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Let There Be Light - European Edition

Let There Be Light - European Edition

• The 40 venues we track executed 16.53% of pan-European on-venue turnover in December, down 72 bps m/m (-50 bps y/y).

• ELP SIs (+36 bps) gained market share m/m, while dark MTFs (-86 bps) and periodic auctions (-21 bps) lost market share m/m.

• Together, venues in our universe executed €6.99 billion per day, down 25.43% m/m (+2.03% y/y).

• Our universe accounted for 11.04% of consolidated turnover, including on-venue and OTC, down 96 bps m/m.

• FTSE 250 dark market share slumps to its lowest level since August 2020

• Citadel overtakes XTX to become the largest ELP SI

• Turquoise tweaks matching times for Block Discovery

Year-in-Review Section

• All venue types we track gained market share y/y. Periodic auctions gained the most (+85 bps), followed by ELP SIs (+20 bps) and dark MTFs (+12 bps).

• Smaller dark trade sizes reached new lows in 2021

• Large-in-scale market share hit its second-highest ever total, just 15 bps shy of the record attained in 2018, as competition among conditional block venues heats up

• Cboe retained its position as the largest dark-pool and periodic-auction operator last year

• XTX Markets was the largest ELP SI in 2021, with Citadel Securities a close second

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