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Let There Be Light - European Edition

February 21, 2019

• Market share for the 14 dark pools in our universe increased 52 bps m/m (-36 bps y/y), to an estimated 4.57% of pan-European consolidated turnover
• Dark MTFs executed €3.49 billion per day, up 6.83% m/m (-15.47% y/y)
• Systematic internalizer ADVT dropped 13.72% m/m to €11.98 billion
• The six electronic-liquidity-provider SIs that report to us traded €1.19 billion per day in January, accounting for 1.55% of consolidated turnover
• ESMA takes action to deal with post-Brexit dark-volume cap confusion
• Venues mull changes to midpoint pegged orders

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