2025 Year-In-Review
- Equity ADV jumped 29.69% y/y to 1.29 billion.
- Dark-pool market share increased 61 bps y/y to 6.43 %, the fourth-highest level in our 19 years of data.
- TSXV (+155 bps y/y), Lynx (+124 bps y/y) and Omega (+120 bps y/y) gained the most market share (excluding intentional crosses).
- TSX (-312 bps y/y) and NEO-L (-193 bps y/y) lost the most market-share.
December 2025
- The 194 equities listed in both Canada and the US had average daily volume across both countries of 1.08 billion shares in December (-11.37% m/m).
- Of this total, 706.6 million (-14.91% m/m) traded in the US and 377.6 million (-3.88% m/m) in Canada, for a US-CAD split of 65.2%-34.8%.
- Looking at value traded, the gap is slightly higher, at 65.8% traded south of the border compared to 34.2% north.
- The US OTC market traded 4.48% of the total value in single-listed Canadian securities, up 41 bps m/m.
- Average daily volume increased 5.31% m/m (+32.49% y/y), to 1.50 billion shares.
- Exchange-traded-product ADV declined 6.30% m/m to 168.4 million, accounting for 11.23% of equity ADV (-139 bps m/m).
- Dark-pool market share fell 51 bps m/m (+49 bps y/y) to 6.00%.
- Hidden orders on lit markets executed 4.491% of Canadian volume in December, down 43 bps from November.
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