Toronto-based alternative trading system, CIX, has launched the first new standalone Canadian equity marketplace in more than a decade.
CIX began live trading with approximately 25 securities, several weeks after the firm received Ontario Securities Commission approval to operate as an alternative trading system (ATS) on 20 July, and registered with CIRO as a dealer and marketplace member.
Coverage is set to expand to around 100 names on 23 September, with full production symbol coverage to follow on 28 September 28, completing the rollout.
In addition, the firm has received approval to introduce fractional-share trading and to operate extended trading hours from 7am to 8pm ET, set to become available in late Q4 2026,ndustry and regulatory readiness permitting.
Extended hours will initially apply only to securities listed on the Toronto Stock Exchange and Cboe Canada.
CIX has described the launch as the first step in a broader roadmap for the marketplace.
Read more: CIX seeks OSC approval to extend Canadian equities trading
Jeff Foster, chief executive officer of CIX, said: “Today marks an important milestone for CIX and for Canada’s capital markets.
“We founded CIX because we believe Canadian investors and market participants should have access to the same advanced trading innovation available in the world’s leading markets. Bringing IntelligentCross’s highly successful platforms to Canada is an important first step in building a more innovative and efficient Canadian equities market.”
CIX is implementing the IntelligentCross platforms for the Canadian market through three distinct trading venues: MIDPOINT, offering non-displayed liquidity at the midpoint; ASPEN, a maker-taker market offering both displayed and non-displayed liquidity; and ASPEN VERT, an inverted market offering the same.
Roman Ginis, founder and chief executive officer of Imperative Execution, the parent company of IntelligentCross, added: “Market impact and adverse selection are the lion’s share of what investors pay to trade – they are an invisible cost of execution in every market, Canada included.”
“We built IntelligentCross to use data to decide when each stock should trade to deliver the best outcome for investors. CIX adapts that same matching technology to Canadian securities because Canadian investors should not have to choose between more liquidity and better performance – they should be able to achieve both.”
Currently, the marketplace operates from 8am to 5pm ET Monday to Friday, ahead of the planned extension.