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European Securities Volumes: February 2022

European Securities Volumes: February 2022
  • Average daily value traded climbed 7.24% m/m (+22.00 y/y), to €90.58 billion.
  • Volatility increased, with the VSTOXX average daily close up 22.83% m/m (+27.60% y/y) to 28.23, and the FTSE 100 IVI up 24.64% m/m (+4.55% y/y) to 22.27.
  • Lit venues (+114 bps m/m), periodic auctions (+5 bps m/m), opening auctions (+3 bps m/m) and bank SIs (+2 bps m/m) gained market share. Dark MTFs (-51 bps m/m), closing auctions (-34 bps m/m), over-the-counter- trading (-27 bps m/m) and ELP SIs (-12 bps m/m) lost market share.
  • Deutsche Börse (+107bps m/m) and Cboe DXE Europe (+43 bps m/m) posted the largest m/m increase in pan-European on-venue market share. The London Stock Exchange (-59 bps m/m) and SIX Swiss (-46 bps m/m) lost the most.
  • Among the national exchanges we follow, Euronext Brussels (+379bps m/m, BEL 30), Euronext Amsterdam (+326 bps m/m, AEX) gained the most market share in their home indexes. Only Euronext Milan (-193 bps m/m, FTSE MIB), Nasdaq Copenhagen (-91 bps m/m, DK 25) and the London Stock Exchange (-8 bps m/m, FTSE 250) suffered declines.
  • Aquis’ Market-at-Close, along with several listing-exchange trade-at-last phases, saw volumes decline in February. Collectively, these alternative closing-auction mechanisms account for 7.26% of total end-of-day activity, down 51 bps m/m.

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