Let There Be Light: European Edition

• The 42 alternative venues we track executed 21.14% of pan-European on-venue turnover in February, down 6 bps m/m (+275 bps y/y) from January’s all-time high
• Periodic auctions (+9 bps m/m) and ELP SIs (+11 bps m/m) both set record highs, while dark MTFs lost 26 bps m/m of market share
• Our universe accounted for 13.65% of consolidated turnover, including on-venue and OTC, down 5 bps m/m
• The European Commission reinstates MiFIR’s caps on dark-pool market share after they were erroneously removed from recent revisions to the regulation

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