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European Securities Volumes: December and 2023 Year-In-Review

European Securities Volumes: December and 2023 Year-In-Review
  • Our special year-in-review section, starting page 14, highlights annual European equity-trading trends.
  • Average daily value traded inched up 0.62% m/m (0.62% y/y) to €61.04 billion as volatility, measured by the VSTOXX average daily close, dropped 11.58% m/m (-35.46% y/y) to 13.41.
  • Over-the-counter trading (+535 bps m/m), opening auctions (+40 bps m/m), lit trading (+14 bps m/m), closing auctions (+9 bps m/m) and ELP SIs (+1 bp m/m) gained market share, while bank SIs (-560 bps m/m), dark MTFs (-27 bps m/m) and periodic auctions (-13 bps m/m) lost ground.
  • Nasdaq Stockholm (+47 bps m/m) gained the most on-venue market share among European trading venues; Borsa Italiana (-51 bps m/m) lost the most.
  • Among the national listing exchanges we track, Euronext Paris (+206 bps m/m, FR 40), Bolsas y Mercados Españoles (+115 bps m/m, ES 35) and Nasdaq Copenhagen (+113 bps m/m, DK 25) gained the most market share in their home indices; Nasdaq Helsinki (-216 bps m/m, FI 25), Borsa Italiana (-78 bps m/m, IT 40) and the London Stock Exchange (-71 bps m/m, UK 250) lost the most.
  • Alternative closing-auction market share was flat m/m, accounting for 5.98% of total on-venue end-of-day activity.

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