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Cboe Global (CBOE) Expands BIDS Block Trading in Canada

Cboe Global Markets CBOE intends to launch Cboe LIS powered by BIDS in Canada. This will help it expand BIDS' block trading platform there. The launch, pending regulatory approval, is expected in February next year.

This launch will follow the success of Cboe LIS in Europe, one of the largest block trading platforms there. Thus, Cboe Global’s equities block trading network will now be available beyond the United States and Europe. The company is also exploring new markets like the Middle East, Scandinavia and Asia, while pursuing jurisdictional approval in more established markets, including Switzerland and Israel.

Cboe Global ventured into Canada with the buyout of MATCHNow, one of the largest Canadian equities alternative trading systems and a leading provider of Conditionals in August 2020. Cboe Global acquired BIDS Trading in January 2021 to provide a meaningful presence in the substantial off-exchange segment of the U.S. equities market.

Cboe LIS powered by BIDS combine MATCHNow's Conditionals Book with BIDS proprietary technology to create an enhanced market center for block-sized liquidity. MATCHNow's sell-side participants will be linked to BIDS' buy-side participants. MATCHNow's Conditionals was launched in January 2019 and since then trading there has shown increasing trend. It delivered record volumes in March including an all-time monthly high of 17.4 million shares traded, representing about $576.3 million in notional value.

Organic growth remained a key strength at Cboe Global Markets. Given its strong market position, global reach and strength in its proprietary products, trading volume should continue to drive transaction fees, and in turn the top line.

Boasting one of the largest stock exchange operators by volume in the United States and a leading market globally for ETP trading, shares of this Zacks Rank #3 (Hold) company have gained 26.1% year to date, outperforming the industry's growth of 11.4%. Diversified product portfolio, compelling growth, expense synergies, increasing transaction fees and solid liquidity position are likely to help shares sustain the momentum.

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Stocks to Consider

Some better-ranked stocks from the same space are Nasdaq NDAQ, OTC Markets Group OTCM, and Cincinnati Financial Corporation CINF, each carrying Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Nasdaq delivered 12.64% earnings surprise in the last reported quarter.

OTC Markets Group delivered 46.15% earnings surprise in the last reported quarter.

Cincinnati Financial delivered 30.48% earnings surprise in the last reported quarter.

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