• Dark MTF market share grew 48 basis points in September (-158 bps y/y) to 3.92% of pan-European turnover
• Dark MTFs executed just over €3.27 billion per day, up 40.77% m/m (-21.44% y/y)
• Systematic internalizers traded €18.63 billion in September, or 22.32% of consolidated turnover, up 217 bps m/m. However, SI data is still overstated due to inconsistent trade reporting practices
• Large-in-scale venues are hit hard following the expiry of the first set of MiFID II’s double volume caps on dark pools
• ESMA starts naming and shaming venues that submit incorrect dark pool data
• We take a look at Virtu’s systematic internalizer volumes for H1 2018