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European Securities Volumes: April 2022

May 19, 2022
  • Average daily value traded fell 12.36% m/m (+22.80 y/y), to €89.49 billion.
  • Volatility declined, with the VSTOXX average daily close down 18.76% m/m (+66.86% y/y) to 29.47, and the FTSE 100 IVI off 33.70% m/m (+17.89% y/y) to 18.48.
  • Over-the-counter trading (+565 bps m/m), bank SIs (+353 bps m/m) and ELP SIs (+14 bps m/m) gained market share. Lit trading (-700 bps m/m) and closing auctions (-152 bps m/m) lost significant market share, while dark MTFs (-50 bps m/m), periodic auctions (-24 bps m/m) and opening auctions (-6 bps m/m) saw smaller declines.  
  • The London Stock Exchange and Cboe DXE Europe Dark gained the most pan-European on-venue market share. Nasdaq Stockholm, Euronext Paris and Deutsche Börse lost the most.
  • Among the national exchanges we follow, only the London Stock Exchange gained market share in a home index. SIX Swiss Exchange, Euronext Paris  and the London Stock Exchange suffered the biggest declines.
  • Alternative closing-auction market share rose 110 bps, accounting for 7.14% of total end-of-day activity.

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