Neo Exchange Inc (NEO) has introduced a new and innovative solution to provide advisors registered with the Mutual Fund Dealers Association of Canada (MFDA) with access to real-time market data for Exchange Traded Funds (ETFs) in an efficient, easy to integrate, and cost-effective ways.
MFDA advisors are now actively investing in ETFs on behalf of their investor clients with growing demand. While there are a number of buy, sell and trade settlement solutions available, they have not had access to effective real-time ETF market data to help make informed investment decisions – until now.
“NEO understands that it is critical for every advisor in Canada, whether part of the IIROC or the MFDA community, to have access to real-time market data in order to properly service their clients and enable sound and informed investment decisions,” says Jos Schmitt, President and CEO of NEO. “Using stale data prevents an optimal outcome for the investor – plain and simple. We listened to the MFDA community, and designed a new and innovative real-time ETF market data solution that addresses this issue for them and ensures a level playing field for all advisors in Canada.”
NEO’s ETF market data solution provides advisors with real-time market data for all Canadian-listed ETFs that trade on NEO, accounting for approximately 20 per cent of all ETF trading activity in Canada. This solution has already been embraced by over 5,000 MFDA advisors through early participation in a pilot program with IG Wealth Management, Sterling Mutuals Inc, OneBoss Back Office Software Solutions, and Vexo Technology Solutions Corp.
“At IG Wealth Management, we believe that access to timely and accurate data leads to better results for our clients,” says Damon Murchison, President and CEO of IG Wealth Management. “Our partnership with NEO has allowed us to develop a cost effective and creative solution that our advisors, employees, and clients all benefit from.”
“One of the core offerings at Vexo provides MFDA advisors with market access to ETFs,” explains Sal Agro, Managing Partner at Vexo Technology Solutions Corp. “Critical market data, such as real-time ETF price quote access, can be very expensive. However, NEO provided us with a cost-effective solution that made sense for our business model. Partnering with NEO has given us the service and support we needed in this emerging marketplace to enable our clients to transact accurately and efficiently.”
“Accurate and timely pricing leads to more efficient markets,” adds Nelson Cheng, CEO of Sterling Mutuals Inc. “NEO’s real-time ETF market data solution is an essential element of OneBoss’ capabilities as an ETF trading platform. Sterling is pleased to be a part of that partnership with NEO because it makes ETF trading possible and affordable for most MFDA dealers and the mass market they service.”
NEO’s real-time ETF market data solution for the MFDA community is part of its continuous innovation to make Canadian capital markets better. Other recent and notable innovations introduced by NEO include a new take on the closing price of ETFs enabling a more accurate valuation for investors, and the newly introduced G-CorpTM, a publicly traded acquisition corporation for mid-market growth companies.
