Thinking

Canadian market structure: The tragedy of the commons

November 17, 2017 Doug Clark

CANADIAN MARKET STRUCTURE REVIEW – THIRD QUARTER, 2017

The third quarter brought dramatic changes to the structure and the liquidity profile of the Canadian equity markets. Much of that change results from increasing levels of broker internalization of the smallest and most benign orders. In this quarter’s Canadian Market Structure Update, we take a deeper look at how you will need to adjust your routing behavior to better increase your odds of capturing the passive side of the quote.

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  • Doug Clark

    Managing Director, Head of Research, Canada