for those who need some reading material.
enjoy,
R.
---
Interlisting on TSX
[curious: how much of the 10x larger trading on DAQ is HFT just front-running the book? I'd guess on the order of half. Volume does not equal liquidity. -R.]
The impact of interlisting
"Our results suggest that listing on the NYSE or Nasdaq decreases percentage bid-ask spreads in Toronto and increases the share of Toronto-based order flow from non-client (in- stitutional) accounts. Responsible registered trader participation appears to fall for NYSE- interlisted stocks but rise for Nasdaq-interlisted stocks. Our results also suggest that re- sponsible registered trader (TSE market maker) profits are not affected by US listing status. These results are generally robust to different matching estimation techniques and thus pro- vide useful information to firms deciding whether the significant costs of becoming interlisted are sufficiently compensated for by lower transaction costs and/or increased trade volume from institutions and foreign investors."
Also ...
The Maze of Interlisting Governance
-and-
