European Equities LiquidityMatrix January 2020

European equity trading has started the year on a strong note, with ADVT up 10% year-over-year to €64bn. There were several notable developments within this volume rise. Dark MTFs executed €4.4bn per day in January, up from €3.6bn in December 2019. This represented 10.4% of on-venue volume, a record market share for dark MTFs and equaling the previous record struck in October 2019. Activity on electronic liquidity provider SIs also reached a record monthly level, with the ADVT by the six firms in our universe being €1.77bn. XTX Markets was the largest ELP SI for the fourth successive month, while Citadel Securities overtook Tower Research Capital as the second-largest ELP SI. Overall, ELP SIs accounted for 2.8% of overall equity volume during the month – a record level by our estimates.

TABB Group’s January 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.