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European Securities Volumes: March 2023

European Securities Volumes: March 2023
  • Average daily value traded rose 8.44% m/m (-25.55% y/y), to €76.02 billion, while volatility, as measured by the VSTOXX average daily close, increased 16.74% m/m (-38.31% y/y) to 22.38.
  • OTC trading (+337 bps m/m), opening auctions (+24 bps m/m) and closing auctions (+3 bps m/m) all gained market share, while bank SIs (-229 bps m/m), lit trading (-71 bps m/m), periodic auctions (-32 bps m/m), dark MTFs (-29 bps m/m) and ELP SIs (-2 bps m/m) lost ground.
  • Cboe Periodic UK (+121 bps m/m), SIX Swiss Exchange (+119 bps m/m) and the London Stock Exchange (+63 bps m/m) gained the most pan-European on-venue market share. Cboe Periodic EU (-137 bps m/m), Turquoise EU (-104 bps m/m), Aquis Exchange EU (-70 bps m/m) and Borsa Italiana (-57 bps m/m) lost the most.
  • Of the national listing exchanges we track, the London Stock Exchange (+484 bps m/m, UK 250), Euronext Brussels (+446 bps m/m, BE 20) and Nasdaq Helsinki (+434 bps m/m FI 25) gained the most market share in their home indices. Only Borsa Italiana (-112 bps m/m, IT 40) and Bolsas y Mercados Españoles (-46 bps m/m, ES 35) lost market share.
  • Alternative closing-auction market share plunged 331 bps, accounting for 3.19% of total end-of-day activity.

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