The TRADE 56 | Page 95

[ D ATA ]
Based on fragmented European stocks
12 2000
11 1800
1600
10
1400
9
1200
8 1000
7 800
600
6
400
200
4 0
n-1
5
p
02
5
SPREADS & EBBO LIQUIDITY
Market spreads widened in Q2 2018, reversing
the previous trend, and there was a correspond-
ing decrease in liquidity.
Spread
(BPS) Avg 10BPS Liquidity (€ ‘000)
Q1 2018 4.36 €1,079.49
Q2 2018 4.53 €885.52
Change +0.17 -€192.51
EUROPEAN MARKET BREAKDOWN
The market share picture was varied during the
quarter with primary markets for FTSE, DAX and
MIB increasing, with a significant increase on IBEX,
whilst primary market share decreased on CAC,
SMI and OMX-S. BATS increased on FTSE, CAC and
OMX-S, with small changes on other markets.
Major European Indices
Chi-X had a large increase on SMI and OMX-S but a
significant reduction on IBEX. Along with the other
MTFs, Turquoise had decreases on all markets.
Aquis’ market share remained fairly stable across all
markets.
Q2 2018 (change on Q1 2018)
FTSE
CAC
DAX
SMI
MIB
OMX-S
IBEX
Primary 1 65.17% 0.97% 1 64.31% -0.99% 1 69.43% 1.25% 1 70.68% -0.50% 1 71.78% 1.70% 1 65.12% -1.12% 1 76.59% 5.69%
CHIX 2 16.62% -0.54% 2 15.91% 0.55% 2 16.60% 0.47% 2 11.22% 1.70% 2 14.59% 0.07% 2 16.52% 1.65% 2 12.07% -3.06%
6.77% 0.50% 5.87% -0.42% 3 9.04% 0.11% 3 6.42% -0.97% 3 10.32% 1.05% 6.43% -1.34% 6.01% -0.92% 5.41% -0.20% 6.43% -1.20% 1.67% 0.04% 3.05% -0.39% 1.80% -0.60% 1.60% -0.39%
BATE
TRQX
AQXE
3
7.95% 1.42%
8.57% -1.85%
1.69% -0.01%
3
10.90% -0.52%
2.11%
0.47%
3
3
5.20% -1.60%
5.35% -1.16%
0.80% 0.13%
Issue 56 // TheTradeNews.com // 95