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US Securities Volumes

Let There Be Light - European Edition

June 29, 2021
  • The 40 venues we track executed 16.04% of pan-European on-venue turnover in May, up 95 bps m/m (-13 bps y/y)
  • All types of venue we track lost market share. Periodic auctions lost the most (-40 bps), followed by dark MTFs (-35 bps) and ELP SIs (-21 bps)
  • Together, the venues in our universe executed €7.37 billion per day, down 7.57% m/m (+14.02% y/y). Total on-venue trading, including displayed activity, fell 2.09% (+14.94% y/y) to €45.9 billion  
  • Our universe accounted for 10.53% of consolidated turnover, including on-venue and OTC, down 41 bps m/m
  • Periodic auction and dark MTF trade size fall to new lows
  • Competition among block venues intensifies, with Cboe LIS gaining share on market leader Liquidnet
  • Cboe LIS set to launch directed IOI service

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