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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!

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