European Equities LiquidityMatrix February 2018
February proved to be a strong test for the equity market structure forged by MiFID II at the start of 2018. Market volatility returned with a vengeance, bringing with it increased volume, but the markets reacted well. Compared to some of the dramatic market structure trends observed in January, February proved to be a far more settled month. New venues such as systematic internalisers and periodic auction books continued to grow, but at a slower rate. One surprise during the month was a reduction in the number of Large-In-Scale Trades, both notionally and as a proportion of the dark market, perhaps evident of an inverse relationship to volatility. Every month, TABB Group’s European Equities LiquidityMatrix™ provides the industry with breakdowns of market share for each major equity execution channel, including lit venues, dark MTFs, block venues, periodic auction books and systematic internalisers.
- European Equities