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TMCNet:  TABB Group Issues First in Series of Quarterly US Equity Volume Market Metrics Reports

[July 28, 2014]

TABB Group Issues First in Series of Quarterly US Equity Volume Market Metrics Reports

NEW YORK & LONDON --(Business Wire)--

Encouraged by SEC (News - Alert) Chair Mary Jo White's 13 directives to enhance US equity market structure through "clear-eyed, unbiased, fact-based assessments," TABB Group has issued the first in a series of comprehensive, quarterly US equity volume market metrics.

According to senior research analyst Sayena Mostowfi, who initiated the series and authors the report, "US Equity Market Structure: Q1-2014 Market Metrics," TABB combined data from the SEC market structure website, Rule 605 and 606 disclosure documents, self-reported dark pool volumes and SIP data to present a comprehensve breakdown of US equity volume.


"We believe that dark volume consists of retail wholesalers, dark ATSs, hidden exchange and Single-Dealer Platforms (SDPs)," says Mostowfi, who defines 'dark pools' as dark ATSs and SDPs. In Q1-2014, dark volume and dark pools accounted for 43.6% and 17.2% of industry shares respectively. Dark pool volume consisted of 84.3% dark ATS and 15.7 SDPs. In the same time period, she says, lit exchange and lit ATS accounted for 56.4% of industry volume.

The 17 exhibits in the highly detailed 18-page report include:

  • Historical On- & Off-Exchange Landscape
    • Historical SRO Market Share
    • Historical Off-Exchange Volume
    • Off-Exchange Broker-Dealers & ATSs
  • US Equity Volume by Tape
    • Share Volume Distribution by Tape: Q1-2014
    • Share Market Share by Tape: Q1-2014
  • US Equities Volume Breakdown
    • US Equities Volume Breakdown (Estimated): Q1-2014
    • Exchange Volume Breakdown: Q1-2014
    • Dark Volume Breakdown: Q1-2014
    • Dark ATS Market Share: Q1-2014
    • Lit ATS (ECN) Market Share: Q1-2014
    • SDP Market Share: Q1-2014
    • Retail Wholesaler Market Share: Q1-2014
  • Retail Order Routing
    • Top 5 Retail Wholesaler Acquisition
    • Select Retail Firms Order Routing: Q1-2014
  • Exchange Order Types
    • NYSE ARCA Order Type Usage: Q1-2014
    • BATS (BZX & BYX) Executed Shares % Exchange Order Types: Q1-204

The Q2-2014 Market Metrics report will be published in August, 2014.

The new report can be downloaded by TABB Research Alliance Equity clients and qualified media at http://www.tabbgroup.com/Login.aspx. The Executive Summary can be seen at www.taggroup.com. To purchase the study, write to info@tabbgroup.com.

About TABB Group

Based in New York and London, TABB Group is the research and consulting firm focused exclusively on capital markets, based on the interview-based, "first-person knowledge" research methodology developed by Larry Tabb.


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