U.S. equity printed 2,228,648 trades (up 4.3% month-over-month). The breadth-driven tape from the macro section showed up directly here: two-way flow on existing names rather than block extension. Specials concentration stayed heavy at 12.2% in the 501 and above bps tier and 6.5% in 251-500 bps tier. 

EMEA contracted 4.6% on count, the steepest regional pullback. France was down 7.8% on trades, Italy down13.9%, Netherlands down 17.8%, and the UK down 10.2%, a profile that tracks the traditional summer slowdown layered on top of the ECB-hold pricing for September from the macro backdrop. Directional conviction in European cyclicals has compressed. 

Canada was essentially flat, up 0.4%. The headline looks soft, but the context matters: Q1 was up 30.5% year-over-year on trade counts, the strongest of any region, so July reads as normalization off a stretched opening quarter rather than demand erosion. The rate-band profile is the broadest of any region, with 23.6% sitting in the 51-250 bps tier (the largest mid-band share we measure) and 14.3% in the 251-500 tier (the largest sub-501 share in the benchmark), giving Canada the widest spread across the upper rate bands.

APAC ticked up 1.0% month-over-month with the deepest top-end specials concentration of any major region: 13.8% sits in the 501 and above bps tier, the highest single-tier share in the benchmark. Hong Kong was the standout market, up 9.3% (90,564 trades) and South Korea followed, up 10.7%. Turkey printed growth of 598.2% month-over-month off a small base, a clean signal of fresh demand building for Turkish equity names.