'We have the most reliable quotes in Canada,' Schmitt says. As a result, liquidity that appears to be available can vanish in an instant. Aequitas argues that on exchanges where high-frequency traders have an advantage, orders placed by regular investors at prevailing prices are often cancelled in milliseconds by these speedy players who detect slower participants' activity. For example, a chart produced based on information from ITG Canada (a NEO shareholder) suggests that traders using Aequitas receive more reliable quotes than on the TSX. Jos Schmitt, CEO of Aequitas, says NEO is about 'giving the investor and the issuer a better experience.' Schmitt, a financial-industry veteran who previously headed up the Alpha Exchange before it was taken over by TMX Group, says four values motivate the operation of Aequitas NEO: fairness (ensuring a level playing field), liquidity, transparency and efficiency.Īequitas NEO maintains that its exchange is better for investors, and it points to data to make its case.

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