Market Structure Reports

• The 182 equities listed in both Canada and the US had average daily volume across both countries of 636.2 million shares in March, down 2.46% m/m
• Of this total, 325.5 mn (51.2%) traded in the US (-4.78% m/m) and 310.7 mn (48.8%) in Canada (+0.10% m/m), compared with a 52.4%-47.6% US-CAD split in February
• The US OTC market traded 3.31% of the total volume in single-listed Canadian securities, up 48 bps m/m
• Market-wide ADV (including single-listed names) grew 1.29% m/m, to 1.17 bn
• Dark-pool market share rose 10 bps m/m (+104 bps y/y) in March, to 8.38%