Market Structure Reports

• The 183 equities listed in both Canada and the US had average daily volume across both countries of 553.9 million shares in November, down 6.08% m/m
• Of this total, 271.3 mn (49.0%) traded in the US (6.58% m/m) and 282.6 mn (51.0%) in Canada (-5.59% m/m), compared with a 49.2%-50.8% US-CAD split in October
• November was the second straight month — and only the second time in our more than five years tracking inter-listed activity — that Canadian venues executed a majority of inter-listed volume.
• Venues in the US managed to still lose ground to their Canadian counterparts last month despite a huge volume increase for Encana (TSX, NYSE: ECA), which trades primarily south of the border.
• Market-wide (including single-listed names) ADV declined 14.59% m/m (-6.56% y/y), to 1.10 billion shares
• Dark-pool market share rose 80 bps m/m (+220 bps y/y), to 8.61%