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Let There Be Light - European Edition

March 29, 2021

• The 40 venues we track executed 17.57% of pan-European on-venue turnover in September, up 98 bps m/m (+195 bps y/y)

• Dark MTFs (+47 bps), periodic auctions (+31 bps) and ELP Sis (+21 bps) all gained market share

• Together, the venues in our universe executed €8.72 billion per day, up 8.02% m/m (-5.99% y/y). Total on-venue trading, including displayed activity, rose 2% m/m (-16.42% y/y) to €49.6 billion. Our universe accounted for 11.74% of consolidated turnover, including on-venue and OTC, up 59 bps m/m

• The reintroduction of competing venues for Swiss stocks raises UK MTF volumes and lifts periodic auction market share to an all-time record

• The UK plans to scrap dark-pool caps as FTSE 100 dark market share hits a post-MiFID II high

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