European Equities LiquidityMatrix April 2018

The make-up of Europe’s equities liquidity landscape now has a truly different look. The new venues spawned by MiFID II, which is now over four months old, are firmly establishing themselves as execution destinations of choice. Block venues account for nearly half of Europe’s dark market, and €1.3bn on a daily basis. But the most attention of late has focused on periodic auctions, which account for just shy of 2% of order book volumes. Volumes on the venues have surged since January 3rd, led by Cboe Europe’s platform, but similar venues run by Turquoise, Goldman Sachs’ Sigma X and Nasdaq are also growing. All these changes and more are covered in the April version of TABB Group’s European Equities LiquidityMatrix™ which every month 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.