What CIX trading does

CIX Trading Inc. is a Toronto-based financial market infrastructure company developing an Alternative Trading System (ATS) for Canadian equities. Founded in 2024, the company is pursuing regulatory approval from the Ontario Securities Commission (OSC) to operate three distinct trading venues: CIX IntelligentCross MIDPOINT (a dark pool matching orders at the NBBO midpoint), CIX IntelligentCross ASPEN (a visible lit Central Limit Order Book with extended hours), and CIX IntelligentCross ASPEN VERT (a visible market supporting fractional share trading). All three venues are powered by IntelligentCross matching engine technology licensed from Imperative Execution Inc., the parent company of the largest ATS in the United States.

The platform differentiates through a proprietary closed-loop optimization cycle that uses per-security machine learning to calibrate match frequencies, designed to minimize post-trade price impact and maximize liquidity. The ATS supports extended trading hours from 7:00 AM to 8:00 PM ET, fractional share trading, and 1-share minimums—features absent from legacy Canadian venues. Matching engines are co-located at Equinix TR2 in Toronto, with subscriber access delivered exclusively via FIX 4.2 protocol. CIX also plans to monetize its order book data through a CIQX market data feed.

CIX generates revenue primarily from transaction fees across its three venues under differentiated fee structures (Pay/Pay for MIDPOINT, Maker/Taker for ASPEN, Taker/Maker for ASPEN VERT), with a secondary revenue stream from market data distribution. The company targets registered Canadian broker-dealers as direct subscribers, supported by a sales-led go-to-market motion led by a lean leadership team with prior experience at TMX, Nasdaq, Cboe, and other major exchanges. As of early 2026, the company has not yet commenced operations, is pre-revenue, and is awaiting OSC approval expected within 3-4 months.

Name

CIX trading

Legal name

CIX Trading Inc.

Website

https://thecix.ca

Company type

Private

Founded year

2024

Operating status

Operating

Headcount range

1–10 employees

Short description

CIX Trading Inc. is building a Toronto-based Alternative Trading System for Canadian equities, offering dark and lit order books powered by U.S. IntelligentCross matching technology, with extended hours and fractional trading for broker-dealer subscribers. Pre-launch, awaiting OSC approval.

Ownership category

akta.pro rank

Product category

Alternative Trading System (Equity Execution)

NAICS

Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (5232), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Electronic Communication Networks (ECNs) & Alternative Trading Systems (ATS) — Equities (FSAFAAAD)

akta.pro secondary industry

Equities Trade Execution Platforms (ATS/MTF/ECN) (FSAFANAA)

Keywords

• Alternative trading system
• Equity trading platform
• Dark pool trading
• Market data feeds
• Fractional share trading

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, Personnel, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Transaction/Matching Fees: CIX generates revenue through transaction fees on trades executed across its three trading venues. Different fee structures apply per venue: MIDPOINT uses a Pay/Pay model, ASPEN uses Maker/Taker (rebates to liquidity providers), and ASPEN VERT uses Taker/Maker (rebates to liquidity takers). Revenue is derived from the net spread between maker and taker fees.
2. Market Data Revenue: CIX offers the CIQX Data Feed providing full depth of book of all visible ASPEN orders and all ASPEN and IntelligentCross executions. Market data subscriptions and distribution represent a secondary revenue stream.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

CIX Trading Inc. operates an Alternative Trading System (ATS) for Canadian equities with three venues: CIX IntelligentCross MIDPOINT (dark pool for NBBO midpoint orders, Pay/Pay pricing), CIX IntelligentCross ASPEN (lit CLOB with Maker/Taker pricing and extended hours 7:00 AM–8:00 PM ET), and CIX IntelligentCross ASPEN VERT (lit CLOB with Taker/Maker pricing and fractional share trading). All three venues are powered by the IntelligentCross matching engine licensed from Imperative Execution and use a closed-loop AI optimization cycle for per-security match scheduling. The platform is offered to registered Canadian broker-dealers as direct subscribers, with retail and institutional investors accessing it indirectly through those intermediaries.

Product overview

CIX Trading operates as Canada's next-generation Alternative Trading System (ATS) built on three distinct trading venues: CIX IntelligentCross MIDPOINT (dark book, midpoint orders only, standard hours), CIX IntelligentCross ASPEN (lit CLOB, Maker/Taker pricing, extended hours), and CIX IntelligentCross ASPEN VERT (lit CLOB with fractional trading, Taker/Maker pricing, extended hours). All three venues are powered by the IntelligentCross matching engine from Imperative Execution, which uses proprietary scheduled discrete match events and per-security machine learning optimization to maximize price discovery and stability. The platform offers extended trading hours (7 AM to 8 PM ET on ASPEN books), fractional share trading (ASPEN VERT), 1-share minimums (eliminating board lot constraints), and CLOBs with both displayed and non-displayed order types. Market data is available through the CIQX Data Feed. CIX is currently pursuing regulatory approval from the Ontario Securities Commission (OSC) and registration with CIRO.

Differentiator

Problem solved

Functional benefit

Brands

• CIX IntelligentCross MIDPOINT: Dark market trading venue leveraging discrete matches, milliseconds apart, calibrated per-name for minimal post-trade price impact. Features NBBO midpoint orders, price discovery, and price stability.
• CIX IntelligentCross ASPEN
• CIX IntelligentCross ASPEN VERT

Products and services

• CIX IntelligentCross MIDPOINT Dark market trading venue that matches orders at the NBBO midpoint using discrete match events spaced milliseconds apart, calibrated per-security for minimal post-trade price impact. Uses Pay/Pay pricing, accepts NBBO midpoint peg orders with IOC and GTT time-in-force, with a minimum resting period of up to 200 milliseconds. Trading hours: 9:30 AM ET to 4:00 PM ET. Built for Canadian broker-dealer subscribers seeking midpoint execution with reduced information leakage.
• CIX IntelligentCross ASPEN Visible (lit) central limit order book utilizing near-continuous matching at microsecond intervals (minimum 150 microseconds, maximum 900 microseconds per match event) to enable larger posted size and tighter spreads. Uses Maker/Taker fee structure offering rebates to liquidity providers. Supports limit orders, primary peg orders, post-only add-liquidity orders, displayed iceberg orders, IOC, hidden, market peg and iceberg reserve portions. Extended trading hours from 7:00 AM ET to 8:00 PM ET. Built for Canadian broker-dealer subscribers and the institutional and retail clients they serve.
• CIX IntelligentCross ASPEN VERT Visible (lit) market using optimized matching delays microseconds apart, with a Taker/Maker (reverse) fee structure offering rebates to liquidity takers. Supports fractional share trading through a separate combined fractional-odd lot order book with broker preferencing or a Fractional Liquidity Provider (FLP). Supports odd-lot and mixed-lot orders. Operates 7:00 AM ET to 8:00 PM ET. Built for Canadian broker-dealer subscribers and their retail clients seeking fractional and extended-hours equity execution.
• CIQX Data Feed Market data product providing full depth of book for all visible ASPEN orders, as well as all ASPEN and IntelligentCross executions. Delivered via CIX market data feed specifications to subscribers and downstream data vendors. Used by broker-dealers, market makers, and data redistribution partners who need real-time visibility into CIX liquidity and prints.

Quantifiable outcome

• Extended trading hours from 7:00 AM to 8:00 PM ET, compared to standard Canadian market hours of 9:30 AM to 4:00 PM ET.
• +2 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability2 records

Feature8 records

Partnerships

Six partnerships are on record, tiered core.

• Imperative Execution Inc.coreTechnology or IntegrationCIX has partnered with Imperative Execution Inc. to bring IntelligentCross technology to Canada. Imperative Execution is the parent company of IntelligentCross, the largest ATS in the United States. CIX's three order books (MIDPOINT, ASPEN, ASPEN VERT) use IntelligentCross technology. The partnership provides CIX with proven, high-performance matching engine technology, a closed-loop AI-driven optimization system, and validated ATS operational model already running at scale in the U.S. market.
• Equinix (TR2 Data Centre)coreTechnology or IntegrationCIX's primary matching engines are co-located at Equinix TR2 in Toronto, Canada. This provides low-latency connectivity for subscribers and is critical to CIX's high-performance trading infrastructure. Subscribers connect through TR2 cross-connects with network provider SDC.
• SDC (Network Provider)coreTechnology or IntegrationSDC is the network provider for CIX's co-location facility at Equinix TR2. Subscribers wanting direct connections to CIX's UAT and Production servers need to have TR2 cross-connects with SDC.
• Ontario Securities Commission (OSC)coreOthersCIX is pursuing regulatory approval from the OSC as an Alternative Trading System. Upon approval, CIX will be regulated by the Canadian Investment Regulatory Organization (CIRO) as both a Dealer Member and Marketplace Member. The OSC is CIX's principal regulator.
• Canadian Investment Regulatory Organization (CIRO)coreOthersUpon OSC approval, CIX will be regulated by CIRO as both a Dealer Member and Marketplace Member. CIRO will oversee CIX's operations as an ATS and investment dealer in Canada.
• Canadian Depository Service (CDS)coreOthersCIX IntelligentCross Canada clears all trades with the Canadian Depository Service (CDS). This is a required operational partnership for trade clearing and settlement in Canadian equities.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• MEMX (Members Exchange): Newer U.S. equities exchange launched by major broker-dealers and market makers to lower trading costs and improve execution. Closely comparable in mission (incumbent-disruption ATS) and stakeholder base (large broker-dealers, Virtu-style firms that also back CIX).
• IEX (Investors Exchange): U.S. ATS that differentiated itself with novel matching technology (speed bump, odd lot handling, signal-as-noise pricing). IEX pioneered the 'innovator ATS vs. legacy venues' narrative that CIX is replicating in Canada with analogous timing/protection mechanisms.
• IntelligentCross: Largest ATS in the United States, uses the same scheduled discrete-match engine and closed-loop optimization cycle that CIX licenses. Direct technological and operational twin, with CIX effectively the Canadian deployment of the IntelligentCross model.
• Cboe Canada (formerly NEO Exchange): Operates a Canadian alternative trading system for equities and is the most direct in-country competitor to CIX. Both compete for Canadian equity order flow and broker-dealer subscriptions; Cboe Canada is the entrenched domestic alternative venue CIX must displace.

Broad incumbents

• MIAX (Miami International Holdings): Multi-asset exchange operator running options and equities venues globally. A comparable newer exchange group expanding into multiple asset classes and geographies, representative of the type of platform CIX may evolve into.
• TMX Group (Toronto Stock Exchange / TSX Venture): Dominant Canadian exchange operator running the primary lit equity markets (TSX, TSXV, Cboe Canada acquired by TMX) plus related data and clearing services. CIX explicitly positions against TMX's legacy infrastructure as the modern alternative for Canadian equity execution.

Regional players

• Lynx ATS: Canadian alternative trading system (owned by Cboe Global Markets) operating alongside Cboe Canada. Directly competes with CIX for Canadian ATS order flow, though focused on the legacy CLOB model rather than CIX's randomized matching and fractional offering.

Others

• Nasdaq (DXC / Nasdaq Canada initiatives): Global exchange operator with a technology presence in Canada through Nasdaq Canada and historical Chi-X footprint. CIX's team includes senior Nasdaq alumni and competes against Nasdaq's broader market-structure and exchange-services business.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/cix-trading

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 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 CIX trading