In our second episode on the European market structure landscape, we describe the grandly named “Multilateral Trading Facilities” (MTFs) and compare them to the better known national stock exchanges.
There was always bound to be some post Brexit ‘fallout’. Unsurprisingly there was plenty of market commentary last week, however we wanted to wait for the dust to settle before we made any of our own observations. You will find it reassuring to know that your suspicions are correct. We can confirm that turnover on Multilateral Trading Facilities (MTFs) shifted to EU venues as investors in EU stocks followed the expected migratory route. If a European alternative existed, the flow migrated there, away from the UK entity (*see the outlier in the footnote below).
In 2020, we took to trading from our bedrooms, garden sheds and conservatories, learned how to download several hundred video conferencing packages, set up a home-school on the kitchen table, and went to work in our pyjamas. As we couldn’t go out on New Year’s Eve to watch the fireworks, we stayed in and prepared our 2020 survey of European equity market volumes and other statistics.