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Let There Be Light - European Edition

July 29, 2021
  • The 40 venues we track executed 16.78% of pan-European on-venue turnover in June, up 73 bps m/m (+311 bps y/y)
  • All venue types we track gained market share. Dark MTFs (+46 bps) gained the most, followed by ELP SIs (+24 bps) and periodic auctions (+4 bps)
  • Together, the venues in our universe executed €7.46 billion per day, up 1.23% m/m (+4.68% y/y). Total on-venue trading, including displayed activity, fell 3.20% m/m (-14.70% y/y) to €44.5 billion
  • Our universe accounted for 10.94% of consolidated turnover, including on-venue and OTC, up 40 bps m/m
  • XTX Markets reclaims its position as the largest ELP SI, overtaking Citadel Securities
  • Dark execution sizes continue to fall, despite increase in block trades
  • We dig into ESMA’s MiFID II amendments to post-trade transparency and periodic-auction rules

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