Mutual fund reps can now get real-time market data for the ETFs traded on the Neo Exchange Inc. (NEO).
The exchange announced the launch of a solution to provide Mutual Fund Dealers Association of Canada (MFDA) reps with real-time market data on the listed ETFs that trade on NEO.
The initiative expands a pilot program that had been underway with 5,000 reps from IG Wealth Management Inc. and Sterling Mutuals Inc.
“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,” said Jos Schmitt, president and CEO of NEO, in a release.
“Using stale data prevents an optimal outcome for the investor — plain and simple,” he said. “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 noted that it accounts for about 20% of Canadian ETF trading volume.