European Equities LiquidityMatrix May 2018

The changes in Europe’s equities market ushered in by MiFID II at the start of the year showed no signs of slowing in May. It was an all-time-record month for block trades, which, at just over €1.3 billion traded daily, accounted for more than half of Europe’s dark market for the first time. The rapid growth of periodic auction books continued, accounting for 2.5% of order book volumes, with average daily notional breaking through the €1 billion barrier for the first time. Volumes have been led by Cboe Europe’s platform, but similar venues run by Turquoise, Goldman Sachs’ Sigma X and Nasdaq also are beginning to pick up traction. Overall, May represented a record low for dark venues, which accounted for just 5.2% of activity and €2.6 billion on a daily basis. All these changes and more are covered in the May version of TABB Group’s exclusive European Equities LiquidityMatrix™, which 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.