Let There Be Light - European Edition

• The 40 venues we track executed 17.64% of pan-European on-venue turnover in July, up 46 bps m/m (+76 bps y/y).
• Dark MTFs (+50 bps) and periodic auctions (+8 bps m/m) gained market share m/m, while ELP SIs (-12 bps) lost ground.
• Together, venues in our universe executed €7.67 billion per day, down 4.78% m/m (+6.55% y/y).
• Total on-venue (including displayed) trading dropped 7.23% m/m (+1.98% y/y), to €43.46 billion.
• Our universe accounted for 11.91% of consolidated turnover, including on-venue and OTC, up 118 bps m/m.

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