Cboe Canada

Launched in 2015 as the NEO Exchange, and acquired by Cboe Global Markets in 2022, Cboe Canada is the third most active marketplace in Canada, consistently representing close to 15% of all volume traded in Canadian-listed securities.

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Currency: Canadian Dollar (CAD)

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Trading Hours

Cboe Canada (formerly NEO Exchange) offers innovative solutions for a level trading field with reduced quote fading, shorter trade times, and decreased intermediation. They facilitate more trades between investors, ensuring a safe and fair environment.

Note: not all order types are available for every gateway.

• Limit Buy/Sell→ShortSell (Day/IOC)
• Limit Buy/Sell→ShortSell Reserve (Day)
• Market Buy/Sell→ShortSell (Day/IOC)
• Pegged Midpoint Buy/Sell→ShortSell (Day)

• NASDAQ CXC
• NASDAQ CX2
• NASDAQ CXD
• TradelogiQ OMEGA

Lot Size: varies by price, as follows:

Tick Size: varies by price, as follows:

Short Sale Rules: short sell orders must be properly marked. There is no locate requirement intraday.

Circuit Breakers: a market-wide trading halt will occur when the circuit breakers, defined in the IIROC Circuit Breakers document, are triggered. Tied primarily to movements of the Dow Jones Industrial Average. On days when US markets are closed, the S&P/TSX Composite will be used as reference.

The auction mechanism used by CSE is similar to that on the TSX and TSX-V markets in Canada. For more information, see the Order Types and Functionality page.

This section provides a basic overview of trading on the systems operated by the Canadian Securities Exchange (CSE). It is not intended to be a comprehensive description of all the functionality of the trading systems.

The CSE has retained the Investment Industry Regulatory Organization of Canada (IIROC) as its regulation services provider, or market regulator. The Universal Market Integrity Rules (UMIR) apply to all activity on the CSE. All markers, identifiers, and order types required by UMIR are available.

Pre-Open

During the pre-open session, market and limit orders can be entered, but will not be executed until the Opening Call. In addition, any previously submitted duration orders (GTD, GTC) saved in the system from the previous day will be available during this session. Market on Close (“MOC”), and Limit on Close (“LOC”) orders may also be entered at this time.

Opening

At the start of the Opening Call, the orders eligible to trade within the Opening Call will be matched at the COP in the following sequence:

1. Market and Market on Open (“MOO”) orders
2. Better priced Limit and Limit on Open (“LOO”) orders
3. Limit and LOO orders priced at the COP
4. Imbalance Only (“IO”) orders, on the aggressing side If there are multiple orders within each order type above, they will be executed in Broker / NEO Trader / Time priority.

Closing Call

At the end of the Continuous Trading Session, all orders that are ineligible to participate in the Closing Call will expire (i.e. RHO orders) and any remaining orders are eligible to participate in the Closing Call. All previously entered Closing Call eligible orders (MOC, LOC) entered prior to the Closing Call that have remained hidden until this session will be inserted in NEO-L to participate in the Closing Call.

Matching of Orders

The Closing Call for each of the Closing Call Eligible Securities will occur at a randomized time within 30 seconds following the end of the session. At the start of the execution, the side opposite of the indicated imbalance direction will address the book. In the absence of an imbalance, the buy side will address the sell side. The orders eligible to trade in the Closing Call will be matched at the CCP in the following sequence: a) MOC orders, b) Better priced Limit and LOC orders, c) Limit and LOC orders priced at the CCP.

For more information please refer to the NEO Trading Functionality Guide.

For more information, see the Order Types and Functionality page.