The Nasdaq CXC market now ranks second in market share, according to the latest list of protected markets from the Canadian Securities Administrators (CSA).
The regulators published their latest annual list of trading venues that specifies which markets are subject to order protection requirements.
Under the order protection rule, lit markets must have a 2.5% market share to be deemed protected for the coming year. The latest list will be in effect from April 1 to March 31, 2021.
According to the latest list, the Toronto Stock Exchange (TSX) remains the top market with a 46.6% market share, up from 45.7% a year ago.
However, the Nasdaq CXC has taken over second place with an 11.9% market share, up from 10.0% last year.
The TSX Venture Exchange slipped to third place at a 9.4% share, down from 11.5%.
The CSE remains in fourth place, just ahead of the TSX’s Alpha market (which is an unprotected market due to its use of trading speed bumps).
According to the CSA’s list, the CSE’s market share is 7.9% this year down, from 8.9% last year. Alpha’s share edged up from 7.5% last year to 7.7% this year.
Notwithstanding the shifts in market share, there are no changes in the markets that are deemed to be protected by the CSA.
The CSA calculates market share based on each trading venue’s average share of adjusted volume and value traded (equally weighted) over a one-year period.