European Equities LiquidityMatrix October 2018

European equity volumes continued to rise in October following the summer slowdown and as volatility hit markets, with volumes up by 15% month-over-month. The most notable trend in October was it being an all-time record month for block trades, with average daily notional of €1.6bn on a daily basis, beating the previous record of €1.4bn traded in July. All block venues enjoyed significant volume increases – for Cboe LIS and the Turquoise Plato Block Discovery service it was a record month by some margin. Volumes continued to rise on SIs run by electronic liquidity providers, with the combined volumes of the four ELP SIs reporting to TABB Group exceeding €1bn in average daily notional for the first time during October. Volumes continued to increase on dark MTFs following the September lifting of the first set of dark pool caps. In contrast, the growth of periodic auction books continued to slow, accounting for 2.2% of order book volume, compared with 2.5% in October.

All these changes and more are covered in the October 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.