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Let There Be Light - European Edition

December 16, 2019
  • Market share for the 14 dark multilateral trading facilities in our universe fell 104 bps m/m in November, to 5.03% of pan-European consolidated turnover.
  • Dark MTFs executed €3.67 billion per day, down 19.03% m/m. Consolidated turnover decreased at a lesser rate of 2.21% m/m to €73.0 billion daily.
  • Systematic internalizer ADVT rose 0.59% m/m to €15.0 billion. The six electronic-liquidity-provider SIs that report to us traded €1.59 billion per day in November, accounting for 2.18% of total volume, a third consecutive monthly record.
  • Turquoise makes tweaks to its periodic-auction and market-on-close offering following regulatory guidance and customer feedback.
  • We add trading-at-last data from a host of European stock exchanges and volumes from Cboe’s 3C closing-auction alternative.
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