Meta Platforms Inc., the newly renamed owner of Facebook, has already started trading under its updated ticker symbol in Canada, ahead of the delayed switch for its main U.S. listing.
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The Canadian Imperial Bank of Commerce is handling Canadian depositary receipts with the new symbol MVRS CN, according to the Toronto-based bank. They were listed on the Neo Exchange, an upstart equity market that struck a deal with Cboe Global Markets Inc. in November.
The Canadian listing is ahead of its U.S. counterpart after Meta postponed the Dec. 1 change for the common shares just two days before it took effect and pushed it into next year s first quarter. The company didn't give a reason for the rebranding, but it caused confusion when investors piled into an exchange-traded fund that trades under the META ticker, as well as Nova Scotia-based Meta Materials Inc.
John Christofilos, chief trading officer at Toronto's AGF Management Ltd., said Meta s ticker symbol change reinforces the former Facebook's push to rebrand from its social networking roots. He pointed to Alphabet Inc., which held onto its ticker symbol GOOGL after it changed its name from Google Inc. in 2015.
In Facebook's case, they're trying to change the entire image of the company, Christofilos said.
CIBC launched CDRs this year and added Facebook to the lineup in October. Canadian investors can own U.S. stocks while hedging their currency risk because of the trading tool, based on American depositary receipts.
The roster already includes Amazon.com Inc. Alphabet Inc., Apple Inc., and Tesla Inc. are CDRs. On Wednesday, CIBC added eight more, including JPMorgan Chase Co., Pfizer Inc., Berkshire Hathaway Inc. and International Business Machines Corp.
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