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big xyt European Equities Market Microstructure Survey

European Equities Market Microstructure Survey Q1 2021

Welcome to our latest quarterly survey of market volumes and fragmentation trends in European equities. Following a desolate second half in 2020 and despite ongoing Covid-19 and Brexit-related uncertainty, the first quarter of 2021 saw a return to some kind of normality in market volumes. View the complete report here. ***** All the...

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Wales Stock Exchange

Wales to introduce independent stock exchange

Academics from Brains Trust predict market launch will quench investors’ thirst for trading to stay local. (Special note: this was an April Fool's Day post) Flushed with success from the Six Nations Championship a new stock market is being proposed for Welsh investment in Welsh companies.  Behind the initiative is the recently...

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Microbites #3 – Dark Trading in Europe

The big xyt Microbites series is for those who are unfamiliar with the European market structure or need a refresher. In this third episode we look at dark trading in Europe and the unique rules that limit the activity. We recommend that you read the previous episodes if you are unfamiliar...

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Swiss movement – the pendulum swings

Those of you who keep a close eye on market microstructure will be well aware of a dress rehearsal for “non equivalence” in July 2018 when all Swiss trading was banned on competing venues. Overnight the primary SIX exchange was responsible for 98.8% of turnover in the top 20...

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Microbites #2 – What and Who Are MTFs?

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. View the article here.

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MTF migration to EU venues… what happened after Brexit?

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...

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big xyt European Equities Market Microstructure Survey

European Equities Market Microstructure Survey 2020

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,...

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