Market Structure Reports

• Market share for the 14 dark pools in our universe fell 22 bps m/m (-33 bps y/y), to an estimated 4.34% of pan-European consolidated turnover
• Dark MTFs executed €3.67 billion per day, up 5.1% m/m (-18.86% y/y)
• Systematic internalizer ADVT increased 22.88% m/m to €14.72 billion. The six ELP SIs in our universe traded €1.45 billion per day, accounting for 9.84% of adjusted SI activity
• Regulators move closer to amending MiFID II’s tick-size rules for below large-in-scale trades
• Trading venues braced for upheaval as Brexit beckons