Canadian Trading Monthly

• The 196 equities listed in both Canada and the US had average daily volume across both countries of 965.8 million shares in April (-10.93% m/m).
  
• Of this total, 622.0 million (-7.23% m/m) traded in the US and 343.8 million (-16.92% m/m) in Canada, for a US-CAD split of 64.4%-35.6%.
  
• Looking at value traded, the gap is far narrower, at 53.0%-47.0%.
  The US OTC market traded 3.28% of the total value in single-listed Canadian securities, down 43 bps m/m.
  
• Average daily volume fell 13.15% m/m (+14.48% y/y), to 1.45 billion shares..
  
• Exchange-traded-product ADV rose 2.54% m/m to 262.1 million, accounting for 18.04% of equity ADV (+254 bps m/m).
  
• Dark-pool market share increased 29 bps m/m (+27 bps y/y) to 7.10%.
  
• Hidden orders on lit markets executed 5.20% of Canadian volume in April, down 17 bps from March.

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