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European Securities Volumes: April 2023

European Securities Volumes: April 2023
  • Average daily value traded fell 4.62% m/m (-18.97% y/y), to €72.51 billion, while volatility, as measured by the VSTOXX average daily close, declined 19.51% m/m (-38.87% y/y) to 18.02.
  • OTC trading (+519 bps m/m), bank SIs (+337 bps m/m) and periodic auctions (+6 bps m/m) all gained market share, while lit trading (-546 bps m/m), closing auctions (-216 bps m/m), dark MTFs (-51 bps m/m), opening auctions (-31 bps m/m) and ELP SIs (-19 bps m/m) lost ground.
  • Cboe Periodic EU (+165 bps m/m) and Nasdaq Stockholm (+46 bps m/m) gained the most pan-European on-venue market share. Cboe Periodic UK (-110 bps m/m) and Deutsche Börse (-55 bps m/m) lost the most.
  • Of the national listing exchanges we track, only Euronext Lisbon (+275 bps m/m, PT 20), the London Stock Exchange (+86 bps m/m, UK 100) and Borsa Italiana (+47 bps m/m IT 40) gained market share in their home indices. The London Stock Exchange (-570 bps m/m, UK 250), Nasdaq Copenhagen (-321 bps m/m, DK 25) and Euronext Brussels (-241 bps m/m, BE 20) lost the most market share.
  • Alternative closing-auction market share increased 9 bps, accounting for 4.10% of total end-of-day activity.

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