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European Securities Volumes

August 9, 2018

Some highlights:

  • Pan-European average daily value traded declined 29.83% m/m (-0.03% y/y) in July, to €75.17bn
  • Volatility fell, with the VSTOXX average daily close down 7.90% m/m (-1.54% y/y), to 13.76, and the VFTSE average daily close off 3.78% m/m (+15.66% y/y), to 12.17
  • SI market share dropped 859 bps, to 21.46%, following a spike in June, while order-book trading jumped 966 bps to 45.78%. Many bank OTC trades are now being reported as SI trades following the introduction of MiFID II
  • Turquoise and Cboe Europe’s CXE tied for the highest gain in pan-European on-venue market share (+46 bps each), while Deutsche Börse (-146 bps) and Borsa Italiana (-102 bps) suffered the biggest declines. Aquis breached 2% of on-venue market share for the first time
  • Seven exchanges gained market share in their home indices in July. Euronext Paris (+667 bps, CAC 40) led the way, with Bolsas y Mercados Españoles (+341 bps, IBEX) a distant second. Euronext Amsterdam (-419 bps, AEX) and Nasdaq Stockholm (-302 bps, DAX) suffered the greatest losses in their home indices

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