Investors and the investment industry alike now have better insight into the market share that various trading venues are capturing in the multi-market environment thanks to enhanced reporting from the Investment Industry Regulatory Organization of Canada (IIROC).
The self-regulatory organization (SRO) published a new monthly marketplace statistics report on Tuesday that provides enhanced data, such as market share statistics (volume, value and number of trades) by listing market. (This includes securities listed on the Toronto Stock Exchange [TSX], TSX Venture Exchange [TSXV] and Canadian Securities Exchange [CSE] that are listed on all markets.)
In addition, the IIROC report provides data on intentional crossing activity, which shows total activity, non-cross activity and activity resulting from intentional crosses for all marketplaces that IIROC regulates. These statistics are also provided for all TSX-, TSXV-, and CSE-listed securities trading on all IIROC-regulated markets.
IIROC is providing the enhanced monthly marketplace statistics “in response to discussions with the industry, which has expressed a desire for more transparency on trading in the marketplaces regulated by IIROC, in particular, to inform routing decisions.”
The SRO notes is not making any changes to the quarterly market share statistics that it also publishes, nor is it making any changes to the statistics compiled for billing market regulation fees at this point.
The first edition of these enhanced market share statistics also shows that the newest market, Aequitas NEO, which launched in late March, accounted for 2.1% of the total value traded in the month of May, including 14.9% of the total intentional crossing activity and 1.43% of the volume (11.2% of intentional crosses).