Market Structure Reports

• Dark MTF market share grew 92 basis points in October (-107 bps y/y) to 4.8% of pan-European turnover, the first full month after the first MiFID II dark volume caps expired
• Dark MTFs executed just over €4.35 billion per day, up 34.51% m/m (-2.21% y/y)
• Systematic internalizers traded €16.1 billion in October, or 17.7% of consolidated turnover. However, SI data is still overstated due to inconsistent trade reporting practices
• ESMA releases a call-for-evidence on periodic-auction markets