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Let there Be Light - European Edition

September 22, 2020
  • The 27 venues we track executed 15.82% of pan-European on-venue turnover in August, down 86 bps m/m (+247 bps y/y)
  • All types of venues we track lost market share last month. Dark pools (-63 bps) lost the most, followed by ELP SIs (-20 bps) and periodic auctions (-4bps)
  • Together, the venues in our universe executed €5.39 billion per day, down 17.35% m/m (+0.46% y/y). Total on-venue trading, including displayed activity, fell 12.84% m/m (-15.22% y/y) to €34.1 billion. Our universe accounted for 10.67% of consolidated turnover, including on-venue and OTC, down 86 bps m/m
  • Cboe Periodic Auctions remained the largest venue in our universe and also reported its lowest broker-priority figures since the start of MiFID II
  • Turquoise Plato receives regulatory clearance for its trading-at-last session, while Euronext adds LIS orders to its TAL

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