Market Structure Reports

Some highlights from this issue:

• Dark MTF market share grew 122 bps in July (-123 bps y/y) to 3.63% of pan-European turnover
• Dark MTFs executed just over €2.73 billion per day, up 5.7% m/m (-49.47% y/y)
• Systematic internalizer activity was €16.81 billion in June, or 22.37% of consolidated turnover, up 331 bps m/m. However, SI data is still overstated due to post-trade reporting issues
• Block trading helps lift dark volumes to their highest level since the introduction of the MiFID II volume caps
• Tower Research Capital Europe becomes the third ELP SI to start reporting monthly volumes to us
• SIX Swiss Exchange and Liquidnet plan to end their block-trading partnership

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