South of the 49th is the world’s largest equity market with a staggering abundance of trading opportunities. These options are implicitly and sometimes explicitly available to Canadian traders, in particular for securities that are cross-listed on Canadian and U.S. exchanges. Is that a threat to the Canadian market and marketplace operators? How much do Canadians actually use U.S. markets?

We looked at some high-quality data and found a surprising answer: Canadians use U.S. markets only very rarely.

More specifically, based on a unique data set of all client trades that the six largest Canadian dealers sent to U.S. equity markets…





Andreas Park

Andreas is an associate professor of finance at the University of Toronto and Research Director at the Rotman School of Managements FinHub

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