- Systematic internalisers run by market-making firms lost 50 bps of market share in May, retreating from a record share of on-venue turnover in April.
- Jane Street Equity SI leapfrogged Tower Europe SI's market share for the first time in our data series, which goes back to November 2018, while Citadel Connect Europe, which overtook XTX SI in April, was again the biggest equity SI.
- Over-the-counter trading, according to our definition, gained 70 bps m/m of consolidated turnover despite new FCA rules that prevent brokers from reporting some types of OTC trades.
- Using the widest definition of OTC, off-book, off-exchange trading almost halved last month as brokers excluded trades to comply with the rules change.
- Dark order books gained 8 bps m/m of on-venue market share, while periodic auctions slipped 4 bps m/m.
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