Four Trading Venues

NEO-L is a transparent and protected marketplace that provides:

• Primary listings exchange for Cboe Canada listed securities
• Priority for natural investors
• Market making programs that reward liquidity providers with balanced matching prioritization
• Opening and Closing Auction for Cboe Canada listed securities

NEO-N is a transparent marketplace that provides:

• Priority for natural investors
• A speed bump that allows passive orders to interact with natural liquidity takers efficiently
• Size-time matching with single fill priority
• Market-By-Price Market Data feed (aggregated orders by price level)
• Opportunity to earn a rebate for active orders

NEO-D is a dark marketplace that provides:

• Price improvement opportunities versus the protected NBBO
• Opportunity to earn a rebate for active orders
• Price/Time priority that provides a level playing field for all participants

MATCHNow is a dark marketplace that provides:

• Price improvement opportunities versus the protected NBBO
• Anonymity and protection by minimizing information leakage and market impact
• Consistent liquidity and certainty of execution
• Reduced trading and execution costs by facilitating broker internalization
• Unique matching opportunities through randomized call auctions and willing to trade feature
• Block trading opportunities through Cboe BIDS Canada, a non-displayed, conditionals execution platform allowing Canadian brokers and global buy-side clients to trade large blocks of Canadian equities without revealing their order information to the broader market