In recent months the Canadian equity market has undergone significant evolution aimed at keeping trading flows within Canada’s borders. The changes appear to have succeeded in increasing Canadian trading volumes, but the impact on the market is at best unclear.
We have witnessed an increase in Canada’s share of trading in dual-listed securities, alongside a decrease in the MOC auctions’ contribution to total volume. These classic indicators of growing intermediation have been accompanied by a marked increase in Canadian institutional trading costs, both in real terms and versus the U.S. market.Read More
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