CIX Trading has received approval from the Ontario Securities Commission (OSC) to operate an alternative trading system (ATS), with operations set to launch in early September 2026.
CIX’s ATS application has garnered industry and market participant support, and the approval also aligns with the firm’s authorisation to serve as both a dealer and marketplace member by the Canadian Investment Regulatory Organisation (CIRO).
The launch is expected to enhance execution quality for Canadian investors, as well as coordinate Canadian market access and innovation with similar venues globally.
Jeff Foster, founder and chief executive of CIX, said: “For too long, Canadian equity markets have operated in the shadow of structural and technological advances that investors and institutions in the United States have come to take for granted.
“The launch of CIX’s ATS operations is an important step toward closing the innovation gap between the US and Canadian equity trading markets – and helps keep Canada competitive with global market alternatives.”
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To support the ATS’ launch, CIX has also confirmed that it will implement several key changes, specifically: removing the mixed central limit order book (CLOB) from functionality, launching fractional and extended hours trading in Q4 2026 and limiting extended hours trading to securities listed on the Toronto Stock Exchange (TSX) and Cboe Canada.
The firm is set to pursue regulatory approval for both a mixed CLOB and additional securities trading in the future.
Foster added: “We commend the OSC and CIRO for their diligent review, and the broad support our application received from leading participants in the Canadian capital markets. We believe Canadian investors will reap the benefits of enhanced execution and market efficiency, greater liquidity, broader access, and a stronger, more resilient market.”