[ D ATA ]
Based on fragmented European stocks
12
11
10
9
8
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6
5
4
2000
1800
1600
1400
1200
1000
800
600
400
SPREADS & EBBO LIQUIDITY
200
0
Market spreads have continued to tighten in Q4
and are now at their lowest point since MiFID
was introduced.
However, in Q4 the average resting liquidity
decreased again below 2016 figures.
Spread
(BPS) Avg 10BPS Liquidity (€ ‘000)
Q3 2017 4.83 €897.00
Q4 2017 4.41 €721.21
Change -0.41 -€175.78
EUROPEAN MARKET BREAKDOWN
Market share continued to move back to some
primary venues with the exception of CAC and IBEX,
and there was a reversal of the attrition of volume
to MTFs again with the exception of CAC and IBEX.
Turquoise appears to be the major loser amongst
the MTFs with Market share down on all markets
apart from IBEX.
Major European Indices
Chi-x and BATS had mixed results across markets,
with larger reductions on SMI and MIB for Chi-x, and
a large increase on CAC for BATS. Aquis continues
to gain market share on FTSE,CAC,DAX, MIB and
OMX-S.
Q4 2017 (change on Q3 2017)
FTSE
CAC
DAX
SMI
MIB
OMX-S
IBEX
Primary 1 64.41% 1.89% 1 66.21% -0.21% 1 67.13% 1.27% 1 70.31% 3.81% 1 72.89% 2.38% 1 66.37% 1.28% 1 61.97% -0.31%
CHIX 2 17.87% -0.78% 2 15.28% 0.13% 2 16.81% -0.14% 2 9.25% -1.99% 2 12.60% -1.92% 2 15.04% -0.79% 2 21.40% 0.07%
6.15% 0.08% 6.61% -0.29% 3 9.95% -0.68% 3 6.72% -0.05% 3 8.72% -0.40% 9.99% -1.66% 7.63% -1.15% 6.44% -0.78% 4.37% -1.06% 6.30% -0.73% 1.57% 0.48% 1.82% 0.31% 4.06% -0.35% 3.42% 0.65% 3.57% 0.65%
BATE
TRQX
AQXE
3
3
5.81% 1.05%
11.46% -1.45%
1.23% 0.47%
3
Issue 54
3
7.60% -0.75%
8.34% 1.06%
0.70% -0.06%
TheTradeNews.com
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