9 October 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
September EU Securities Volumes


• Pan-European average daily value traded rose 17.14% m/m (0.99% y/y) in September, to €76.37bn.
• Auction and OTC volume led the way, up 27.83% and 14.25% m/m, respectively.
• Year-to-date, average daily turnover is 3.14% higher than the same period last year and 3.96% better than full-year 2016.
• The VSTOXX average daily close fell 14.85% m/m (-33.00% y/y), to 13.27, while the VFTSE average daily close declined 1.87% m/m (-21.19% y/y), to 11.02.
• Euronext Paris and the London Stock Exchange experienced the biggest m/m increases in on-venue, pan- European market-share, gaining 84 bps and 62 bps, respectively.
• The biggest on-venue, pan-European market-share declines m/m came at Bats BXE, Bats CXE and Turquoise, which shed 160 bps, 136 bps and 60 bps, respectively.
• Several national listing exchanges saw big swings in their home indices. Borsa Italiana (+265 bps, MIB), Nasdaq OMX Copenhagen (+195 bps, OMXC) and the London Stock Exchange (+179 bps, FTSE) had the biggest gains. Euronext Brussels (-731 bps, BEL20) and Nasdaq OMX Finland (-298 bps) saw the most- significant market-share shrinkage (see Listing Venues Market Shares table on page 6).
• We add a new chart comparing the on-venue market shares of the most significant pan-European equity trading venues, covering Bats Europe, Turquoise and Aquis (see top of page 4).

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