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Let There Be Light - European Edition

March 20, 2020
  • The 27 alternative venues we track executed 15.62% of pan-European on-venue turnover in February, down 161 bps m/m (+82 bps y/y)
  • Periodic auctions (+2 bps) were the only type of venue to gain market share last month
  • Dark MTFs (-118 bps) and electronic-liquidity provider systematic internalisers (-45 bps) both lost market share
  • Together, these three types of venues executed €9.27 billion per day, up 23.48% m/m (+52.60% y/y)
  • Trading venues move into disaster-recovery mode as the coronavirus pandemic shakes global markets
  • The World Federations of Exchanges opines on MiFID II's share-trading obligation

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