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US Securities Volumes

Canadian Trading Monthly

March 16, 2021

• The 199 equities listed in both Canada and the US had average daily volume across both countries of 1.29 billion shares in February, (+24.75% m/m).

• US market share hit the highest level in our nearly eight-year data set for the second consecutive month. South-of-the-border gains appear to have been fueled by off-exchange activity in low-priced securities, likely coming from retail traders.

• Of this total, 878.3 mn (+27.85% m/m) traded in the US and 409.8 mn (+18.58% m/m) in Canada, for a US-CAD split of 68.2%-31.8%, compared with 66.5%-33.5% in January.

• The US OTC market traded 10.33% of the total value in single-listed Canadian securities, UP 345 bps m/m.

• Market-wide Canadian ADV (including single-listed names) rose 35.67% m/m (+151.98% y/y), to 2.88 billion shares, a second consecutive record high.

• Dark-pool market share rose 8 bps m/m (-144 bps y/y) in February, to 4.00%.

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