The TRADE 55 | Page 78

[ D ATA ] Fragmentation in Europe LiquidMetrix analyses consolidated performance figures for stocks on major European indices and the changes from the previous quarter. T he charts and figures below are based upon Liq- uidMetrix’s unique benchmarking methodology that provides accurate measurements of trends in Based on fragmented European stocks MTF Market Share (%) Market Value Traded (€billion/day) Q4 2017 26.89% €40.75bn Q1 2018 26.45% €35.22bn Change -0.44% €5.53bn There was again a drop in MTF market share, and a significant decrease in market value traded in Q1, reducing by €5.53 billion compared with the previous quarter. 160 38 140 36 120 34 100 80 60 40 32 30 28 26 24 22 0 20 20 78 // TheTrade // Spring 2018 MARKET SHARE market movements. Trading volumes on lit markets including auctions are taken into account, as well as dark trading on the major MTFs.