- The 40 venues we track executed 16.17% of pan-European on-venue turnover in July, down 5 bps m/m (+250 bps y/y)
- Periodic auctions (+19 bps) and ELP SIs (+3 bps) gained market share m/m, while dark MTFs (-83 bps) lost market share m/m
- Together, venues in our universe executed €7.19 billion per day, down 3.57% m/m (+0.95% y/y). Total on-venue (including displayed) trading fell 3.27% m/m (-14.67% y/y) to €44.5 billion. Our universe accounted for 10.55% of consolidated turnover, including on-venue and OTC, down 12 bps m/m
- Swiss equity trading becomes increasingly fragmented as MTFs grow market share
- Aquis plans to revamp the UK version of its periodic auction, bringing its model closer to rivals