August 5, 2026
- Average daily value traded fell 15.71% m/m (+24.30% y/y) to €82.32 billion. Volatility, measured by the VSTOXX average daily close, dropped 4.36% m/m (-0.88% y/y) to 17.49.
- Lit trading (+337bps m/m) gained the most market share, followed by dark books (+104 bps m/m), periodic auctions (+83 bps m/m) and SIs (+72 bps m/m). OTC (-432 bps m/m), closing auctions (-142 bps m/m) and opening auctions (-22 bps m/m) lost market share.
- Cboe CXE Europe (+48 bps m/m) gained the most on-venue market share; Deutsche Börse Xetra (-69 bps m/m), Aquis Exchange EU (-68 bps m/m) and Lang und Schwarz (-55 bps m/m) lost the most.
- All of the major national listing exchanges we follow lost market share in their home indices, with Euronext Amsterdam (-410 bps m/m, NL 30), Euronext Brussels (-392 bps m/m, BE 20) and the London Stock Exchange (-373 bps m/m, UK 100) dropping the most.
- Alternative closing-auction mechanisms accounted for 7.94% of total on-venue end-of-day activity in July, up 27 bps m/m.
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