NEO Exchange

What NEO Exchange does

NEO Exchange, operating as Cboe Canada, is a Canadian senior stock exchange founded in 2013 and launched in full operation in 2015, now wholly owned by Cboe Global Markets (NASDAQ: CBOE) following a 2022 acquisition and rebrand. The platform provides listing and trading services for public companies, exchange-traded funds, and Canadian Depositary Receipts (CDRs), hosting more than 400 listings. Its core technology architecture consists of four trading marketplaces — NEO-L (lit), NEO-N (dark), NEO-D (dark), and MATCHNow (block trading) — complemented by NEO Connect for private listings, Cboe BIDS Canada for institutional block trading, a dedicated ETF Market, and real-time market data services. The company is headquartered in Toronto, Canada.

The business operates a multi-rail, transaction-based revenue model with three primary streams: listing fees charged to issuers (public companies, ETFs, CDRs), trading transaction fees generated across the four marketplaces, and subscription-based market data services for industry participants. The platform is accessed by member brokerages and institutional investors, with distribution supported by Cboe Global Markets' global exchange network. Customer segments are horizontally diversified across public companies seeking capital-markets access, ETF issuers/asset managers listing investment products, and CDR issuers providing Canadian investors with foreign equity exposure. Leadership is anchored by co-founder and CEO Jos Schmitt, Chair Perry N. Dellelce, and CFO Terry Mack, with additional industry representation via Tanya Rowntree's role as Board Chair of Women in ETFs.

Name

NEO Exchange

Legal name

Cboe Exchange, Inc.

Website

https://neo.inc

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

51–100 employees

Short description

Cboe Canada (formerly NEO Exchange) is a Canadian senior stock exchange operating four trading marketplaces, private-listing and block-trading platforms, and an ETF market, serving over 400 public company, ETF, and CDR issuers as a subsidiary of Cboe Global Markets.

Ownership category

akta.pro rank

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Operations, Personnel, Infrastructure, Marketing or Sales, Others

Revenue model

1. Listing Fees: Fees charged to companies for listing securities on the exchange, including public companies, ETFs, and CDRs.
2. Trading Transaction Fees: Transaction fees generated from trading activity across NEO-L, NEO-N, NEO-D, and MATCHNow marketplaces.
3. Market Data Services: Revenue from providing market data solutions to industry participants and investors.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels7 records

Core offering

Cboe Canada (formerly NEO Exchange) is a Canadian senior stock exchange that provides listing services for public companies, ETFs, and Canadian Depositary Receipts, and operates multiple electronic equities trading marketplaces (NEO-L, NEO-N, NEO-D, and MATCHNow) supported by institutional block trading (Cboe BIDS Canada), private listings (NEO Connect), an ETF Market, and real-time market data services.

Product overview

NEO Exchange, operating as Cboe Canada, is a senior stock exchange offering a unified platform-plus-services architecture. The core trading infrastructure consists of multiple marketplaces including NEO-L (listing), NEO-N, NEO-D, and MATCHNow, which together provide trading opportunities across Canadian equities. Supporting services include NEO Connect for private and platform-traded listings, Cboe BIDS Canada for institutional block trading, and an ETF Market for exchange-traded funds. Market data solutions complement the trading infrastructure. Since launching full operations in 2015, the exchange has grown to host over 400 public company, ETF, and CDR listings, making it one of the largest Canadian exchanges.

Differentiator

Problem solved

Functional benefit

Products and services

• NEO-L (Listing and lit trading platform) Primary lit equities marketplace used for listing Canadian companies and investment products and providing transparent on-exchange trading across multiple Canadian marketplaces.
• NEO-N (Dark equities trading platform) Dark equities trading venue offering additional trading opportunities across Cboe Canada's multiple marketplaces.
• NEO-D (Dark equities trading platform) Dark equities trading venue providing additional trading opportunities across Cboe Canada's multiple marketplaces.
• MATCHNow (Block trading venue) Equities trading venue offering block trading opportunities across Cboe Canada's multiple marketplaces.
• NEO Connect (Private listings platform) Private listings platform that supports private companies, platform-traded companies, vehicles, and funds with a streamlined path to public markets on Cboe Canada.
• Cboe BIDS Canada (Block trading and dark pool service) Buy-side trading tool and block trading platform that enables institutional investors to execute large Canadian equity trades with minimal market impact.
• ETF Market Dedicated exchange-traded fund marketplace providing ETF issuers and investors access to a growing selection of ETF investment products.
• Cboe Canada Market Data Real-time market data solution providing efficient, cost-effective access to market data on all Canadian listed companies.
• Canadian Depositary Receipts (CDR) Program Listing program for Canadian Depositary Receipts that gives international companies access to the Canadian capital markets and offers Canadian investors access to foreign-listed equities.

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Nasdaq Inc. Large U.S. exchange operator running senior listings, multiple trading venues, and market data services across U.S. and Nordic markets — analogous business model to Cboe Canada at a much larger scale.
• Cboe Global Markets: Parent company of Cboe Canada and operator of U.S. options/equities exchanges and the European/Asia-Pacific Cboe franchises — directly comparable exchange infrastructure and revenue mix.
• Deutsche Börse (Xetra/Frankfurt): German exchange operator running Xetra and the Frankfurt Floor exchange, plus clearing/data services — comparable global exchange with diversified listing and trading revenues.
• London Stock Exchange Group: Operator of the London Stock Exchange plus AIM and Turquoise trading venues, with index/data businesses — a multi-venue senior exchange with listing and data revenue mix similar in structure to Cboe Canada.
• Intercontinental Exchange (NYSE owner): Owner/operator of the New York Stock Exchange and multiple equities/options venues; comparable global exchange operator with similar listing, trading, and data franchises.

Regional players

• Singapore Exchange (SGX): Multi-asset exchange in Singapore offering securities listings, trading, and data — a mid-size regional exchange with a comparable integrated venue/data business model.
• ASX (Australian Securities Exchange): Single-country senior exchange in Australia with listing, equities trading, and post-trade/data services — comparable mid-sized franchise in a developed market similar in profile to Cboe Canada.
• Hong Kong Exchanges and Clearing (HKEX): Operator of Hong Kong's senior exchange and clearing infrastructure; another single-country, multi-asset exchange operator comparable in revenue mix (listing, trading, data) but in a different jurisdiction.
• JSE Limited (Johannesburg Stock Exchange): Senior exchange operating primarily in a single national market with listing, trading, and data services — comparable operating footprint and revenue mix to Cboe Canada in a different emerging/developed market context.

Direct peers

• TMX Group: Operator of the Toronto Stock Exchange and TSX Venture Exchange, the dominant Canadian senior exchange and most direct competitor to Cboe Canada for listings and equities trading in Canada.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/neo_exchange
• YouTubeyoutube.com/user/cboetv
• Facebookfacebook.com/theNEOExchange
• LinkedInlinkedin.com/company/cboe
• Instagraminstagram.com/cboeglobalmarkets

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NEO Exchange