Market Structure Reports

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US Securities Volumes

Let There Be Light - European Edition

May 26, 2021
  • The 40 venues we track executed 17% of pan-European on-venue turnover in March, up 44 bps m/m (+167 bps y/y)
  • All types of venue we track gained market share, with periodic auctions reaching a record high market share. ELP Sis gained 23 bps m/m, followed by periodic auctions (+15 bps) and dark MTFs (+6 bps)
  • Together, the venues in our universe executed €7.77 billion per day, down 12.99% m/m (+4.54% y/y). Total on-venue trading, including displayed activity, fell 13.02% (-3.3% y/y) to €46.9 billion  
  • Our universe accounted for 10.94% of consolidated turnover, including on-venue and OTC, down 18 bps m/m
  • UK dark market share set to rise as MiFID II caps expire
  • Dark trade sizes hit multi-year low

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