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Let There Be Light - European Edition

June 24, 2020

• The 27 venues we track executed 14.81% of pan-European on-venue turnover in May, down 52 bps m/m (+130 bps y/y)

• Dark MTFs and periodic auctions lost market share last month, while ELP SI market share rose slightly.

• Together, the venues in our universe executed €6.46 billion per day, down 13.96% m/m (+12.74% y/y). Total on-venue trading, including displayed activity, fell 10.02% m/m (-1.16% y/y) to €43.6 billion. Our universe accounted for 9.81% of consolidated turnover, including on-venue and OTC, down 22 bps m/m

• New tick-size rules look set to reduce SI volumes

• Turquoise Plato reclaims its position as the largest venue in our universe

• SIX Swiss Exchange waives fees for some dark-lit order types

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