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Let There Be Light - European Edition

April 23, 2020
  • The 27 venues we track executed 13.92% of pan-European on-venue turnover in March, down 170 bps m/m (+127 bps y/y
  • All three venue subgroups lost market share in March, with dark MTFs (-91 bps) down the most, followed by ELP SIs (-67 bps) and periodic auctions (-12 bps)
  • Together, venues in our universe executed €11.68 billion per day, up 25.94% m/m (+101.41% y/y). Total on-venue trading, including displayed activity, rose 41.31% m/m (83.06% y/y) to €83.9 billion. Our universe accounted for 9.93% of consolidated turnover, including on-venue and OTC, off 88 bps m/m
  • We provide commentary on pandemic-related delays to regulatory initiatives, and a change in Turquoise’s closing-auction-alternative offering

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