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European Securities Volumes

February 11, 2021

• Average daily value traded rose 17.43% m/m to €72.39 billion.

• Volatility measures were mixed, with the VSTOXX average daily up 3.22% m/m to 22.81, and the FTSE 100 IVI down 6.52% m/m to 21.42.

• Lit trading gained the most market share, followed by dark pools, systematic internalizers and periodic auctions. Over-the-counter trading, closing auctions and opening auctions lost share.

• January saw the mass migration of trading in EU names from UK MTFs to the new entities set up on the continent, which we have added to our report. UK listings are still traded on London-based MTFs.

• Cboe’s Amsterdam MTF, called DXE Europe, was the fastest-growing venue, gaining 645 bps of market share m/m, followed by Aquis’ Paris venue (+300 bps). UK-based Cboe CXE Europe (-583 bps) lost the most, followed by Aquis Exchange UK (-286 bps).

• Among listing exchanges, Deutsche Börse posted the largest m/m gains in pan-European on-venue market share, while the London Stock Exchange lost the most.

• Euronext Lisbon, Euronext Brussels and Borsa Italiana gained the most market share in their home indexes. SIX Swiss Exchange and the London Stock Exchange lost the most.

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