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Let There Be Light - European Edition

January 24, 2019

• Market share for the 14 dark pools in our universe dropped 30 bps m/m (-64 bps y/y), to an estimated 4.05% of pan-European consolidated turnover
• Dark MTFs executed €3.27 billion per day, down 9.39% m/m (-11.3% y/y)
• We add XTX Markets' systematic-internalizer volume to our data set
• We review responses to ESMA's periodic-auction market consultation
• We take a look at Morgan Stanley's new MTF

• Dark pool market share slumped in 2018 as MiFID II's double volume caps took hold
• Turquoise replaced UBS MTF as the largest European dark pool
• Block-trading services accounted for almost 30% of dark executions, the highest we have on record
• Periodic-auction markets hit the ground running, but some features are subject to regulatory scrutiny
• Systematic-internalizer volumes, particularly those operated by banks, are still murky. However, there is a clearer picture of electronic-liquidity provider SIs, with 6 firms reporting monthly volumes to us

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