Cboe Canada

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.

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

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

• Equities exchange
• Block trading platform
• ETF listings marketplace
• Market data services
• Securities trading infrastructure

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Listing Fees: Fees charged to companies for listing securities and ETFs on the Cboe Canada exchange
2. 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
3. Market Data Services: Cboe Market Data Services providing real-time and historical data from markets around the globe

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core 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

Named customers7 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered core, major and minor.

• Charles SchwabcoreGTM or Marketing Partner · 22 June 2026Charles 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 ChasemajorGTM or Marketing Partner · 20 June 2026JPMorgan 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 LimitedcoreStrategic or Co-development Partner · 22 April 2026TMX 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.majorChannel Partner/ Reseller/ DistributorHamilton 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 InvestmentsmajorChannel Partner/ Reseller/ DistributorPurpose 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 AustraliacoreStrategic or Co-development PartnerCboe 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.minorChannel Partner/ Reseller/ DistributorBase 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 XminorChannel Partner/ Reseller/ DistributorDigi 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

Emerging 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

• Xx.com/cboe
• YouTubeyoutube.com/user/cboetv
• Facebookfacebook.com/CboeCanada
• LinkedInlinkedin.com/company/cboecanada
• Instagraminstagram.com/cboeglobalmarkets

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 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 Cboe Canada