• Average daily value traded dropped 12.08% m/m (+3.47 y/y), to €56.58 billion.
• The VSTOXX average daily close fell 12.16% m/m (+31.27% y/y) to 24.05, while the FTSE 100 IVI declined 19.13% m/m (+10.65% y/y) to 27.94.
• OTC trading (+303 bps m/m), closing auctions (+66 bps m/m), ELP SIs (+14 bps m/m) and opening auctions (+3 bps m/m) gained market share. Lit trading (-173 bps m/m), bank SIs (-150 bps m/m), dark MTFs (+38 bps m/m) and periodic auctions (-26 bps m/m) lost share.
• Nasdaq Copenhagen (+73 bps m/m) gained the most pan-European on-venue market share. Aquis Exchange (EU) (-37 bps m/m) lost the most.
• Among the national exchanges we follow, only Euronext Lisbon (+205 bps m/m, PSI 20), Euronext Brussels (+115 bps m/m, BEL 20) and the London Stock Exchange (+108 bps m/m, FTSE 250) gained market share in their home indices (see table, page 7). Nasdaq Copenhagen (-824 bps m/m, DK 25), Euronext Milan (-628 Bps m/m, FTSE MIB) and Nasdaq Stockholm (-623 bps m/m, SE 30) lost the most.
• Alternative closing-auction market share fell 179 bps, accounting for 5.04% of total end-of-day activity.
