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European Securities Volumes: October 2023

European Securities Volumes: October 2023

• Average daily value traded dropped 3.59% m/m (-12.33% y/y) to €57.72 billion, as volatility, measured by the VSTOXX average daily close, climbed 19.92% m/m (-29.60% y/y) to 20.23.

• Year-to-date ADVT was 17.76% lower than full-year 2022 and 15.56% lower than 2022 YTD as European secondary markets remained in the doldrums.

• Market share for Dark MTFs (+95 bps m/m), and periodic auctions (+46 bps m/m) climbed to 7.41% and 3.31%, respectively, the highest levels recorded in our 7-year data set.

• Lit trading (+363 bps m/m) and ELP SIs (+4 bps m/m) also gained market share, while closing auctions (-228 bps m/m), bank SIs (-201 bps m/m), OTC trading (-68 bps m/m) and opening auctions (-11 bps m/m) lost ground.

• Cboe DXE (+101 bps m/m) gained the most on-venue market share among European trading venues; while the London Stock Exchange (-126 bps m/m), Deutsche Börse (-90 bps m/m) and Euronext Dublin (-63 bps m/m) lost the most.

• Among the national listing exchanges we track, only Euronext Lisbon (+151 bps m/m, PT 20) and Nasdaq Stockholm (+100 bps m/m, SE 30) gained market share in their home indices. Euronext Paris (-394 bps m/m, FR 40), the London Stock Exchange (-381 bps m/m, UK 250) and Bolsas y Mercados Españoles (-378 bps m/m, ES 35) lost the most market share.

• Alternative closing-auction market share rose 137 bps m/m, accounting for 6.81% of total on-venue end-of-day activity.

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