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European Securities Volumes: 2024 Year-In-Review

European Securities Volumes: 2024 Year-In-Review

• Our special year-in-review section, starting page 14, highlights annual European equity-trading trends.

• Average daily value traded fell 8.32% m/m (+12.97% y/y) to €69.00 billion as volatility, measured by the VSTOXX average daily close, dropped 14.60% m/m (+15.99% y/y) to 15.55.

• OTC trading (+289 bps m/m), closing (+30 bps m/m) and opening auctions (+25 bps m/m) gained market share, while lit trading (-226 bps m/m) fell to a new all-time low of 28.23%. Dark MTFs (-97 bps m/m), ELP SIs (-11 bps), bank SIs (-5 bps m/m) and periodic auctions (-5 bps m/m) also lost ground.

• Euronext Paris (+77 bps m/m) gained the most on-venue market share among European venues; Cboe Europe DXE (-89 bps m/m) and Borsa Italiana (-57 bps m/m) lost the most.

• Among major national listing exchanges, Euronext Amsterdam (+283 bps m/m, NL 25), Euronext Paris (+279 bps m/m, FR 40) and Deutsche Börse (+269 bps m/m, DE 40) gained the most market share in their home indexes. Only Euronext Brussels (-58 bps m/m, BE 20), Borsa Italiana (-43 bps m/m) and Nasdaq Stockholm (-12 bps m/m, SE 30) lost market share.

• Alternative closing-auction mechanisms accounted for 7.71% of total on-venue end-of-day activity in December, up 167 bps m/m.

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