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Let There Be Light - European Edition

November 23, 2021
  • The 40 venues we track executed 18.40% of pan-European on-venue turnover in October, up 149 bps m/m (+90 bps y/y)
  • All venues we track gained market share in October. Dark MTFs (+80 bps) led the way, followed by periodic auctions (+55 bps) and ELP SIs (+14 bps)
  • Together, venues in our universe executed €8.77 billion per day, up 7.00% m/m (+26.44% y/y). Our universe accounted for 12.52% of consolidated turnover, including on-venue and OTC, up 94 bps m/m
  • XTX SI surges ahead of rivals as smaller dark MTFs jostle for position
  • EU plans tighter dark-pool restrictions in forthcoming MiFID II review
  • Brokers shy away from trading EU stocks on UK block platforms
  • SIX prepares for conditional order type launch

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