European Equities LiquidityMatrix December 2019

European stock trading’s depressed nature throughout 2019 continued in December.. Taken as a whole, 2019 volumes were down around 10% on 2018. The impact of MiFID II continued to play out, however. One of the most obvious trends during the month was the continued fall in relative activity on lit MTFs. The venues accounted for 16.3% of all order book activity during the month, their lowest level for some time and compared with 23% in December 2018. These venues have lost market share to closing auctions, periodic auctions and primary markets. Regulatory changes in the Swiss market enacted in June 2019, which restricted the trading of Swiss stocks to the Swiss primary exchange, forced MTFs to delist these stocks further hurting their market share. Activity on ELP SIs stalled a little during the month with an average daily notional among the six firms in our universe of €1.56bn, down from €1.59bn in November 2019. XTX Markets was the largest ELP SI for the third successive month.

TABB Group’s November 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.