Canadian Trading Monthly: Inter-Listed and Dark Volume

• The 200 equities listed in both Canada and the US had average daily volume across both countries of 723.6 million shares in March (+11.21% m/m).
• Of this total, 428.2 million (+10.78% m/m) traded in the US and 295.4 million (+11.85% m/m) in Canada, for a US-CAD split of 59.2%-40.8%, compared with 59.4%-40.6%, in February.
• The US OTC market traded +2.65% of the total value in single-listed Canadian securities, down 42 bps m/m.
• Market-wide Canadian ADV (including single-listed names) increased 12.39% m/m (-2.60% y/y), to 1.04 billion shares.
• Dark-pool market share fell 30 bps m/m (+38 bps y/y) in March, to 5.50%.
• Hidden orders on lit markets executed 3.70% of Canadian volume in March, down 17 bps from February.

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