June 29, 2026
- Alternative venues lost 146 bps of on-venue market share in May, retreating from a near record high.
- Periodic auctions, dark pools and systematic internalisers run by electronic liquidity providers posted declines in average daily value traded of more than 10%.
- Activity on Aquis Auction on Demand dropped by less than the average of all frequent batch auctions, as did Turquoise Periodic Auctions.
- Hudson River Trading SI did more business than the other ELP SIs for a second month, although Citadel Connect Europe narrowed the gap.
- Jane Street JX-EU overtook XTX SI to become the third-biggest SI run by a market maker.
- The six firms that provide us with data traded more than €3.5 billion a day, less than in April, but still more than any month before 2026.
View the report
