We’re not too sure what all the excitement is about… at big xyt we have been researching the changing shape of the dark landscape for years. In fact, rather like long established theories, on the face of it European dark trading volumes have remained relatively steady. Our team of curious data scientists likes to help the trading community to explore a bit deeper and it’s easy to see that Pan-European dark volumes have been in a fairly tight range with around 8% share of adjusted (our proxy for addressable volumes) for some time, only getting squeezed temporarily with the onset of double volume caps in mid 2018.
Navigating the choppy waters of ETF liquidity is challenging and requires visibility of all available trade mechanisms. The chart below looks at the European ETF universe however the picture changes
