNBBO by a specified amount. If the peg offset amount is not supplied by the Member on entry, the order will peg to the PNBB for buy orders and to the PNBO for sell orders.

Please note that only non-aggressive peg offset amounts are accepted; buy orders must have offsets with a negative amount (e.g., -0.01), and sell orders must have an offset with a positive amount (e.g., +0.02).

Additionally, an order can optionally include a price cap, and as the PNBBO changes, the order will not be priced more aggressively than that price. The order will re-price to the PNBB or PNBO once the PNBB or PNBO is no longer more aggressive than the price cap.

For additional information, including a trading example illustrating how the Primary Peg will function, please see the May 2025 Trading Notice, in which the Primary Peg was initially proposed. For information about the relevant changes being made to our technical specifications to accommodate the Primary Peg, please see the June 2025 Trade Desk Update. For details relating to the recent launch of certification testing for the Primary Peg, please refer to the July 2025 Trade Desk Update.