Market Structure Reports

• Average daily turnover increased 7.68% m/m (-9.60% y/y), to €86.6bn.
• The average daily closing value of the VSTOXX dropped 10.49% m/m (-14.32% y/y) to 13.06, while the VFTSE fell 17.51% m/m (-16.12% y/y) to 10.84.
• Over-the-counter trading spiked in April (+453 bps m/m), likely due to an increase in dividend-capture strategies. Systematic internalizers and dark pools made small gains, but all other categories lost market share.
• SIX Swiss Exchange (+72 bps) posted the largest m/m gain in pan-European on-venue market share, while the London Stock Exchange (-78 bps) and Cboe CXE Europe (-51 bps) had the biggest losses.
• Euronext Brussels (+154 bps, BEL20), Bolsas y Mercados Españoles (+69 bps, IBEX) and Borsa Italiana (+50 bps, FTSE MIB) experienced the largest increases in on-venue market share in their home indices. SIX Swiss Exchange (-219 bps, SMI), Nasdaq Helsinki (-148 bps, OMXH) and Euronext Paris (-146 bps, CAC) suffered the biggest losses.
• We’ve made several additions and adjustments to our dataset as part of a phased update designed to help readers better identify equity-trading trends.