- Average daily value traded fell 14.87% m/m (-15.19% y/y) to €54.57 billion, its lowest level since August 2020, while volatility, as measured by the VSTOXX average daily close, rose 5.66% m/m (-42.55% y/y) to 15.73.
- Lit continuous trading (+482 bps m/m), dark MTFs (+82 bps m/m), periodic auctions (+32 bps m/m) and ELP SIs (+18 bps m/m) gained market share, while OTC trading (-193 bps m/m), closing auctions (-182 bps m/m), bank SIs (-133 bps m/m) and opening auctions (-6 bps m/m) lost ground.
- Borsa Italiana (+76 bps m/m) and Cboe DXE Europe (+53 bps m/m) gained the most on-venue market share among European trading venues. The London Stock Exchange (-112 bps m/m), Deutsche Börse (-61 bps m/m) and SIX Swiss Exchange (-60 bps m/m) lost the most.
- Of the national listing exchanges we track, all lost market share in their home indices, with Bolsas y Mercados Españoles (-448 bps m/m, ES 35), the London Stock Exchange (-372 bps m/m, UK 100) and SIX Swiss Exchange (-338 bps m/m, CH 20) losing the most.
- Alternative closing-auction market share increased 110 bps m/m, accounting for 6.44% of total end-of-day activity.
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