European Equities LiquidityMatrix February 2019

The rise of electronic liquidity providers (ELPs) as major participants in Europe’s equity market took another leap in February, with the firms’ systematic internaliser (SI) volumes reaching new heights. Total daily notional among the six ELP SIs which report to TABB was €1.45bn in February 2019, compared with €1.12bn in Jan-2019. The largest ELP SI among those reporting to TABB in January 2019 was Tower Research Capital with an average daily notional of €372mn, followed by Jane Street, JX-EU (€335mn), Citadel Connect Europe (€258mn), XTX Markets (€254mn), Hudson River Trading (€176mn) and Virtu Financial Europe (€56mn). By our estimates, ELP SI now account for around 18% of total addressable SI volume, nearly 50% of all SI activity beneath the large-in-scale thresholds and 2.4% of total market volume.

All these changes and more are covered in the February 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.