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February proved to be a strong test for the equity market structure forged by MiFID II at the start of 2018. Market volatility returned with a vengeance, bringing with it increased volume, but the markets reacted well. New venues, such as systematic internalisers and periodic auction books, continued to grow, but at a slower rate. One surprise during the month was a reduction in the number of Large-In-Scale Trades, both notionally and as a proportion of the dark market, perhaps evident of an inverse relationship to volatility. Every month, TABB Group’s European Equities Liquidity Matrix™ provides the industry with a breakdown of market share for each major equity execution channel, including lit venues, dark MTFs, block venues, periodic auction books and systematic internalisers.
To learn more, download, “European Equities LiquidityMatrix February 2018,” by Tim Cave.