Twelve Data delivers comprehensive Canadian equities pricing by licensing and integrating real-time market data from Cboe Canada's NEO-L feed. Cboe Canada — formerly the Aequitas NEO Exchange — is Canada's second-most-active stock exchange and one of the country's most significant alternative trading systems. Uniquely, its consolidated feed covers not only Cboe Canada-listed securities but also all Canadian-listed instruments across the country's exchanges, making it a one-stop source for comprehensive Canadian market coverage.
Canada ranks as the seventh-largest equity market globally, and for many use cases, a single Cboe Canada data agreement can replace a fragmented set of exchange-specific feeds, simplifying compliance and reducing costs.
What data do we source from Cboe Canada
Twelve Data ingests real-time data through the NEO-L feed. Cboe Canada operates four distinct trading venues:
NEO-L — the primary lit market; a make-take model providing the main real-time price discovery feed
NEO-N — an inverted (taker-maker) model offering price improvement for aggressive orders
NEO-D — a dark pool for block and anonymous midpoint execution
MATCHNow — Canada's largest block trading ATS, facilitating large institutional trades with minimal market impact
Core content sourced via NEO-L:
Last Sale / Top of Book (Level 1): best bid/offer and real-time trade prints for all Canadian-listed securities
Full Depth (Level 2): complete order book across the NEO-L venue
Post-trade data: trade prints including execution price, size, and venue
Reference & statistics: start-of-day instrument reference data, previous-day and end-of-day closing prices
We also support delayed/historical distributions and, where required, licensing options for Derived Works and Financial Products (e.g., CFD and spread-bet pricing, structured products, index creation).
Why Cboe Canada for Canadian coverage
All Canadian listed securities — one agreement. The NEO-L real-time feed covers every Canadian-listed equity, ETF, CDR, CEF, and PTF regardless of primary listing venue, including securities listed on the TSX, TSX Venture Exchange, and more. This eliminates the need to negotiate separate feeds for each exchange.
Exclusive coverage of 230+ securities. More than 230 securities are listed and trade exclusively on the NEO Exchange, making the Cboe Canada feed the only source for those instruments. No other consolidated feed carries this data.
Meaningful market share. Cboe Canada holds approximately 15–16% combined equities market share in Canada through its venues (NEO Exchange + MATCHNow), making it a material contributor to price discovery and a reliable source for consolidated pricing analytics.
Block trading visibility via MATCHNow. As Canada's largest block trading ATS, MATCHNow provides off-exchange institutional print data — important for a complete post-trade picture and best-execution analysis.
Cost efficiency. Non-professional display fees are waived for Cboe Canada-listed securities. Retail-professional users also benefit from reduced or waived display fees, making it the most affordable path to full Canadian market coverage.
Digital media at no charge. Cboe Canada supports the public distribution of real-time data via a digital media license at no additional fee — ideal for consumer-facing portals and investor apps.
Instruments and asset classes covered
The Cboe Canada feed via Twelve Data covers all Canadian-listed:
Equities — common shares, preferred shares, and other listed equity instruments
Exchange-Traded Funds (ETFs) and ETPs — across all major Canadian ETF issuers
Canadian Depositary Receipts (CDRs) — Canadian-dollar-denominated proxies for major global equities
Closed-End Funds (CEFs)
Platform Traded Funds (PTFs)
Coverage is pan-Canadian: securities listed on the TSX, TSX Venture Exchange, and NEO Exchange are all included in the real-time feed.
How Cboe Canada licensing works
Cboe Canada licenses are organized by use type (Display vs. Non-Display), audience (Non-Professional, Retail-Professional, or Professional), and distribution scope (Internal vs. External).
Customer categories
Category | Definition |
Non-Professional | A natural person using data for personal, non-business purposes. Display fees are waived for Cboe Canada-listed securities. |
Retail-Professional | A professional whose business is focused on servicing retail investors. Reduced display fees apply. |
Professional | Any user consuming data on behalf of a business or to provide services to third parties. Standard professional display fees apply. |
Use types
Display use — data consumed by individual users on a screen (trading apps, dashboards, websites). Fees are per-user per month and vary by:
Trading book (NEO-L carries the highest rates; NEO-N and NEO-D are lower)
Whether the security is a Listed Security (NEO Exchange-listed) or an Other Traded Security (TSX, TSX-V, etc.)
Data level (Level 1 or Level 2)
Non-Display use — machine-driven applications such as algorithmic trading, smart order routing (SOR), risk and portfolio systems, or platform operations. Charged as a flat monthly fee per chosen trading book and data level:
Trading usage (NEO-L Level 1): $500/month
Analysis usage (NEO-L Level 1 or Level 2): $500/month
Distribution fees — apply when redistributing data to internal affiliates or external clients:
Internal Distribution, NEO-L Level 1: $500/month
External Distribution, NEO-L Level 1: $750/month (includes internal)
Digital Media License — public website distribution of real-time data is available at no charge under Cboe Canada's digital media license.
Non-Professional vs. Professional — what it means at Twelve Data
Access to Cboe Canada data is granted via the Data Add-ons page inside the Twelve Data Dashboard. You can choose between two access models:
Non-Professional: If you self-certify as a non-professional user, display fees for Cboe Canada-listed securities are waived or are minimal. Access is granted following Twelve Data's internal review of your submission.
Professional: For professional use, Twelve Data will connect you directly with a Cboe Canada representative to discuss licensing options appropriate to your use case. Access is provisioned after the exchange confirms authorization.
Typical use cases and worked pricing examples
These examples illustrate only Cboe Canada data fees. Your Twelve Data platform fee is separate.
1) Personal research or investment app — non-professional individual
Need: Display (Level 1 last sale), non-professional self-certification Cboe Canada items: Listed Securities display fees waived; Other Traded Securities L1 $0.75/user/month Distribution: Digital Media License (if website) — Free
Total (Cboe Canada): Free to minimal per user/month
2) Retail brokerage or wealth management platform (retail-professional clients)
Need: Display (Level 1), retail-professional tier; External Distribution Cboe Canada items: Other Traded Securities L1 $1.50/user, External Distribution NEO-L L1 $750/month
Example: 500 retail-professional users → $750 (distribution) + $750 (display) = $1,500/month
3) B2B SaaS analytics platform with professional clients
Need: External Distribution (Level 1) + professional display Cboe Canada items: External Dist. NEO-L L1 $750 + Other Traded Securities L1 $12.25/professional user/month
Example: 50 professional users → $750 + $612.50 = ~$1,362/month
4) Quantitative fund using data for algo trading / SOR
Need: Non-Display (trading usage), NEO-L Level 1 Cboe Canada items: Non-Display trading fee $500/month + Internal Distribution $500/month
Total (Cboe Canada): $1,000/month (add Level 2 at $1,250/month if full order book depth is needed)
5) Retail broker creating CFDs on Canadian equities
Need: Financial Product license (CFD pricing), External Distribution, and professional display for any client-facing charts
Have a different setup — delayed/historical only, index creation, APA-derived data, or institutional white-labeling? We'll tailor the exact license stack and handle the reporting.
Cboe Canada vs. exchange-per-exchange approaches
| Cboe Canada (via Twelve Data) | Individual exchange feeds |
Coverage | All Canadian-listed securities | One exchange at a time |
NEO-exclusive securities (230+) | Included | Not available elsewhere |
Number of agreements | One | Multiple (TSX, TSX-V, etc.) |
Block / off-exchange prints | MATCHNow included | Separate or unavailable |
Digital media (website display) | Free | Variable |
Non-pro display fees | Waived for listed securities | Variable |
Compliance and reporting with Twelve Data
User attestation and audit trail. We implement non-professional and retail-professional attestation flows and maintain the records Cboe Canada requires (three-year retention in line with policy).
Entitlements and segmentation. We can categorize by use type (display vs. non-display), by trading book (NEO-L, NEO-N, NEO-D, MATCHNow), by data level (Level 1 / Level 2), and by security type (Listed vs. Other Traded).
Monthly reporting. We prepare professional-user counts, distribution records, and non-display usage reports aligned to Cboe Canada's fee schedule and Data Policies — submitted via the Cboe Customer Web Portal on your behalf, where applicable.
Onboarding checklist
Visit the Data Add-ons page in the Twelve Data Dashboard.
Select Non-Professional or Professional access.
Submit the attestation form.
Non-professional users: access is typically granted within one business day after form review.
Professional users: Twelve Data will connect you with a Cboe Canada representative for licensing. Access is provisioned once the exchange confirms authorization.
Frequently asked questions
Do I need Level 2 data? Only if you display depth ladders, run book-based analytics, or need granular liquidity signals (e.g., for best-execution reporting or dark pool analysis). For most consumer apps and broker dashboards, Level 1 last sale is sufficient.
Is non-display licensing needed for screeners, alerts, or charts? If the product is purely display-driven (no machine-based trading or routing decisions), non-display licensing typically does not apply. If an engine is making trading or routing decisions — algos, SOR, in-house execution systems — non-display fees apply. Verify specifics against Cboe Canada's data policies.
What about delayed data only? Historical and delayed distributions are available at lower fees and are sufficient for news portals, educational platforms, and research services that do not require real-time pricing.
Does the feed cover TSX and TSX Venture Exchange securities? Yes. The Cboe Canada feed includes data on all Canadian-listed securities, regardless of primary listing venue — not just NEO-listed instruments. TSX and TSX-V securities are included under the "Other Traded Securities" category.
Can I create indices or price CFDs from Cboe Canada data? Yes — but this requires a Financial Product or Derived Works license. Contact us to scope the right agreement.
What makes CDRs unique? Canadian Depositary Receipts are Canadian-dollar proxies for major global equities (e.g., US tech stocks) designed for Canadian retail investors. They trade exclusively on the NEO Exchange and are only accessible via the Cboe Canada feed — not through any other Canadian data product.
Next steps
Ready to scope your exact setup? Email api@twelvedata.com or chat with us on the website — we'll map your use case to the most efficient license stack, configure user attestations, and manage monthly reporting.