European Equities LiquidityMatrix July 2018

The traditional summer slowdown hit trading in Europe’s equities market during July, with volumes down by over a fifth month-over-month. But the changes ushered in by MiFID II at the start of the year showed no signs of slackening off. July was an all-time record month for block trades, which accounted for 52% of Europe’s dark market, and €1.39bn on a daily basis, beating the previous record of €1.32bn traded in May. Liquidnet, ITG Posit and Cboe LIS all enjoyed significant volume increases – for Cboe LIS it was a record month by some margin. The rapid growth of periodic auction books continued, accounting for 2.9% of order book volumes, as new venues run by UBS MTF and Aquis Exchange went fully live. All these changes and more are covered in the July version of TABB Group’s 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.