- Average daily value traded declined 9.20% m/m (+1.27% y/y) to €69.19 billion as volatility, measured by the VSTOXX average daily close, fell 18.20% m/m (-26.22% y/y) to 13.46.
- Closing auctions (+293 bps m/m), OTC trading (+70 bps m/m) and bank SIs (+24 bps m/m) all gained market share, while ELP SIs (-33 bps m/m), dark MTFs (-12 bps m/m), periodic auctions (-8 bps m/m) and opening auctions (-2 bps m/m) lost ground.
- Lit trading (-323 bps m/m) lost the most market share, dropping to a record low of 28.97%. The decline was driven largely by gains in closing volume associated with the MSCI rebalancing on the 31st.
- The London Stock Exchange (+152 bps m/m) and Borsa Italiana (+82 bps m/m) gained the most on-venue market share among European trading venues; Cboe DXE (-146 bps m/m) lost the most.
- Of the major national listing exchanges we track, all gained market share in their home indices, with Nasdaq Stockholm (+493 bps m/m, SE 30), the London Stock Exchange (+471 bps m/m, UK 100) and Nasdaq Helsinki (+458 bps m/m, FI 25) gaining the most.
- Alternative closing-auction market share dropped 136 bps m/m, accounting for 6.64% of total on-venue end-of-day activity.
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