Cboe Canada

Overview

Cboe Canada is a senior exchange that operates as a stock exchange recognized under the Ontario Securities Act. Originally launched in 2015 as the Neo Exchange, it was acquired by Cboe Global Markets in 2022 and rebranded as Cboe Canada. It positions itself as an innovative, senior-tier alternative to the Toronto Stock Exchange, focusing on liquidity, investor transparency, and enhanced market structure.

Its listing platform supports corporate issuers, exchange-traded funds (ETFs), special purpose acquisition corporations (SPACs), and closed-end funds. Cboe Canada also operates multiple trading venues, including Neo-L (listing market), Neo-N (trading only), Neo-D (dark pool), and MATCHNow (Canada’s largest equity ATS, also owned by Cboe).

Non-Venture Issuer Status

All issuers listed on Cboe Canada are designated as Non-Venture Issuers. This designation subjects them to the highest level of continuous disclosure obligations under Canadian securities law, including requirements for:

• Annual Information Forms (AIFs)
• Executive compensation disclosure
• Enhanced corporate governance practices

Listing Requirements

Cboe Canada applies a principles-based approach to listings, with flexibility across multiple industry sectors and business models. Key listing requirements include:

• Minimum market capitalization of $10 million
• Minimum public float of 1 million freely tradeable shares
• At least 150 public shareholders holding board lots
• Demonstrated revenue, operating history, or clear development milestones
• Experienced board and management with appropriate oversight and governance

Accepted Listing Paths

Cboe Canada allows for multiple listing pathways:

• Initial Public Offering (IPO)
• Reverse Takeover (RTO)
• Direct Listing (non-offering prospectus or exempt listing)
• Corporate migrations from other Canadian exchanges (TSXV, CSE) or cross-listings from foreign markets

Cross-Listings & Migrations

Issuers from other Canadian exchanges (CSE, TSXV) or foreign exchanges (such as Nasdaq or OTCQX) may list or graduate to Cboe Canada, provided they meet non-venture status and governance expectations. Cboe Canada has become an attractive migration destination for companies seeking enhanced profile, institutional credibility, and a robust governance framework.

In many cases, companies that migrate to Cboe Canada benefit from broader exposure to institutional investors, stronger brand alignment, and improved analyst coverage. The exchange actively supports transitions by working closely with advisors and legal counsel to ensure a smooth onboarding process.

Technology & Market Structure

Cboe Canada distinguishes itself by providing advanced trading infrastructure. Neo-L, Neo-N, and Neo-D each serve unique market needs—from retail and institutional flow to dark pool execution. MATCHNow, also operated by Cboe, is Canada’s largest equity ATS, offering further execution flexibility for dealers and institutions. This technology-forward approach gives issuers and investors confidence in trade execution, price transparency, and lower market impact.

Listing Fees

• Application Fee: $5,000 (non-refundable)
• Initial Listing Fee: Starts at $15,000 and scales up to $65,000 based on market capitalization
• Annual Sustaining Fee: Ranges from $15,000 to $50,000 depending on tier

Ongoing Requirements

• Quarterly and annual financial statements prepared under IFRS
• Annual Information Form (AIF) and executive compensation disclosures
• Timely disclosure of material changes and press releases
• Corporate governance certification and board composition standards
• Continued eligibility under the exchange’s listing manual

Summary

Cboe Canada offers a senior-market listing platform geared toward quality growth-stage and established issuers seeking an alternative to the TSX. Its regulatory status as a non-venture exchange, along with strong technology infrastructure and transparent market mechanics, makes it a compelling venue for companies targeting institutional capital, ETFs, or innovative listing structures like SPACs and direct listings.

With its integration of multiple trading venues, regulatory rigor, and support for various listing formats, Cboe Canada continues to build its reputation as a modern and issuer-friendly exchange. Companies considering going public or switching exchanges should evaluate Cboe Canada as a viable destination aligned with their capital markets strategy.