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Let There Be Light: European Edition

Let There Be Light: European Edition
  • Dark books executed 10.14% of on-venue European equity turnover last month, a 103-bp decline from November, as the proportion of dark trading fell on every index we track
  • Periodic auctions accounted for 7.12% of on-venue trading, close to their record high of 7.21% set in October
  • Systematic internalisers operated by electronic liquidity providers gained 2 bps of market share, although XTX's Paris-based SI was the only venue to trade more than it did in November
  • Euronext more than doubled its dark trading after introducing rebates for the largest market participants
  • Three trajectory-cross venues are unlikely to see the light of day after ESMA stopped them from using the negotiated-trade waiver

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