European Equities LiquidityMatrix January 2019

Author(s):
Tim Cave
Date:
February 25, 2019
Research Type:
Liquidity Matrix
Executive Summary

As the second year of MIFID II began, it felt as though liquidity shifts in Europe’s equity market assumed something of a longer-term holding pattern. Overall volumes were slow in January, with total average daily notional falling to €58.2 billion, from €63.1 billion in December 2018. Volumes on block venues and periodic auctions – both promoted under the new rulebook – appear to have stabilized, at around 3% and 2.2% of order book volume, respectively. Perhaps the most notable trend is the continued growth of SIs run by electronic liquidity providers (ELPs). Average daily notional among the six ELP SIs which report to TABB was €1.12 billion in January, compared with €1.06 billion in December 2018. All these changes and more are covered in the January 2019 installment 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.

Areas of Interest
  • Equities
  • European Equities
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