- Dark order books accounted for a record 11.79% of on-venue trading in July as traders sought the safety of non-displayed venues during a quiet month for overall trading.
- Periodic auctions also benefited from traders' willingness to experiment, setting an all-time high of 6.36%.
- The peak of summer is often the quietest month for stock trading and 2024 proved no different. Volatility remained subdued.
- Much-discussed FCA rules that require brokers to stop reporting some types of off-exchange trades were probably not responsible for a big drop in OTC transactions.
- A large broker or market maker pulling back from the market, plus seasonal factors, may explain the drop in off-exchange activity.
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