[ D ATA ]
SPREADS & EBBO LIQUIDITY
2000
1800
1600
1400
1200
1000
800
600
400
200
0
12
11
10
9
8
7
6
5
4
Market spreads have continued to tighten and
are now lower than they have been since we
started compiling these statistics in 2012.
However, average resting liquidity decreased
back to levels similar to last year’s Q3 figures.
Based on fragmented European stocks
Spread
(BPS) Avg 10BPS Liquidity (€ ‘000)
Q2 2017 5.78 €1054.50
Q3 2017 4.83 €897.00
Change -0.94 -€157.50
EUROPEAN MARKET BREAKDOWN Major European Indices
Market share has started moving back to some pri-
mary venues including FTSE,CAC,DAX and OMS-X,
but the attrition of volume to MTFs continues for
the MIB , SMI and IBEX.
Chi-x appears to be the major loser amongst the
MTFs with market share down on all markets.
BATS has mixed results across most markets, with a large gain on IBEX and a smaller one on FTSE, but
together with a reduction of Turquoise market share
on both these benchmarks raised BATS ranking on
both to 3rd
Aquis continues to gain market share on SMI and
the MIB, although was down in the quarter on all
other markets.
Q3 2017 (change on Q2 2017)
FTSE
CAC
DAX
SMI
MIB
OMX-S
IBEX
Primary 1 62.52% 1.40% 1 66.42% 2.49% 1 65.86% 1.40% 1 66.50% -1.19% 1 70.51% -1.24% 1 65.09% 3.17% 1 62.28% -0.78%
CHIX 2 18.65% -0.58% 2 15.15% -1.78% 2 16.95% -0.73% 2 11.24% -0.16% 2 14.52% -0.20% 2 15.83% -1.88% 2 21.33% -0.04%
BATE 3 11.65% -0.38% 4.76% 0.10% 6.90% 0.66% 3 10.63% -0.22% 3 6.77% 0.92% 3 9.12% -0.44% 3 8.35% 1.87%
TRQX 6.07% -0.34% 12.91% -0.55% 8.78% -1.12% 7.22% 0.90% 5.43% 0.16% 7.03% -0.55% 7.28% -1.00%
AQXE 1.09% -0.12% 0.76% -0.25% 1.51% -0.21% 4.41% 0.66% 2.77% 0.36% 2.92% -0.31% 0.76% -0.05%
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Issue 53
TheTradeNews.com
91