September 3, 2026
- Average daily value traded fell 7.01% m/m (+19.97% y/y) to €76.55 billion. Volatility, measured by the VSTOXX average daily close, dropped 8.90% m/m (-8.22% y/y) to 15.93.
- OTC trading (+430 bps m/m) and closing auctions (+80 bps m/m) gained the most market share, lit continuous trading (-265 bps m/m), dark books (-118 bps m/m), periodic auctions (-101 bps m/m), SIs (-18 bps m/m) and opening auctions (-8 bps m/m) lost market share.
- The London Stock Exchange (+62 bps m/m), Deutsche Börse Xetra (+61 bps m/m) and Tradegate BSX (+54 bps m/m) gained the most on-venue market share; Cboe Periodic Auctions (EU) (-58 bps m/m) and Cboe DXE Europe (-52 bps m/m) lost the most.
- All of the major national listing exchanges we follow gained market share in their home indices, with Nasdaq Stockholm (+387 bps m/m, SE 30), Euronext Paris (+360 bps m/m, FR 40) and Euronext Amsterdam (+341 bps m/m, NL 30) expanding the most.
- Alternative closing-auction mechanisms accounted for 7.70% of total on-venue end-of-day activity in August, down 23 bps m/m.
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