Let There Be Light: European Edition

• The 51 alternative venues we track executed 26.53% of pan-European on-venue turnover in January, up 188 bps m/m (+410 bps y/y).
• Dark order books (+147 bps m/m) gained market share, along with ELP SIs (+47 bps m/m), which reached a record high of 5.96%. Periodic auctions (-6 bps m/m) lost ground.
• Our universe accounted for 19.66% of consolidated turnover, which includes on-venue, bank SI and OTC activity, up 222 bps m/m.

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