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“I don’t know why every trading desk is not using MATCH Now. This dark pool makes a lot of sense and it’s especially good for liability trading because you can be totally anonymous.”

Bob McDonald
Raymond James, Vancouver



MATCH Now provides price improvement to every participant on every transaction.

Using real-time quotes from all transparent Canadian markets, MATCH Now automatically executes orders at a price between the National Best Bid/Offer (NBBO) at the time of the match, to a maximum of 3 decimal places.1
  • LIQUIDITY PROVIDING orders gain 80% of the NBBO spread when matched with smart-routed orders
  • SMART-ROUTED orders gain 20% (up to a maximum of $0.01) of the NBBO spread when matched with a liquidity providing order
  • LIQUIDITY PROVIDING orders gain 50% of the NBBO spread when matched with other liquidity providing orders

Since it began operations in July 2007, MATCH Now has generated substantial savings for participating dealers and their clients, comprised of price improvement over the NBBO, and transaction fee savings over displayed market fees for active (liquidity taking) orders.

As dealer participation continues to expand, industry savings will grow accordingly, demonstrating the true contribution of MATCH Now to best execution, and efficient Canadian markets.

1 In a locked market, MATCH Now executes at the locked price. In a crossed market, MATCH Now will not trade.