October 16, 2026
- Large-in-scale activity dropped to the lowest share of dark turnover since MiFID II took effect.
- Venues that specialise in the largest trades underperformed dark pools as a whole in September. Cboe BIDS Europe, which only handles LIS trades, fared the worst.
- Periodic auctions posted a smaller increase in average daily value traded than dark order books and systematic internalisers run by market makers as overall turnover grew following the summer break.
- Hudson River Trading SI widened its lead over Citadel Connect Europe, Jane Street JX-EU and XTX SI, which all lost market share.
- Tower Europe SI and Virtu SI, the two smallest SIs in our ranking, both reported double-digit jumps in ADVT.
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