MATCHNow

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

MATCHNow is Canada’s largest dark pool for equity securities. It is owned by Virtu Financial Inc., which acquired it as part of its acquisition of Investment Technology Group Inc. (ITG) in March 2019. However, in May of 2020 Cboe Global Markets announced it had entered into a definitive agreement to acquire MATCHNow from Virtu.[1]

5% to 7% of Canadian stocks by volume changes hands via MATCHNow. (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.[2]

History

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