TABB Equity Digest: Q1-2017

Dark Volume made up 45.4% of total industry volume in Mar-2017, dipping slightly from its highest level in four years of 46.9% in Feb-2017. Retail wholesalers made up the largest portion of Dark Volume, 30.9%. Among retail wholesalers, Citadel and G1X reached all-time high market shares within the first four months of 2017. TABB’s latest quarterly Equity Digest combines data from the SEC market structure website, SEC Rule 605 and Rule 606 disclosures, FINRA Rule 4552, self-reported Single-Dealer Platforms, exchange order type information, and the SIP to bring you a comprehensive breakdown of US equity volume.

TABB Group introduced a new series of quarterly metrics in the first quarter of 2014. In these reports, we combine data from the Securities and Exchange Commission (SEC) market structure website, SEC Rule 605 (order execution) and Rule 606 (order routing) disclosures, Financial Industry Regulatory Authority (FINRA), self-reported Single-Dealer Platforms (SDPs), exchange order type information, and the Security Information Processor (SIP) to present a comprehensive breakdown of US equity volume. We drill down to report Retail Wholesaler, Hidden Exchange and tape market share. The timing of each publication is in arrear to capture the FINRA and SEC publications. In the first quarter of 2017, the Digest was redesigned and incorporated new FINRA data. Although some data is not available until the end of the quarter, data in which later months are available are also included.