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US Securities Volumes

Let There Be Light - European Edition

November 24, 2020

• The 27 venues we track executed 17.5% of pan-European on-venue turnover in September, up 194 bps m/m (+98 bps y/y)

• All venue types gained market share last month. Dark MTFs grew the most (+138 bps), followed by ELP SIs (+33 bps) and periodic auctions (+23 bps)

• Together, the venues in our universe executed €6.94 billion per day, up 7.69% (-3.7% y/y). Total on-venue trading, including displayed activity, fell 4.23% m/m (-9.1% y/y) to €39.6 billion. Our universe accounted for 11.65% of consolidated turnover, including on-venue and OTC, up 116 bps m/m

• We add SIX Swiss at Mid large-in-scale volumes

• ESMA plans to pause MiFID II dark-pool caps, helping venues to prepare for life after Brexit

• UBS MTF plans fee promotion to boost periodic-auction volume

• ESMA’s first statistical report uncovers equity-trading trends

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