- The 49 alternative venues we track executed 20.01% of pan-European on-venue turnover in June, down 16 bps m/m (+103 bps y/y).
- ELP SIs (+2 bps m/m) gained market share, while periodic auctions (-15 bps m/m) and dark MTFs (-3 bps m/m) lost market share.
- Citadel Securities, Hudson River Trading, Tower Research Capital and Virtu grew the average daily value traded through their SIs by a double-digit percentage as ELP SIs gained market share.
- Over-the-counter trading (-219 bps m/m) fell more than any other category. The UK FCA rule tweak from April that scrapped four types of trade is unlikely to be the culprit.
- Market participants have until August 28 to react to ESMA’s design for a consolidated tape.
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