- The 40 venues we track executed 17.18% of pan-European on-venue turnover in June, down 21 bps m/m (+41 bps y/y).
- ELP SIs (+5 bps) were the only group to gain market share m/m, while dark MTFs (-25 bps) and periodic auctions (-1 bps) lost ground.
- Together, venues in our universe executed €8.05 billion per day, down 10.66% m/m (+7.91% y/y). Total on-venue (including displayed) trading dropped 9.57% m/m (+5.36% y/y), to €46.85 billion.
- Our universe accounted for 10.73% of consolidated turnover, including on-venue and OTC, down 31 bps m/m.
- Dark trading in Italian, Swedish blue chips hits post-MiFID II high while FTSE-100 names register a post-Brexit low.
- We offer some early thoughts on the European Parliament's MiFID review report and the UK Financial Conduct Authority's post-Brexit reform agenda.
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