[ D ATA ]
12
2000
1800
1600
1400
1200
1000
800
600
400
200
0
11
10
9
8
7
6
5
SPREADS & EBBO LIQUIDITY
Based on fragmented European stocks
Market spreads have continued to tighten and
are now lower than they have been since we
started compiling these statistics in 2012.
Also, average resting liquidity has increased
and is currently at it’s highest level since 2012.
Spread (BPS) Avg 10BPS Liquidity (€ ‘000)
Q1 2017 6.21 €931.10
Q2 2017 5.78 €1054.50
Change -0.43 +€123.40
EUROPEAN MARKET BREAKDOWN
As we noted above, the recent trend of market share
moving from primary venues to MTFs has continued
for some venues in Q2 2017.
Albeit at a slightly slower rate, the FTSE, CAC and
SMI primary all gained 1% or more market share.
Unlike in Q1 2017, where shifts to the primary were
mainly at the expense of BATS and Turquoise, shifts in
market share were more evenly spread between MTFs.
Aquis gained some market share, although at a
much lower level.
Q2 2017 (change on Q1 2017)
FTSE
CAC
Primary 1 61.12%
CHIX 2 19.23% -0.84%
BATE
TRQX
AQXE
6.41%
3
2.20%
1.21%
0.18%
SMI
MIB
OMX-S
IBEX
1 63.93% 1.28% 1 64.46% 0.01% 1 67.69% 1.23% 1 71.75% -4.80% 1 61.92% 0.26% 1 63.06% -3.14%
2 16.93% -1.29% 2 17.68% 1.58% 2 11.40% 2 14.72% 3.83% 2 17.71% 1.08% 2 21.37% 2.26%
6.24% 0.48% 3 10.85% -0.99% 3 5.85% 0.91% 3 9.56% 0.41% 6.48% 1.53%
9.90% -2.22% 6.32% -0.52% 5.27% -0.72% 7.58% -1.90% 8.28% -0.66%
1.72% 0.15% 3.75% 0.70% 2.41% 0.77% 3.23% 0.15% 0.81% 0.01%
-0.57%
12.03% -0.97%
DAX
4.66%
3
-0.29%
13.46% 0.11%
1.01%
0.18%
3
-0.41%
3
Based on Major European Indices
Issue 52
TheTradeNews.com
77