European Equities LiquidityMatrix April 2019

Stock trading on European dark pools reached its highest level under MiFID II during April, accounting for 9.1% of all on-exchange activity. Block specialist Liquidnet enjoyed its highest volumes in recent history, with average daily notional of €482 million for the month. Periodic auctions, typically seen as an alternative to dark pools, also enjoyed increased monthly volumes, with average daily notional above €1 billion for the first time since October 2018. Activity on SIs increased, particularly above the large-in-scale thresholds. The combined volumes of the six SIs run by electronic liquidity providers that report to TABB was €1.48 billion in average daily notional, a slight fall from March.

TABB Group’s April European Equities LiquidityMatrix™ breaks down the market share for each major equity execution channel, including lit venues, dark MTFs, block venues, periodic auction books and systematic internalisers.