Toronto-based Aequitas NEO Exchange Inc., is planning to launch a dark pool trading facility later this year.

In a notice, NEO proposes amendments to its trading policies that would, among other things, see the exchange start to offer trading on a separate dark book, to be known as NEO-D.

The exchange had previously secured approval for a dark trading facility, but according to the notice, that facility was not launched, and NEO has reconsidered its plans for dark trading.

“In introducing NEO-D we are proposing to launch something that looks slightly different than what was originally intended,” it NEO says in the notice.

Under the proposals, all trading on the new dark book will occur at the midpoint, all orders will be immediately executable upon entry, and the trading fee structure will not include rebates. Instead, it will employ a take-take fee model.

“We believe that the combination of our unique matching priorities, simple order types and greater certainty around the type of flow to be interacted with will create a differentiated dark pool in Canada to the benefit of natural investors,” the notice says.

The proposed changes are expected to take effect in September, subject to regulatory approval. Comments on the proposals are due April 30.