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Let There Be Light - European Edition

November 21, 2019
  • Market share for the 14 dark multilateral trading facilities in our universe grew 117 bps m/m (+93 bps y/y) to a record 6.07% of pan-European consolidated turnover
  • Dark MTFs executed €4.53 billion per day, up 25.1% m/m (+4.1% y/y)
  • Systematic internalizer ADVT fell 6.18% to €14.9 billion. The six ELP SIs that report to us traded €1.51 billion per day in September, accounting for 2.07% of adjusted SI activity and 2.2% of consolidated turnover, a second consecutive record month
  • A big month for large-in-scale trades helped to push dark MTF market share to record levels
  • XTX Markets becomes the largest ELP SI, overtaking Tower Research Capital Europe, which had held the top spot for several months
  • SIX Swiss Exchange highlights order-book trends witnessed since the EU revoked regulatory equivalence
  • We add Cboe Europe's Netherlands-based DXE dark pool to our venue universe

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