Listing Steps (please select a from the list below):
Listing Manual
The NEO Exchange Listing Manual governs listing activity on the Exchange and is applicable to all companies or entities listing or which have listed with NEO.
Resource Library
Listing Resources
Listing Steps & Manual
ViewListing Forms
ViewSelect a Listing Form:
Listing Fees
ViewThe Listing Fee Schedule outlines all initial, ongoing and transactional related fees associated with Listings on NEO.
Listing Standards
ViewInitial Listing Standards for Companies
| Requirement | Equity Standard | Net Income Standard | Market Value Standard | Assets & Revenue |
|---|---|---|---|---|
| Shareholders' Equity | $5 million | $2.5 million | $2.5 million** | - |
| Market Value of Public Float | $10 million | $5 million | $10 million | $5 million |
| Net Income from Continuing Ops | - | 750,000 | - | - |
| Market Value of Listed Securities | - | - | $50 million*** | - |
| Operating History | 2 years | - | - | - |
| Assets and Revenue | - | - | - | $50 million each |
| Minimum Price | $2 per share* | $2 per share* | $2 per share* | $2 per share* |
| Publicly Held Shares | 1 million | 1 million | 1 million | 1 million |
| Public Shareholders | 300 | 300 | 300 | 300 |
| Analyst / Investor Relations Req | Yes | Yes | Yes | Yes |
* Minimum price - $2 per share, unless Other Listed Issuer or listed on an Accepted Foreign Exchange.
** If the market value is derived from combining the market value of securities listed on a Recognized Exchange or an Accepted Foreign Exchange or both and an additional offering of securities concurrent with the listing application.
*** Must meet the Market Value Standard for at least 90 consecutive trading days.
Ongoing Listing Standards for Companies
| Requirement | |
|---|---|
| Distribution | 500,000 public securities; and a minimum of 150 public shareholders |
| Market Value of Public Float | $2 million |
| Minimum Standard (1 criteria must be met) | 1. Shareholders' equity of at least $2.5 million; 2. Net income from continuing operations of at least $375,000; 3. Market value of Listed Securities of at least $25 million; or 4. Assets and revenue of at least $25 million each |
| Analyst Coverage / Investor Relations | An annual investor relations budget of at least $50,000, unless the security is covered by at least one Qualified Analyst who has issued or will issue one or more research reports (as defined in Rule 3400 of the IIROC dealer member rules) in the current year. |
Trading Resources
Trading Policies & Functionality Guide
ViewTrading Functionality Guide (effective as of November 1, 2019)
Trading Hours
ViewNEO Listed Securities
| NEO-L | NEO-N | NEO-D | Crossing Facility | |
|---|---|---|---|---|
| Pre-Open | 7:00am-9:30am | - | 8:00am-9:30am | - |
| Opening Call | 9:30am | - | - | - |
| Continuous Trading | 9:30am-4:00pm | 8:00am-5:00pm | 9:30am-4:00pm | 8:00am-5:00pm |
| Closing Call | 4:00pm-4:05pm | - | - | - |
| Extended Trading | 4:05pm-5:00pm* | - | - | - |
Other Securities
| NEO-L | NEO-N | NEO-D | Crossing Facility | |
|---|---|---|---|---|
| Pre-Open | - | - | 8:00am-9:30am | - |
| Continuous Trading | 8:00am-5:00pm** | 8:00am-5:00pm | 9:30am-4:00pm | 8:00am-5:00pm |
* Note, Extended Trading commences at 4:00pm for NEO listed securities not eligible for closing call.
** The odd lot facility is only active during the hours of 9:30am-4:00pm. Odd lot or odd lot portions of mixed lot orders will not execute outside of these hours.
Trading Fees
ViewETF Volatility Threshold List
ViewList of Members
View| Company Name | Dealer |
|---|---|
| ACUMEN CAPITAL FINANCIAL PARTNERS | 200 |
| ALTACORP CAPITAL | 003 |
| BARCLAYS CAPITAL | 090 |
| BBS SECURITIES | 028 |
| BEACON SECURITIES | 087 |
| BMO NESBITT BURNS | 009 |
| CALDWELL SECURITIES | 043 |
| CANACCORD GENUITY | 033 |
| CANTOR FITZGERALD | 004 |
| CIBC WORLD MARKETS | 079 |
| CITADEL SECURITIES | 005 |
| CLARUS SECURITIES | 024 |
| CLEARPOOL EXECUTION SERVICES CANADA LIMITED | 234 |
| CORMARK SECURITIES | 073 |
| CREDENTIAL QTRADE SECURITIES | 088 |
| CREDIT SUISSE SECURITIES | 072 |
| DESJARDINS SECURITIES | 019 |
| ECHELON WEALTH PARTNERS | 018 |
| EDWARD JONES | 056 |
| EIGHT CAPITAL | 008 |
| FIDELITY CLEARING | 022 |
| FRIEDBERG MERCANTILE GROUP | 035 |
| GLOBAL MAXFIN CAPITAL | 042 |
| GMP SECURITIES | 074 |
| GOLDMAN SACHS | 065 |
| HAMPTON SECURITIES | 094 |
| HAYWOOD SECURITIES | 062 |
| INDEPENDENT TRADING GROUP | 084 |
| INDUSTRIAL ALLIANCE SECURITIES | 076 |
| INFOR FINANCIAL | 006 |
| INSTINET | 013 |
| INTERACTIVE BROKERS | 057 |
| JITNEYTRADE | 099 |
| JONESTRADING | 091 |
| JP MORGAN SECURITIES | 222 |
| LAURENTIAN BANK SECURITIES | 048 |
| LEEDE JONES GABLE | 068 |
| LIQUIDNET | 038 |
| M PARTNERS | 097 |
| MACKIE RESEARCH CAPITAL | 083 |
| MACQUARIE CAPITAL MARKETS | 011 |
| MAISON PLACEMENTS | 034 |
| MANULIFE SECURITIES | 070 |
| MERRILL LYNCH | 039 |
| MORGAN STANLEY | 053 |
| NATIONAL BANK FINANCIAL | 080 |
| ODLUM BROWN | 025 |
| PARADIGM CAPITAL | 016 |
| PAVILION GLOBAL MARKETS | 021 |
| PERSHING SECURITIES | 143 |
| PETERS & CO. | 077 |
| PI FINANCIAL | 059 |
| PICTET | 086 |
| POLLITT & CO. | 092 |
| QUESTRADE | 124 |
| RAYMOND JAMES | 089 |
| RBC DOMINION SECURITIES | 002 |
| SCOTIA CAPITAL | 085 |
| SOCIETE GENERALE CAPITAL | 101 |
| STATE STREET GLOBAL MARKETS | 023 |
| TD SECURITIES | 007 |
| UBS SECURITIES | 015 |
| VELOCITY TRADE CAPITAL | 055 |
| VIRTU ITG | 014 |
| W.D. LATIMER CO. | 036 |
Online Retail Brokers
ViewBelow you will find a list of Canadian discount brokerages that support trading and real time market data for securities listed and traded on NEO.
Support for NEO Listed Securities
| Online Broker | Trading | Market Data |
|---|---|---|
| BMO Investorline | ||
| CIBC Investor's Edge | ||
| Credential Direct | ||
| Disnat | ||
| HSBC InvestDirect | ||
| Interactive Brokers Canada | ||
| Jitneytrade | ||
| Laurentian Bank* | ||
| National Bank Direct | ||
| Qtrade | ||
| Questrade | ||
| RBC Direct Investing | ||
| Scotia iTrade | ||
| TD Direct Investing | ||
| Virtual Brokers |
As of September 2018
*Trading is currently supported by telephone orders only
Real-time market data from the NEO Exchange is available free of charge for all retail investors. Please enquire with your discount broker on how you can access this data.
Click here to view real-time quotes for all NEO-listed securities
Retail Advisors
ViewBelow you will find a list of Canadian wealth management brokerages that have confirmed support for trading and real time market data for securities listed on the NEO Exchange across their advisor networks. In March 2016, the NEO Exchange began listing securities, which are available for trading across Canada. Securities listed on the TSX and TSX Venture exchanges are also traded on the NEO Exchange.
| Retail Broker | Trading | Market Data |
|---|---|---|
| Assante Wealth*† | ||
| BMO Nesbitt Burns | ||
| Canaccord Genuity Wealth | ||
| CIBC Wood Gundy | ||
| Desjardins Wealth† | ||
| Haywood Securities† | ||
| Hollis Wealth | ||
| Industrial Alliance Securities Inc. | ||
| Laurentian Bank*† | ||
| Leede Jones Gable† | ||
| Mackie Research | ||
| Manulife Securities† | ||
| National Bank Financial | ||
| PI Financial Corp† | ||
| Raymond James† | ||
| RBC Dominion Securities | ||
| Richardson GMP | ||
| Scotia McLeod | ||
| TD Wealth |
As of June 2018. This list is based on information provided to us by the brokerages. If your firm is missing from the list it does not necessarily mean NEO listed securities are not supported. Contact your branch administrator to enquire about NEO listed securities or call our investor helpline at 1-844-567-6424 for more information.
*Trading is currently supported by telephone orders only
†Real-Time data on NEO Listed Securities is available for Advisors upon request
Click here to view real-time quotes for all NEO-listed securities
Closing Call Eligible Securities
ViewOrder Types
View| ORDER TYPE | AVAILABLE IN NEO-L | AVAILABLE IN NEO-N | AVAILABLE IN NEO-D | AVAILABLE IN CROSSING FACILITY |
|---|---|---|---|---|
| Limit | Yes | Yes | Yes** | No |
| Market | Yes | Yes | Yes** | No |
| Mid-Point Pegged | Yes | Yes | Yes | No |
| Fill or Kill (FOK) | Yes | Yes | Yes | No |
| Immediate or Cancel (IOC) | Yes | Yes | Yes | No |
| Market on Open (MOO) | Yes* | No | No | No |
| Limit on Open (LOO) | Yes* | No | No | No |
| Market on Close (MOC) | Yes* | No | No | No |
| Limit on Close (LOC) | Yes* | No | No | No |
| Good for Day (Day) | Yes | Yes | Yes | Yes |
| Good till Time (GTT) | Yes | Yes | No | No |
| Good till Cancelled (GTC) | Yes* | No | No | No |
| Good till Date (GTD) | Yes* | No | No | No |
| Imbalance Only (IO) | Yes* | No | No | No |
| Regular Hours Only (RHO) | Yes | Yes | Yes | No |
| Iceberg | Yes | Yes | No | No |
| Mixed Lot | Yes | No | No | Yes*** |
| Odd Lot | Yes | No | No | Yes*** |
| Directed-Action Order | Yes | Yes | Yes | Yes |
| Passive Only Re-price | Yes | Yes | No | No |
| Passive Only Cancel | Yes | Yes | No | No |
| Protect & Reprice | Yes | Yes | No | No |
| Protect & Cancel | Yes | Yes | No | No |
| Short Sale | Yes | Yes | Yes | Yes |
| Self-Trade Prevention | Yes | Yes | Yes | No |
| Attributed & Anonymous | Yes | Yes | Yes | Yes |
| Bypass | Yes | Yes | No | No |
| Minimum Acceptable Quantity (MAQ) | No | No | Yes | No |
| Contra Election | No | No | Yes | No |
| Bypass Cross | No | No | No | Yes |
| National Cross | No | No | No | Yes |
| Internal Cross | No | No | No | Yes |
| Basis Cross | No | No | No | Yes |
| Contingent Cross | No | No | No | Yes |
| VWAP Cross | No | No | No | Yes |
| Derivative Cross | No | No | No | Yes |
* Only available for NEO-listed securities.
** These order types are currently only allowed for dark active orders.
*** All cross types support the entry of mixed and odd lot orders with the exception of Bypass Crosses which cannot be of an odd lot quantity.
Trading Specifications
ViewExchange FIX 4.2 Order Entry Specification
Exchange FIX 4.2 Order Entry Specification
Exchange FIX 4.2 Drop Copy Specification
Trading Agreements
ViewThe following agreements govern all trading-related activities on the NEO Exchange. The associated fee schedules are listed below each agreement.
Connectivity Services Agreement
Applicable to all entities that are connecting directly to the NEO Exchange production environment for the purpose of sending orders or receiving market data. This includes dealers with proprietary systems or deployed vendor solutions, vendors with hosted services, data distributors and DEA clients connecting through sponsoring Members.
Connectivity Services Agreement
Connectivity Services Fee Schedule
Member Agreement
Applicable to all IIROC dealers who would like to become members of the NEO Exchange.
Market Making
Obligations & Benefits
ViewCorporate Issuers
| Obligations (per Book & per Security) | Tier 1 | Tier 2 | Tier 3 |
|---|---|---|---|
| Quoting Two-sided quote, X% of time between 9.30am-4.00pm | 95% | 95% | 95% |
| Size & Spread Number of Board lots (BL) within X% of last sale price minimum 2 BL on each side | 10 BL 1.5% | 6 BL 3% | 4 BL 5% |
| Presence X% of the time @ NBB and NBO | 20% | 30% | 40% |
ETFs & CEFs
| Obligations (per Book & per Security) | Tier 1 | Tier 2 | Tier 3 |
|---|---|---|---|
| Quoting Two-sided quote, X% of time between 9.30am-4.00pm | 95% | 95% | 95% |
| Size & Spread Number of Board lots (BL) within X% of last sale price minimum 5 BL on each side | 50 BL 2% | 30 BL 3% | 15 BL 4% |
| Presence X% of the time @ NBB and NBO | 20% | 30% | 40% |
Structured Products
| Obligations (per Book & per Security) | Tier 1 | Tier 2 | Tier 3 |
|---|---|---|---|
| Quoting Two-sided quote, X% of time between 9.30am-4.00pm | 95% | 95% | 95% |
| Size & Spread Number of Board lots (BL) within X% of last sale price minimum 5 BL on each side | 30 BL 5% | ||
| Presence X% of the time @ NBB and NBO | 40% |
If you’d like to learn more about becoming a NEO market maker, contact NEOTradingSales@aequin.com.
List of Market Makers
View| Company Name | Dealer | ETFs & CEFs | Stocks & Related Securities | Primary Contact |
|---|---|---|---|---|
| BMO Capital Markets | 9 | Joey Zhang – (416) 359-8371 | ||
| Canaccord Genuity Corp. | 33 | Eric Cheung – (416) 869-7295 | ||
| CIBC World Markets | 79 | Camilo Gil – (416) 594-8478 | ||
| National Bank Financial | 80 | Alain Katchouni - (514) 879-6401 | ||
| RBC Capital Markets | 2 | Andrew Zhu - (416) 842-6649 | ||
| TD Securities | 7 | Shannon Hunt - (416) 307 7664 | ||
| W.D. Latimer | 36 | Joshua Cauz- (416) 363-2734 | ||
| Virtu Financial Canada | 212 | Andrew Smith – (212) 418-0195 |
Market Maker Agreement
ViewApplicable to any IIROC dealer that would like to become a Designated Market Maker (DMM) on the NEO Exchange. All DMMs must also to sign the Member Agreement.
Market Data
Market Data Agreements
ViewApplicable to all entities that would like to distribute (internally or externally) market data from the NEO Exchange. The agreement also applies to all entities that seek to receive market data directly (or indirectly through the TMX IP) unless that data is provided by a NEO Exchange data distributor.
Market Data Instructions
Contains information about how to interpret definitions in the Data Agreement, how the data can be used and what reporting obligations are imposed on the data recipient.
Historical Data Agreement & Order Form
Applicable to those who would like to subscribe to the NEO historical and corporate actions data file service and have not already executed the NEO Data Agreement. NEO data file services can be selected using the Historical Data Order Form.
Market Data Fees
ViewNEO provides free real-time market data on NEO listed securities. For non-professional data users, NEO also provides no-charge real-time data on other Canadian listed securities that trade on NEO.
To facilitate more affordable display access to consolidated Canadian market data, NEO offers reduced fees to professional subscribers whose business is focussed on servicing the retail investor.
How do I subscribe to NEO Exchange data?
Subscribing to NEO market data can be done through an approved data distributor, by receiving the data directly from NEO, or as part of a Canadian consolidated feed.
For further information please contact NEOdatasales@NEOstockexchange.com.
Market Data Specifications
ViewNITCH Market Data Specification
Approved Data Distributors
ViewNEO Vendor Symbology
View| Data Vendor | Symbol Format | |||
|---|---|---|---|---|
| NEO-L | NEO-N | NEO-D | Consolidated Quote | |
| Thomson Reuters | DWG-GD | DWG-GR | n/a | DWG-MK |
| Thomson Reuters - RICS | DWG.NLB | DWG.NEO | DWG.NED | DWG.CCP |
| Bloomberg | DWG QF | DWG QH | DWG QG | DWG CN |
| ICE Data Services | DWG-QL | DWG-QN | n/a | DWG-CC |
| Quotemedia | DWG:AQL | DWG:AQN | n/a | DWG:CC |
| Activ | DWG.AQL | DWG.AQN | DWG.AQD | DWG.CAC |
| Factset | DWG-NEOL | DWG-NEOE | DWG-NEOD | DWG-CA |
| IRESS | DWG.NEO@NLB | DWG.NEO@NEO | DWG.NEO@NDB | DWG.NEO@CDX |
| Fidessa | DWG.NLT | DWG.NEN | - | DWG |
| ITS | DWG-Z | DWG-E | n/a | DWG |
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