- Average daily value traded dropped 22.27% m/m (+25.87% y/y) to €71.04 billion as volatility, measured by the VSTOXX average daily close, fell 34.71% m/m (+39.98% y/y) to 18.85.
- We have recalculated pan-European ADVT and the market shares for every type of trading following Big XYT’s decision to remove non-price forming trades from the off-book, on-exchange category. Doing so has mechanically increased the market share for every other variety of trading and decreased total ADVT since July 2016.
- Closing auctions (+286 bps m/m), OTC trading (+233 bps m/m), bank SIs (+58 bps m/m), dark order books (+24 bps m/m) and ELP SIs (+5 bps m/m) gained market share, while lit trading (-574 bps m/m), opening auctions (-22 bps m/m) and periodic auctions (-9 bps m/m) lost ground.
- Borsa Italiana (+57 bps m/m) gained the most on-venue market share among European venues, while Cboe DXE Europe (-171 bps m/m), Cboe CXE Europe (-64 bps m/m) and SIX Swiss Exchange (-63 bps m/m) lost the most.
- Of the major national listing exchanges, all gained market share in their home indices, led by Nasdaq Stockholm (+304 bps m/m, SE 30), Euronext Paris (+298 bps m/m, FR 40) and Bolsas y Mercados Españoles (+282 bps m/m).
- Alternative closing-auction mechanisms accounted for 8.21% of total on-venue end-of-day activity in May, up 15 bps m/m.
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