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US Securities Volumes

Let There Be Light - European Edition

February 25, 2021

• The 40 venues we track executed 16.59% of pan-European on-venue turnover in September, down 44 bps m/m (-64 bps y/y)

• Periodic auctions (+28 bps) gained market share, while ELP SIs (-44 bps) and dark MTFs (-28 bps) both lost share

• Together, the venues in our universe executed €8.07 billion per day, up 17.61% m/m (+7.47% y/y). Total on-venue trading, including displayed activity, rose 20.75% m/m (+11.6% y/y) to €48.6 billion. Our universe accounted for 11.15% of consolidated

• turnover, including on-venue and OTC, up 2 bps m/m

• Our report now includes volume data from all the new EU dark pools, periodic auctions and ELP SIs that have been set up because of Brexit

• MTFs start to win back market share in Swiss equities

• The UK’s Financial Conduct Authority unveils its latest research on dark pools and periodic auctions

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