US Equity Market Structure: Q4-2014 TABB Equity Digest

In 2014, the Trade Reporting Facilities (TRFs) had their first down year in market share since 2011. The TRFs executed 30.5%, 33.0%, 36.5% and 35.5% (excluding ADF) of industry volume in 2011 through 2014, respectively. For the first two months of 2015, TRF market share is 34.7%. “Dark Volume” consists of Retail Wholesalers, Dark ATSs, Hidden Exchange and SDPs/Other. In Q4-2014, industry volume consisted of 56.7% lit volume and 43.3% “dark” volume. While the lit/dark percentages are flat YoY, there was a 1.8% increase in hidden exchange volume that was offset by a decrease in retail wholesaler volume. The Dark Volume breakdown in Q4-2014 was 38.5% Retail Wholesaler, 32.0% Dark ATSs, 22.1% Hidden Exchange and 7.4% SDP/Other.