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European Securities Volumes

November 6, 2020
  • Average daily value traded fell 3.06% m/m (-8.72 y/y), to €59.53 billion.
  • Volatility rose, with the VSTOXX average daily close up 6.00% m/m (+75.94% y/y), to 27.87 and the FTSE 100 IVI climbing 1.49% m/m (+90.67% y/y), to 25.61.
  • Over-the-counter trading (+138 bps m/m) gained the most market share, followed by dark pools (+79 bps m/m), lit markets (+34 bps m/m) and periodic auctions (+13 bps m/m). Closing auctions (-213 bps m/m), systematic internalizers (-37 bps m/m) and opening auctions (-12 bps m/m) all lost share.
  • Liquidnet (+25 bps) posted the largest m/m gain in pan-European on-venue market share. SIX Swiss (-95 bps m/m) and the London Stock Exchange lost the most (-65 bps) (see chart, top of page 5).
  • Only one exchange, Euronext Brussels (+75 bps m/m, BEL 20), gained market share in its home index. The London Stock Exchange (-438 bps m/m, FTSE 250), Bolsas y Mercados Españoles (-346 bps, IBEX) and Euronext Paris (-341 bps m/m, CAC 40) lost the most market share in their home indexes (see Venue Market Share Breakdown by Index, page 7).

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