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European Securities Volumes: February 2023

European Securities Volumes: February 2023
  • Average daily value traded rose 2.09% m/m (-22.60% y/y), to €70.11 billion, while volatility, as measured by the VSTOXX average daily close, increased 2.16% m/m (-32.09% y/y) to 19.17.
  • Periodic auctions (+34 bps m/m) recorded their highest market share in our seven-year data set.
  • Closing auctions (+181 bps m/m), lit trading (+30 bps m/m), dark pools (+18 bps m/m) and opening auctions (+3 bps m/m) also gained market share, while OTC trading (-151 bps m/m), bank SIs (-116 bps m/m) and ELP SIs (-1 bp m/m) lost ground.
  • Turquoise (EU) (+111 bps m/m) and Cboe DXE Europe (+54 bps m/m) gained the most pan-European on-venue market share. The London Stock Exchange (-120 bps m/m) and Deutsche Börse (-72 bps m/m) lost the most.
  • Of the national exchanges we track, Deutsche Börse (+26 bps m/m, DE 40) and the London Stock Exchange (+183 bps m/m, UK 250) gained the most market share in their home indices, while Euronext Lisbon (-293 bps m/m, PT 20) and Euronext Brussels (-160 bps m/m, BE 20) lost the most.
  • Alternative closing-auction market share rose 115 bps, accounting for 7.98% of total end-of-day activity.

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