Continued Growth in Cboe BIDS Canada Conditionals

June 8, 2022

Cboe BIDS Canada Conditionals continued its strong growth in May, serving as an important product for market participants to execute large block sized trades. Average daily volume (ADV) of Conditionals continues to grow, reaching 964,367 shares in May, and Cboe BIDS Canada represents a growing percentage of MATCHNow’s traded volume.

Source: Cboe Data

Cboe BIDS Canada and MATCHNow together are well-positioned as an early mover in the growing conditional market, and we have quickly become the largest conditional trading venue in Canada. Cboe BIDS Canada is witnessing median firm up rates of 93% and success rates of 84%. This consistent experience in sourcing midpoint blocks electronically will only encourage additional growth as more participants use Cboe BIDS Canada.

(Source: Cboe Data, Liquidnet statistics are based on Liquidnet’s anonymous trading volume)

MATCHNow’s Subscribers using Cboe BIDS Canada drove impressive growth for conditionals in May, some increasing usage as much as 360% month-over-month. As of May 31, 26 broker-dealers are leveraging algo logic and another 11 firms have enabled the WTT feature via port level defaults to access the conditional book. The WTT port level default is a low cost and easy way to access these conditional blocks on an auto-firm basis.

Likewise, Cboe BIDS Canada’s buy-side participation continues to grow. Currently 35 buy-side firms have been onboarded. Another 150 firms have expressed interest to trade Canadian symbols and are waiting to commence onboarding with their sponsoring broker dealers of choice. In addition, product enhancements were completed mid-May to enable CAT reporting for U.S.-domiciled accounts on interlisted symbols, which will improve accessibility for buy-side customers.

We are excited about the growth of Cboe BIDS Canada, especially as we expand our Canadian presence with the recent addition of NEO to the Cboe network. Visit the Cboe website to learn more about all of our North American equities offering.