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European Securities Volumes: May 2023

European Securities Volumes: May 2023
  • Average daily value traded fell 6.11% m/m (-21.00% y/y), to €68.32 billion, while volatility, as measured by the VSTOXX average daily close, increased 1.28% m/m (-38.06% y/y) to 18.25.
  • Lit trading market share fell (-219 bps m/m) to the lowest level, 31.43%, in our data series that goes back to January 2011.
  • Closing auctions (+273 bps m/m) and bank SIs (+172 bps m/m) were the only two categories to gain market share, while OTC trading (-173 bps m/m), dark MTFs (-26 bps m/m), periodic auctions (-14 bps m/m), ELP SIs (-13 bps m/m) and opening auctions (-1 bps m/m) all lost ground.
  • Deutsche Börse (+88 bps m/m) and the London Stock Exchange (+65 bps m/m) gained the most pan-European on-venue market share. Cboe DXE (-78 bps m/m) lost the most.
  • Of the national listing exchanges we track, SIX Swiss Exchange (+363 bps m/m, CH 20), Deutsche Börse (+356 bps m/m, DE 40) and Nasdaq Copenhagen (+291 bps m/m, DK 25) gained market share in their home indices. Only Euronext Lisbon (-106 bps m/m, PT 20) and the London Stock Exchange (-16 bps m/m, UK 250) lost market share.
  • Alternative closing-auction market share increased 82 bps, accounting for 4.92% of total end-of-day activity.

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