MATCHNow

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MATCHNow
Headquarters Toronto, Ontario Canada
Key People Bryan Blake, CEO
Products equity securities trading

MATCHNow is one of Canada’s largest broker-neutral dark pools. It accounts for almost 65% market share of Canadian dark trading and around 7% of total Canadian equities volume. The dark trading order book combines frequent call matches and continuous execution for institutional, retail and proprietary order flow. It is owned by Cboe Global Markets, who acquired MATCHNow from Virtu Financial in the summer of 2020.

Dark pool trading accounts for around 10% of Canadian equities volume.

According to MATCHNow's web site, the Four Pillars of MATCHNow are:

  • Price Improvement for Active Order Flow
  • Anonymity
  • Size Discovery
  • Internalization Engine

It uses a proprietary pro-rata algorithm.[1]

History

Virtu Financial Inc. acquired MATCHNow in March 2019 as part of its acquisition of Investment Technology Group Inc. (ITG). However, in May of 2020 Cboe Global Markets announced it had entered into a definitive agreement to acquire MATCHNow from Virtu.[2] The acquisition by Cboe was confirmed in August 2020.

Products and Services

MATCHNow combines frequent call matches and continuous execution opportunities in a confidential trading book. It also provides Conditional Orders, a product that is seeing growing adoption in Canada.[3]

Key People

References

  1. About. MATCHNow.
  2. Cboe to buy Virtu's MATCHNow dark pool to expand into Canada. Reuters.
  3. Cboe Global Markets Agrees to Acquire Leading Canadian ATS MATCHNow. Cboe Press Release via Cision PR Newswire.,