Cboe Canada
Cboe Canada Inc. operates a regulated Canadian equities exchange in Toronto, handling approximately 12.5% of Canadian equity trading volume with 220M+ average daily volume. It serves institutional investors, asset managers, and public companies through equity/ETF listings, block trading (BIDS Canada, 80%+ market share), and market data services.
- Company typePrivate
- Founded1973
- HeadquartersToronto, Canada
- Headcount51–100
- GTM typeB2B
- OfferingSoftware
What Cboe Canada does
Cboe Canada Inc. operates a regulated Canadian equities exchange headquartered in Toronto, serving as a marketplace for equity listings, trading, and market data services. The platform handles approximately 12.5% of Canadian equity trading volumes and processes 220M+ in average daily share volume. Its core product suite includes the Cboe Canada Equities trading platform, Cboe BIDS Canada (a block trading system holding over 80% market share in Canadian block trading), NEO Connect (a private listings platform), and Cboe One Canada (consolidated market data). The exchange is regulated by the Ontario Securities Commission and operates under a regulation services agreement with CIRO.
Cboe Canada's revenue is generated through transaction fees on equity and ETF trading, listing fees from issuers bringing securities and ETFs to the exchange, and subscription revenue from market data services (the latter operated via the parent's Cboe Market Data Services infrastructure). The customer base is concentrated among Canadian asset managers and ETF issuers, including Hamilton ETFs (US$17B+ AUM), Purpose Investments (US$31B+ AUM), and BMO Asset Management. The exchange is a wholly-owned subsidiary of Cboe Global Markets, Inc. (NASDAQ: CBOE) and has been part of the parent's strategic realignment; on April 22, 2026, Cboe Global Markets announced a definitive agreement to divest Cboe Canada and Cboe Australia to TMX Group Limited for US$300 million aggregate consideration, subject to regulatory approval. The combined divested businesses generated approximately CAD 87 million in revenue and CAD 25 million in adjusted EBITDA in 2025.
In 2026, Cboe Canada continued to innovate within its listing franchise, launching several notable ETFs including the BMO Market+ ETF Strategies (March 2026), Digi Power X graduation (February 2026), Purpose SpaceX Yield Shares ETF (June 2026), and Hamilton Enhanced Bitcoin DayMAX ETF (June 2026) — the latter being Canada's first ETF combining Bitcoin exposure with a 0DTE options strategy. The exchange also benefits from broader Cboe Global Markets initiatives including prediction market partnerships with Charles Schwab and JPMorgan Chase. The company employs 51-100 staff with CEO Joacim Wiklander and Sr. Director and Head of Listings Tanya Rowntree as the named leadership.
Cboe Canada firmographics
Firmographics- Name
- Cboe Canada
- Legal name
- Cboe Global Markets, Inc.
- Website
- https://cboe.com
- Company type
- Private
- Founded year
- 1973
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Cboe Canada Inc. operates a regulated Canadian equities exchange in Toronto, handling approximately 12.5% of Canadian equity trading volume with 220M+ average daily volume. It serves institutional investors, asset managers, and public companies through equity/ETF listings, block trading (BIDS Canada, 80%+ market share), and market data services.
- Ownership category
- akta.pro rank
Cboe Canada industry classification
Industry- Product category
- Securities Exchange
- NAICS
- Securities and Commodity Exchanges (523210)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Agency Equity Execution (Cash Equities) (FSACAFAA)
- akta.pro secondary industry
- Block Trades & Accelerated Bookbuilds (ABB) (FSACAAAE)
Keywords
Where Cboe Canada is headquartered
LocationHeadquarters
- HQ city
- Toronto
- HQ country
- Canada
- HQ region
- North America
Offices2 records
Markets served
Cboe Canada business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Operations, Personnel, Infrastructure, Marketing or Sales
Revenue model
- Listing Fees: Fees charged to companies for listing securities and ETFs on the Cboe Canada exchange
- Trading/Transaction Fees: Fees earned on equity trades executed through the Cboe Canada platform, generating approximately CAD87 million in combined revenue with Cboe Australia in 2025
- Market Data Services: Cboe Market Data Services providing real-time and historical data from markets around the globe
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Exchange transaction and listing services |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels3 records
Cboe Canada product offering
Product offeringCore offering
Cboe Canada operates a Canadian equities exchange platform providing equity trading, securities listings (including ETFs), block trading through Cboe BIDS Canada, private placements via NEO Connect, and market data services through Cboe One Canada. The exchange handles approximately 12.5% of Canadian equity trading volumes with over 220 million average daily volume, generating revenue through listing fees, transaction fees, and market data subscriptions.
Product overview
Cboe Canada operates as a Canadian equities exchange platform offering equity trading, listings, and market data services. The platform handles approximately 12.5% of Canadian equity trading volumes. Key products include Cboe BIDS Canada for block trading with over 80% market share, NEO Connect for private listings, and an ETF Market featuring diverse products including crypto-linked ETFs like the Hamilton Enhanced Bitcoin DayMAX ETF and Purpose SpaceX Yield Shares ETF. Market data is provided through Cboe One Canada. Cboe Canada was divested by Cboe Global Markets to TMX Group in 2026 as part of strategic repositioning, with the combined Cboe Australia and Canada businesses generating approximately CAD 87 million in revenue in 2025.
Differentiator
Problem solved
Functional benefit
Brands
- Cboe BIDS Canada: Buy-side trading platform for the Canadian market, providing block trading capabilities and market access.
- NEO Connect
Products and services
- Cboe Canada Equities Electronic equity trading platform for Canadian securities, supporting listings, continuous trading, closing auctions, and market data distribution. Handles approximately 12.5% of Canadian equity trading volumes with over 220 million average daily volume.
- Cboe BIDS Canada Buy-side block trading platform enabling institutional investors to trade large blocks of Canadian equities with over 80% block trading market share in Canada, providing market access and liquidity for institutional flow.
- NEO Connect Private listings platform offering private placements, platform-traded companies, vehicles, and funds for the Canadian market, enabling issuers to access capital through non-public listing structures.
- ETF Market Dedicated marketplace for exchange-traded funds listed on Cboe Canada, featuring sector funds, yield-generating products, and crypto-linked ETFs such as the Hamilton Enhanced Bitcoin DayMAX ETF and Purpose SpaceX Yield Shares ETF.
- Cboe One Canada Market data service providing a consolidated view of Canadian equities trading activity across Cboe Canada markets, distributing real-time and historical market data to subscribers.
- CDR Directory (Canadian Depositary Receipts) Listing directory for Canadian Depositary Receipts traded on Cboe Canada, enabling Canadian investors to gain international equity exposure through DR structures listed on the Canadian exchange.
Quantifiable outcome
- Handles 12.5% of Canadian equity trading volumes
- +1 more outcomes
Companies that use Cboe Canada
Customer profileNamed customers7 records
Segments3 records
Ideal customer profiles3 records
Cboe Canada technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Cboe Canada partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core, major and minor.
- Charles SchwabcoreCharles Schwab is partnering with Cboe to develop S&P 500 prediction-style products that package yes-or-no trades inside listed options. The collaboration aims to attract traders currently using Polymarket and Kalshi to traditional finance platforms.
- JPMorgan ChasemajorJPMorgan Chase is partnering with Cboe to launch all-or-nothing options contracts based on the S&P 500 Index, allowing clients to engage in binary trades. These contracts specify fixed payouts depending on the index closing above or below a target price.
- TMX Group LimitedcoreTMX Group, operator of the Toronto Stock Exchange, has agreed to acquire Cboe Australia and Cboe Canada from Cboe Global Markets for US$300 million. The combined acquired businesses generated approximately CAD87 million in revenue and CAD25 million in adjusted EBITDA in 2025. The transaction is subject to regulatory approvals in Australia and Canada.
- Hamilton Capital Partners Inc.majorHamilton Capital Partners Inc. launched the Hamilton Enhanced Bitcoin DayMAX ETF (BDAY) on Cboe Canada. The ETF is Canada's first to combine Bitcoin exposure with a 0DTE options strategy. Hamilton ETFs manages over $17 billion in assets.
- Purpose InvestmentsmajorPurpose Investments launched the Purpose SpaceX (SPCX) Yield Shares ETF (SPXY) on Cboe Canada following SpaceX's IPO. Purpose manages over $31 billion in assets and described the launch as combining SpaceX's growth story with income-oriented investing.
- Cboe AustraliacoreCboe Australia and Cboe Canada are being divested together as part of TMX Group's acquisition. Cboe Australia holds roughly 20% of Australia's market share for total dollar turnover. Both operations combined generated approximately CAD87 million in revenue.
- Base Carbon Inc.minorBase Carbon Inc. conducts Normal Course Issuer Bid (NCIB) purchases through Cboe Canada, buying up to 6,264,560 of its common shares for cancellation through the exchange.
- Digi Power XminorDigi Power X graduated from the TSX Venture Exchange to list on Cboe Canada under symbol DGX, connecting its infrastructure strategy with an international stock exchange.
Scale indicators6 records
Recent moves8 records
Expansion highlights5 records
Cboe Canada competitors and assessment
Company assessmentEmerging players
- MarketAxess: Electronic trading platform operator with comparable trading-technology and market-data offerings for institutional fixed income and increasingly equities. Less direct overlap but operates a similar electronic-trading-platform business model serving institutional clients.
Direct peers
- TMX Group: Operator of the Toronto Stock Exchange, TSX Venture Exchange, and Montreal Exchange; the dominant incumbent Canadian exchange venue. Most direct competitor to Cboe Canada in Canadian equity listings and trading, and currently in process of acquiring it.
- Cboe Australia: Sister Australian equities exchange operated by Cboe Global Markets; being divested alongside Cboe Canada to TMX Group for combined US$300M. Holds ~20% Australian market share and serves the same listing/equity-trading use case in a different geography.
Broad incumbents
- Nasdaq, Inc. Major US exchange operator with comparable equities listing, trading, and market data businesses, plus Canadian connectivity. A broader incumbent operating across multiple asset classes and geographies that overlaps with Cboe Canada's core exchange value proposition.
- Deutsche Börse: European exchange operator running cash equities, derivatives, clearing, and market data franchises (Xetra, Eurex). Comparable in exchange-technology depth and recurring data/clearing revenue mix.
- Intercontinental Exchange (ICE): Global exchange operator including NYSE; comparable in equities listings, exchange-based trading, clearing, and market data services. A scaled, multi-asset incumbent in the same exchange-operator category as Cboe Canada.
- London Stock Exchange Group (LSEG): International exchange and market-data operator with primary listings, trading, and post-trade services. Comparable as a multi-jurisdiction incumbent offering overlapping equity venue and data products to institutional clients.
Regional players
- Japan Exchange Group (JPX): Operator of the Tokyo Stock Exchange and Osaka Exchange, providing equities and derivatives trading, clearing, and market data. Comparable in exchange-operating profile but serves the Japanese market.
- ASX (Australian Securities Exchange): Dominant Australian equities exchange with listings, trading, and post-trade services. Comparable in operating model but primarily serves the Australian market rather than directly competing with Cboe Canada.
- Hong Kong Exchanges and Clearing (HKEX): Asian exchange and clearing operator with equities, derivatives, and listings. Comparable as a regional exchange operator with integrated clearing and market data; does not directly compete in Canada but matches the integrated exchange model.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Cboe Canada social profiles
Digital presenceCboe Canada financial estimates
Financial estimateRevenue estimate
Valuation estimate
Cboe Canada leadership team
Management profileNumber of profiles
Profiles2 records
Cboe Canada funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Cboe Canada M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Cboe Canada
What does Cboe Canada do?
Cboe Canada operates a Canadian equities exchange platform providing equity trading, securities listings (including ETFs), block trading through Cboe BIDS Canada, private placements via NEO Connect, and market data services through Cboe One Canada. The exchange handles approximately 12.5% of Canadian equity trading volumes with over 220 million average daily volume, generating revenue through listing fees, transaction fees, and market data subscriptions.
Is Cboe Canada a public or private company?
Cboe Canada is a private company. It is classified as corporate owned and is currently operating.
When was Cboe Canada founded?
Cboe Canada was founded in 1973. It employs 51 to 100 people.
Where is Cboe Canada based?
Cboe Canada is headquartered in Toronto, Canada, in the North America region.
How does Cboe Canada make money?
Three revenue lines are on record. Listing Fees are the primary driver. The others are trading/Transaction Fees and market Data Services.
Who are Cboe Canada's main competitors?
MarketAxess is listed as an emerging player. Direct peers are TMX Group and Cboe Australia. Broad incumbents are Nasdaq, Inc., Deutsche Börse, Intercontinental Exchange (ICE) and London Stock Exchange Group (LSEG). Regional players are Japan Exchange Group (JPX), ASX (Australian Securities Exchange) and Hong Kong Exchanges and Clearing (HKEX).
Does Cboe Canada have an API?
No public API is recorded for Cboe Canada.
What industry is Cboe Canada in?
Cboe Canada's product category is Securities Exchange. Its primary akta.pro industry code is FSACAFAA, Agency Equity Execution (Cash Equities), with a secondary code of FSACAAAE, Block Trades & Accelerated Bookbuilds (ABB). Its NAICS code is 523210 and its SIC code is 6200.