Let There Be Light - European Edition

• The 43 venues we track executed 17.31% of pan-European on-venue turnover in October, up 64 bps m/m (-145 bps y/y)
• Our universe accounted for 11.40% of consolidated turnover, including on-venue and OTC, up 45 bps m/m
• Dark trading of German stocks reached 9.73%, the highest level since MiFID II took effect
• Periodic auctions exceeded the market share of ELP SIs
• The EU continues to hash out competing versions of a consolidated tape

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