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Let There Be Light - European Edition

January 27, 2020


  • Market share for the 14 dark multilateral trading facilities in our universe fell 52 bps m/m in December, to 4.50% of pan-European consolidated turnover.
  • Dark MTFs executed €3.58 billion per day, down 2.41% m/m. Consolidated turnover increased by 8.91% m/m to €79.5 billion daily.
  • Systematic internalizer ADVT rose 18.2% m/m to €17.8 billion. The six electronic-liquidity-provider SIs that report to us traded €1.58 billion per day in December, accounting for 1.98% of total volume
  • Instinet brings Blockcross to Europe
  • Aquis Market-at-Close continues to build volume


  • Dark MTFs gain share in 2019, with reference-price trades appearing to fuel the rise
  • Turquoise Plato remains the largest dark pool, but rivals gain ground
  • Average dark execution size reaches another record
  • Periodic-auction activity continues to inch higher amid regulatory worries
  • ELP SIs jostle for position and become an established part of the trading-venue landscape

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