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Canadian Trading Monthly

February 11, 2021

• The 197 equities listed in both Canada and the US had average daily volume across both countries of 1.03 billion shares in January, (+35.88% m/m).

• The big gain in US market share appeared to be driven by surging off-exchange retail trading south of the border.

• Of this total, 687.0 mn (+52.99% m/m) traded in the US and 345.5 mn (+11.17% m/m) in Canada, for a US-CAD split of 66.5%-33.5%, compared with 59.1%-40.9% in December.

• The US OTC market traded 6.88% of the total value in single-listed Canadian securities, up 239 bps m/m.

• Market-wide Canadian ADV (including single-listed names) rose 26.37% m/m (+117.43% y/y), to a record-high 2.12 billion shares..

• Dark-pool market share rose 7 bps m/m (-557 bps y/y) in January, to 3.92%.

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