Do you remember the optimism of the Santa Claus rally? Only a few months ago we were being entertained by stories of the S&P 500 in the high fives by year end (that would be a 30%+ rally from here) and post pandemic recoveries across the board. Then along comes the spectre of war, sanctions, and a cost of living crunch for households.
Dark trading currently represents 8% of equity turnover across all of Europe, adjusted to exclude clearly non-addressable OTC and SI prints. In UK Blue Chips that is now 11.6%, and for UK mid caps it is 15.2% How often are you looking to identify when a stock has an unexpected surge in turnover? And how often is it beneficial to know that some or all of that increase was on a Dark venue?
