Cboe Canada
A Toronto-based Canadian securities exchange and investment-product distribution platform within the Cboe Global Markets network.
Last updated August 22, 2026
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Overview
Cboe Canada is a Canadian securities marketplace based in Toronto, Ontario. It was established as the NEO Exchange and received recognition as an exchange from the Ontario Securities Commission in November 2014. Trading began on March 27, 2015, initially with trading in securities already listed on the Toronto Stock Exchange. The venue subsequently developed into a listing and trading platform for public companies, exchange-traded funds, Canadian Depositary Receipts, special purpose acquisition companies, closed-end funds, and other investment products. The exchange differentiated itself from the larger Toronto Stock Exchange and TSX Venture Exchange through an emphasis on issuer service, investor communication, trading quality, and access to liquidity. Its early development was strongly associated with exchange-traded funds. Invesco provided the first NEO listing in 2016, followed by listings and transfers from major fund managers including BlackRock, Redwood Asset Management, BMO Asset Management, Mackenzie Investments, RBC Global Asset Management, AGF, Horizons, Evolve, Starlight Capital, and others. The venue also attracted closed-end funds and unit-traded funds, broadening its role beyond conventional equity listings. Cboe Canada has supported both primary listings and cross-listings. Nobilis Health became the first company to complete a cross-listing on NEO and the New York Stock Exchange in 2017. The exchange also hosted Cannabis Strategies Acquisition Corp., which completed a US$125 million initial public offering and became the first corporate issuer to list on NEO. These developments demonstrated the platform's willingness to support emerging sectors, investment vehicles, and companies seeking alternatives to Canada's incumbent exchange infrastructure. In addition to its exchange operations, the organization operates NEO Connect, a fund distribution platform for investment products that are not themselves listed on a stock exchange. Through participating dealers, the platform facilitates the purchase and redemption of prospectus mutual funds and offering memorandum funds in a process intended to resemble the accessibility of exchange-traded securities. The platform has been used by fund manufacturers including Invesco Canada and First Block Capital, and its distribution reach was expanded through a technology partnership with Univeris. The exchange has also been an outspoken advocate for consolidated Canadian market data. It argued that investors and advisers frequently receive only a partial picture of trading activity when data from the country's multiple marketplaces is not combined. In 2015, the then-NEO Exchange complained to Canada's Competition Bureau about TMX Group's control and pricing of market data. The Bureau closed its investigation in 2016 without finding that the conduct was likely to violate competition rules. NEO subsequently urged the Canadian Securities Administrators to require broader consolidated market-data access. NEO Exchange became part of the Cboe Global Markets network and was subsequently rebranded as Cboe Canada. The exchange continues to provide Canadian listing, trading, market-data, and investment-product distribution services. Reference material describes the venue as having more than 260 listings and accounting for approximately 15 percent of trading volume across Canadian marketplaces, including roughly 20 percent of Canadian ETF transactions; these figures are time-sensitive market-share descriptions rather than permanent operating metrics.
History
Cboe Canada originated as NEO Exchange, a Canadian marketplace created to provide an alternative to the country's established exchange infrastructure. The Ontario Securities Commission recognized NEO Exchange on November 17, 2014. The venue began trading on March 27, 2015, initially supporting transactions in 45 securities that were already listed on the Toronto Stock Exchange. On its first day, reported activity reached approximately 6.1 million securities with an aggregate value of about C$106.3 million. The exchange's early strategy centered on attracting issuers and improving the trading experience for investors. In January 2016, NEO secured its first listing when Invesco PowerShares DWA Global Momentum Index ETF was selected for the venue; the ETF began trading on March 31. Later in 2016, BlackRock Asset Management Canada announced that it intended to transfer five iShares ETF groups, representing 12 listings, from the Toronto Stock Exchange. The migration was completed on February 22, 2017 and gave NEO a significant early presence in the Canadian ETF market. NEO expanded its issuer base during 2017. Redwood Asset Management and BMO Asset Management announced plans to list ETFs, while Invesco Canada pursued additional listings. Mackenzie Financial announced a global high-yield fixed-income ETF in April, becoming the fifth ETF issuer to list on the exchange. RBC Global Asset Management added seven ETFs in September and became another major provider on the platform. Purpose Investments moved selected closed-end funds and unit-traded funds to NEO in December, introducing investment products that differed from the exchange's earlier ETF concentration. The platform also sought corporate and international listings. Cannabis Strategies Acquisition Corp., backed by Canaccord Genuity, raised US$125 million in its initial public offering and began trading in December 2017. It was described as the first corporate issuer to list on NEO. In March 2017, Nobilis Health became the first company to complete a cross-listing between NEO and the New York Stock Exchange. The company cited NEO's liquidity focus, investor-communication services, streamlined disclosure-based listing approach, and attention to issuers and investors as reasons for its Canadian listing choice. During the first quarter of 2018, AGF Investment launched two ETFs, Horizons ETFs announced the Horizons Emerging Marijuana Growers Index ETF, and Evolve Funds Group introduced an actively managed fixed-income ETF. By April 2018, NEO was reported to account for close to 10 percent of Canadian equity trading, or more than 6 percent excluding block trades. It represented close to 20 percent of Canadian ETF trading, or more than 10 percent excluding block trades, and had more than 60 ETF and closed-end-fund symbols from nine issuers. Starlight Capital became the tenth ETF provider to list funds on NEO in October 2018. A second major area of activity was market-data policy. NEO argued that Canadian investors and many investment advisers were unable to see a complete view of trading because data from multiple marketplaces was not consolidated. In December 2015, the exchange filed a complaint with the Competition Bureau alleging that TMX Group used its dominant position to control market-data access and pricing. The Bureau closed its investigation on November 21, 2016, determining that the refusal to share the requested data was unlikely to violate competition rules. NEO responded by calling on the Canadian Securities Administrators to mandate consolidated market-data access for retail investors and advisers. NEO also developed NEO Connect, a distribution platform for investment products that are not listed on an exchange. Through participating dealers, the system allows investors to purchase and redeem prospectus mutual funds and offering memorandum funds using a process intended to be more streamlined and cost-effective than traditional distribution arrangements. Invesco Canada was the first fund manufacturer to launch products through NEO Connect in 2015. In 2018, NEO Connect partnered with Univeris to extend direct access to investors using MFDA dealers. First Block Capital's FBC Bitcoin Trust subsequently became available through the platform. The former NEO Exchange later joined the Cboe Global Markets network and was rebranded Cboe Canada. Under the Cboe identity, it remains a Canadian venue for listings, trading, ETFs, Canadian Depositary Receipts, SPACs, closed-end funds, market data, and fund distribution. The reference material describes the exchange as having more than 260 listings and handling approximately 15 percent of trading volume across Canadian marketplaces, including about 20 percent of Canadian ETF transactions. Because these percentages change with market conditions and reporting periods, they should be treated as historical operating descriptions rather than fixed current statistics.
- 2018
Univeris partnership expands NEO Connect access
[1]NEO Connect and Univeris announced a technology partnership intended to provide access through MFDA dealers.
- 2018
Starlight Capital becomes the tenth ETF provider
[1]Starlight Capital launched its first NEO-listed ETFs, taking the reported number of ETF providers to ten.
- 2017
First cross-listing with the New York Stock Exchange
[1]Nobilis Health completed the first reported cross-listing involving NEO and the NYSE.
- 2017
First corporate issuer lists on NEO
[1]Cannabis Strategies Acquisition Corp. began trading after a US$125 million initial public offering.
- 2016
First exchange listing
[1]The Invesco PowerShares DWA Global Momentum Index ETF became the first reported NEO listing and began trading on March 31.
- 2015
Trading operations commence
[1]NEO began trading 45 Toronto Stock Exchange-listed securities on March 27.
- 2015
NEO Connect launches
[1]Invesco Canada became the first fund manufacturer to launch investment products through the NEO Connect distribution platform.
- 2014
Ontario Securities Commission recognition
[1]NEO Exchange received recognition as a Canadian securities exchange from the Ontario Securities Commission on November 17.
Rebranded as Cboe Canada
[1]NEO Exchange became part of the Cboe Global Markets network and adopted the Cboe Canada name.
Products and positioning
A challenger Canadian marketplace positioned around issuer service, investor access, ETF liquidity, efficient listings, and competition with incumbent exchange infrastructure.
Stock exchange · 2015
Cboe Canada marketplace
The core exchange provides listing and secondary-market trading services for Canadian public companies and investment products. Its eligible instruments include equities, exchange-traded funds, Canadian Depositary Receipts, special purpose acquisition companies, closed-end funds, and unit-traded funds. The venue competes through an emphasis on liquidity, issuer support, investor communication, and an alternative listing model.
Exchange-traded funds · 2016
ETF listings and trading
Cboe Canada has historically built a substantial part of its business around ETFs. It has hosted products from large and specialist managers, including Invesco, BlackRock, BMO, Mackenzie, RBC Global Asset Management, Purpose, AGF, Horizons, Evolve, and Starlight. The service supports both new ETF launches and transfers of existing listings from other Canadian venues.
Depositary receipts
Canadian Depositary Receipts
Canadian Depositary Receipts are among the investment products supported by the exchange. They provide a Canadian-market trading format for exposure to securities associated with foreign issuers, subject to the applicable product structure and Canadian market rules.
Fund distribution platform · 2015
NEO Connect
NEO Connect is a distribution and transaction platform for investment products that are not listed on a stock exchange. Through participating dealers, investors can purchase and redeem prospectus mutual funds and offering memorandum funds. The platform is designed to simplify processing and reduce distribution friction for fund manufacturers, advisers, dealers, and investors.
Market infrastructure
Market data services
Cboe Canada provides market-data and trading-market information associated with its venue. The organization has also advocated for consolidated Canadian market data, arguing that investors should be able to view activity across competing marketplaces rather than relying on partial exchange-specific feeds.
Brand decisions
2018
Extend fund distribution through NEO ConnectStrategyBackground
NEO Connect was intended to make non-exchange-listed investment products easier for investors and advisers to access.
Action taken
NEO Connect partnered with Univeris to support direct access for investors working through MFDA dealers.
Aftermath
The partnership expanded the platform's potential dealer and investor reach beyond its original distribution arrangements.
2017
Broaden the venue beyond ETF listingsStrategyBackground
After establishing a foothold in ETFs, NEO sought to attract corporate issuers, SPACs, closed-end funds, and unit-traded funds.
Action taken
The exchange supported the listing of Cannabis Strategies Acquisition Corp. and welcomed Purpose Investments' closed-end and unit-traded fund listings.
Aftermath
The moves expanded NEO's product mix and established it as a broader securities marketplace rather than solely an ETF venue.
Cannabis Strategies Acquisition Corp. initial public offering. US$125 million (December 2017)
2015
Challenge incumbent market-data arrangementsStrategyBackground
NEO argued that investors and advisers often lacked a complete view of Canadian trading because data from separate marketplaces was not consolidated.
Action taken
The exchange filed a complaint with the Competition Bureau concerning TMX Group's market-data control and pricing, then called for regulatory action after the investigation was closed.
Aftermath
The Competition Bureau closed the investigation in 2016 without finding a likely competition-law violation. NEO continued advocating mandated consolidated market-data access.
Recent events
Reported
Fuel Cell Power begins trading on the NEO Exchange[3]
Alkaline Fuel Cell Power Corp. made its public markets debut and became available for trading on the NEO Exchange under the symbol PWWR.
Reported
Silver Spike III Acquisition Corp. begins trading on the NEO Exchange[4]
Silver Spike III Acquisition Corp. made its public markets debut on the NEO Exchange after closing its initial public offering for aggregate proceeds of US$125 million.
Reported
MZ partners with NEO Exchange to offer services to issuers[5]
MZ partnered with the NEO Exchange to provide investor relations and technology solutions to NEO's corporate issuers through its Trusted Service Provider Program.
Sources5 sources
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