Market Share Report for the Fourth Quarter of 2025

During the four calendar quarters ending December 31^st, 2025, the Canadian Investment Regulatory Organization (“CIRO”) has acted as the regulation services provider for: Alpha Exchange Inc. (operating three separate trading books “Alpha”, “Alpha-X” and “Alpha DRK”), Canadian Securities Exchange (operating two separate trading books “CSE” and “CSE2”), Nasdaq (CXC) Limited (operating three separate trading books “NCX”, “CX2” and “CXD”), Cboe Canada Inc. (operating four separate trading books “NEO-N”, “NEO-L”, “NEO-D” and “MATCHNow”), the Toronto Stock Exchange, and TSX Venture Exchange, each as an Exchange; and for Instinet Canada Cross Ltd., Liquidnet Canada Inc., and Tradelogiq Markets Inc. (operator of “Omega” and “Lynx”), each as an ATS.

Based on data received from each marketplace through the regulatory feed, CIRO has compiled monthly information on the trading activity of each marketplace, including the total: value of securities traded; volume of securities traded and number of trades executed in addition to information respecting messages and trades used for market regulations fee billing purposes. CIRO has summarized this trading activity to reflect the percentage occurring on all marketplaces regulated by CIRO for the four calendar quarters ending December 31^st, 2025. The summary information for the last four quarters and for the months since January of 2015 is available at www.ciro.ca and may be accessed through “Markets” then selecting “Reports, Statistics and Other Information” and then “Reports of Market Share by Marketplace”.

The following table compares trading activity on all equity marketplaces monitored by CIRO during the Fourth Quarter of 2025 with trading activity in the Third Quarter of 2025 and the Fourth Quarter of 2024.