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Let There Be Light - European Edition

April 12, 2019

• Market share for the 14 dark pools in our universe fell 42 bps m/m (-44 bps y/y), to an estimated 3.92% of pan-European consolidated turnover
• Dark MTFs executed €3.55 billion per day, down 3.21% m/m (-5.74% y/y)
• Systematic internalizer ADVT increased 0.54% m/m to €14.80 billion. The six ELP SIs in our universe traded €1.5 billion per day, accounting for 10.15% of adjusted SI activity
• ESMA pauses dark-volume caps as Brexit confusion continues
• Cboe removes rebates for its CXE lit book
• UBS MTF mull midpoint pegged order type for periodic auction

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