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European Securities Volumes: 2021 Year-In-Review

European Securities Volumes: 2021 Year-In-Review
  • Our special year-in-review section, starting page 15, highlights annual European equity-trading trends, including a new low for lit market share.
  • Average daily value traded fell 18.97% m/m (+2.84 y/y), to €63.40 billion, largely due to the closure of some European markets over the holiday period.
  • Volatility rose, with the VSTOXX average daily close jumping 21.71% m/m to 23.63, and the FTSE 100 IVI up 10.49% m/m to 18.11.
  • Over-the-counter trading (+164 bps m/m), bank SIs (+112 bps m/m), closing auctions (+104 bps m/m), ELP SIs (+14 bps m/m) and opening auctions (+9 bps m/m) gained market share. Lit venues (-282 bps m/m), dark MTFs (-98 bps m/m) and periodic auctions (-23 bps) lost market share.
  • SIX Swiss Exchange and the London Stock Exchange posted the largest m/m increase in pan-European on-venue market share. Euronext Milan lost the most (see chart on page 4).
  • The London Stock Exchange, Nasdaq Helsinki and Nasdaq Stockholm gained the most market share in their home indexes. Euronext Milan, Euronext Amsterdam and Nasdaq Copenhagen were the only exchanges to see declines.
  • Another surge in Aquis’ Market-at-Close facility lifted alternative closing mechanisms to 6.43% of total end-of-day-auction volume, a second consecutive record high.

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