July 7, 2026
- Average daily value traded rose 5.01% m/m (+33.50% y/y) to €97.66 billion. Volatility, measured by the VSTOXX average daily close, dropped 16.07% m/m (-6.88% y/y) to 18.26.
- Systematic internalizers (+71bps m/m) gained the most market share, followed by closing auctions (+49 bps m/m), lit trading (+28 bps m/m) and opening auctions (+22 bps m/m). OTC (-121 bps m/m), periodic auctions (-48 bps m/m) and dark books (-1 bp m/m) lost market share.
- Electronic liquidity provider and bank SI volumes have been rolled into a single SI category going forward. ELP SI volumes will still be broken out in our monthly Let There Be Light report.
- Euronext Amsterdam (+57 bps m/m) gained the most on-venue market share, while Cboe Periodic Auctions (EU) (-42 bps m/m) lost the most.
- All of the major national listing exchanges we follow gained market share in their home indices, with Euronext Brussels (+279 bps m/m, BE 20), Euronext Amsterdam (+278 bps m/m, NL 30) and Bolsas y Mercados Españoles (+268 bps m/m, ES 35) leading the way.
- Alternative closing-auction mechanisms accounted for 8.30% of total on-venue end-of-day activity in June, down 78 bps m/m.
View the report
