8 September 2017

Co-Authors

Anish Puaar

Vice President    
 

Alex Kemmsies

Vice President    
 

Justin Schack

Managing Director    

Rosenblatt Securities Inc.    
New York +1 212 607 3100    

TRADING TALK
August EU Securities Volumes


• Pan-European average daily value traded dropped 15.54% m/m (+2.49% y/y) in August to €63.50bn.
• Lit-venue market share climbed for a third straight month, growing 252 bps in August to 48.32%,; OTC market share fell 31 bps, to 39.06%.
• Year-to-date, average daily turnover is 3.04% higher than the same period last year and 5.20% better than full-year 2016.
• The VSTOXX average daily close rose 11.54% m/m (-22.40% y/y) to 15.59, while the VFTSE average daily close increased 6.76% m/m (-14.66% y/y), to 11.23.
• Bats Europe’s BXE, Nasdaq OMX Copenhagen and Deutsche Börse experienced the biggest m/m increases in on-venue, pan-European market-share, gaining 139 bps, 64 bps and 53 bps, respectively.
• Bolsas y Mercados Españoles and Euronext Paris suffered the largest on-venue, pan-European market- share declines m/m, shedding 90 bps and 57 bps, respectively.
• Most national listing exchanges posted big market share gains in their home indices, notably Euronext Paris (+506 bps, CAC), Euronext Amsterdam (+400 bps, AEX) and Nasdaq OMX Stockholm (+244 bps, OMXS). Only the London Stock Exchange (-183 bps, FTSE 100) and Euronext Lisbon (-153 bps, PSI 20) lost significant market share in their home indices (see Listing Venues Market Shares table on page 6).

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