12 January 2017

Co-Authors

Anish Puaar

Vice President    

Alex Kemmsies

Vice President    

Justin Schack

Managing Director    

Rosenblatt Securities Inc.    
New York +1 212 607 3100    

TRADING TALK
December EU Securities Volumes



• Equities turnover and volatility fell m/m in December, with pan-European average daily value traded dropping 9.60% m/m (-0.70% y/y), to €77.07bn.
• The VSTOXX average daily close declined 22.22% m/m (-28.29% y/y) to 17.05, while the VFTSE average daily close fell 26.09% m/m (-30.92% y/y), to 12.20.
• For the full year 2016, ADVT was €84.77bn, down 10.52% compared with 2015.
• Borsa Italiana experienced the biggest market-share gain (+81bps m/m), capturing 4.14% of on-venue pan-European turnover in December, while BATS Europe CXE saw the greatest decline (-72 bps m/m).
• Only SIX Swiss Exchange lost market share (-152bps m/m) in its key index last month. All 11 of the other venues we track gained market share in their domestic indices, with Euronext exchanges in Lisbon (+536 bps), Amsterdam (+324 bps) and Brussels (+311 bps) leading the way.

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