Market Structure Reports

• Dark MTF market share fell 45 bps in November (-120 bps y/y) to 4.35% of pan-European turnover
• Dark MTFs executed just over €3.61 billion per day, down 17.13% m/m (-19.91% y/y)
• Systematic internalizers traded €12.37 billion in November, or 14.9% of consolidated turnover. However, SI data is still overstated due to inconsistent trade reporting practices
• We add Virtu's systematic internalizer volumes to our dataset
• We use Big XYT data to show new breakdowns of SI activity
• Euronext revives its plan to launch hidden orders