Equities Market Research

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Canadian Cash Equities June Highlights

As of June 30, 2025, Cboe Canada is home to 248 ETFs, 33 corporate listings and 123 Canadian Depositary Receipts (CDRs).

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In June, five new Exchange Traded Funds (ETFs) were listed on the Cboe Canada exchange:

• ZHC | BMO Human Capital Factor US Equity ETF
• FCIP | Fidelity All-in-One Conservative Income ETF
• FFIX | Fidelity All-in-One Fixed Income ETF
• GBFE | Guardbonds 2028 Investment Grade Bond Fund
• GBFF | Guardbonds 2029 Investment Grade Bond Fund

As of June 30, 2025, Cboe Canada is home to 248 ETFs, 33 corporate listings and 123 Canadian Depositary Receipts (CDRs).

What to Know About Cboe BIDS Canada Market Structure

• Non-conditionally aware Universal Market Integrity Rules (UMIR) 6.6 sized order flow in MATCHNow can convert to a conditionally aware order using either a port level default or FIX tag (8002=2)
• Adding Willing-To-Trade (WTT) logic onto your MATCHNow UMIR 6.6 sized order ensures all dark liquidity is exhausted in both the firm and conditional order books of MATCHNow
• Plus, a port level default is free to enable with no development work

Check out Willing-To-Trade statistics from the second quarter of 2025 below.

^{Source: Cboe Internal Data}

Cboe Market on Close – DEFI Case Study

The Closing Call on Cboe Canada’s NEO-L Trading Book is a blind auction that runs alongside the continuous trading session on each trading day. The Closing Call applies exclusively to eligible Cboe Canada listed securities and functions similar to closing auctions currently in use on other North American exchanges. The Closing Call consists of multiple phases, during which auction update messages containing imbalance information are disseminated.

^{1 LLOC effective price set to no more aggressive than midpoint of the BBO.}

^{2 A new LOC may be entered on the opposite side of the imbalance at a limit price that is within the CPT range (cannot be more aggressive than LSP).}

^{Source: Cboe Internal Data}

Matching Priority of Orders

• Market-on-Close (MOC) orders
• Better priced limit, Limit-on-Close (LOC), and Late Limit-on-Close (LLOC) orders
• Limit, LOC, and LLOC orders priced at the Calculated Closing Price

If there are multiple orders within each order type above, they will be executed in broker, NEO trader, and/or time priority order. Note: dark and Odd Lot orders are not eligible for the Closing Call.

The Cboe MOC presents trading opportunities for those nimble enough to participate and provide contra liquidity in the event an imbalance occurs.

• To look at market dynamics at play, check out the MSCI rebalance on May 30
• Refer to the chart below to see price action
• See a full list of our corporate securities here

^{Source: Cboe Internal Data}

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