12 December 2013

Co-Authors

Andrew Upward

Associate

Alex Kemmsies

Associate

Rosenblatt Securities Inc.
New York +1 212 607 3100
Dublin +353 1 855 9125

Inquiries to
globalexchangeanalysis@rblt.com

TRADING TALK
Canadian Trading Monthly

We continue to broaden the focus of this new monthly report beyond the approximately 200 stocks and ETPs that are listed in both Canada and the United States. Last month we folded in the analysis of Canadian dark trading that had previously been included in our Let There Be Light report on dark-pool volumes and trends. And in this, our third issue, we integrate that dark data with a wider analysis of market-wide volume trends in Canada. We’ve also improved the opening section on inter-listed trading dynamics, by including venue-by-venue volume breakdowns for the 10 most-actively traded inter-listed issues (up from five in previous issues). Finally, we note that this month’s issue includes volume data from Chi-X Global’s CX2 Canada ATS. CX2 launched in May, but because our data provider, Bloomberg, did not begin capturing its activity until mid-September (after we alerted them to the deficiency), we were unable to include it until now.

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