- Dark books, periodic auctions and systematic internalisers run by ELPs lost market share as volatility surged in March, no doubt prompting some participants to prefer the immediacy of lit trading and the certainty of the close.
- Activity on large-in-scale venues slumped with trades using the waiver accounting for the smallest proportion of dark trading in our data series, which goes back to 2018.
- The EU's volume cap on dark trading had influenced market share in previous months, but volatility was a bigger factor in March.
- Citadel Securities displaced Hudson River Trading as the largest ELP SI. Both firms traded more than €1 billion a day through their SIs in March.
- The six firms that provide us with their data traded almost €4.5 billion a day - a record - despite losing market share.
View the report
