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European Securities Volumes: September 2023

European Securities Volumes: September 2023
  • Average daily value traded jumped 17.85% m/m (-14.01% y/y) to €59.87 billion, while volatility, as measured by the VSTOXX average daily close, fell 9.05% m/m (-39.37% y/y) to 16.87.
  • September ADVT was still 21.47% lower than full-year 2022 and 24.82% from 2022 YTD, as European secondary markets remain in the doldrums.
  • Closing auction market share climbed 156 bps m/m to 17.37%, the highest we have on record back through August 2016.
  • Dark MTFs (+43 bps m/m), bank SIs (+28 bps m/m) and opening auctions (+13 bps m/m) also gained market share, while lit trading (-191 bps m/m), OTC trading (-30 bps m/m), periodic auctions (-10 bps m/m) and ELP SIs (-10 bps m/m) lost ground.
  • The London Stock Exchange (+141 bps m/m) and Euronext Paris (+38 bps m/m) gained the most on-venue market share among European trading venues. Euronext Amsterdam (-109 bps m/m) and Nasdaq Copenhagen (-43 bps m/m) lost the most.
  • Among the national listing exchanges we track, the London Stock Exchange (+594 bps m/m, UK 250; +379 bps m/m, UK 100) and Nasdaq Helsinki (+198 bps m/m, FI 25) gained the most market share in their home indices. Euronext Amsterdam (-244 bps m/m, NL 25), Euronext Lisbon (-233 bps m/m, PT 20) and Nasdaq Copenhagen (-116 bps m/m, DK 25) lost the most.
  • Alternative closing-auction market share fell 52 bps m/m, accounting for 5.44% of total end-of-day activity.

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