Cboe Global Markets Announces Completion of NEO’s Acquisition

To increase its presence in the North American region, Cboe Global Markets announced today that it has completed the acquisition of NEO, a fintech firm that consists of NEO Exchange and NEO Connect.

Fully operational since 2015, NEO Exchange is a registered Canadian securities exchange based in Toronto. The details of the financial deal were not disclosed. Cboe Global Markets funded the acquisition through existing credit facilities and cash on hand.

Through the acquisition, Cboe aims to support clients in Canada with innovative and technology-driven products. Additionally, Cboe is planning a global ETP and corporate listings strategy focused on seamless customer experience.

"With NEO, we are creating another connection across borders through our network of trusted markets, enabling Canadian clients to pursue global growth opportunities through innovation, enhanced technology and access to new ways of trading and listing. Our global strategy is focused on developing a seamless experience for our combined customers, and I can't wait to work with the entire NEO team to bring greater choice to market participants in Canada and across the globe,” Ed Tilly, the Chairman and CEO of Cboe Global Markets, commented.

Recently, Cboe completed the acquisition of Eris Digital Holdings to enhance its presence in the crypto ecosystem. For April 2022, Cboe Global Markets posted a jump in trading activity across different products.

Jos Schmitt

According to the details shared by Cboe Global Markets in a recent press release, Jos Schmitt, Senior Vice President, Global Listings and NEO's President, will remain as the Head of NEO Business. He will report to David Howson, EVP, Global President of Cboe.

"It is an exciting time to join Cboe, which has grown beyond its options heritage into one of the largest global market infrastructure providers in the world. With Cboe's expertise in operating global equity, derivatives and, most recently, digital asset markets, we have a unique opportunity to not only enhance Canadian markets but also work together on potential new market data solutions that will integrate data from the U.S., Canada, Europe and other global platforms,” Schmitt said.