by Mark Montgomery, big xyt
Day 3 – Swiss Watch
The chart today shows the changing market share of European Equity trading venues during 2020.The highlighted line is the focus of the following observations.
Last Summer when Swiss non equivalence was announced, overnight competition from MTFs was outlawed and the SIX Swiss exchange saw a 25% increase in share from 8% to 10% of European equity turnover.
Without any legislative announcements, something even more dramatic has transpired since the beginning of February. The same venue has just grown its share by a further 50%. At the beginning of February the Swiss market was the fourth largest European venue by turnover with just under 10% market share.
By the beginning of March it had the second greatest turnover with 12.3% market share. At the end of last week (20th Mar 2020) it was the largest with 15.71% of EU equity turnover.
Wny? Is this right? Is it a currency effect? Or down to huge volumes in Swiss Leaders? Certainly Roche, Nestle & Novartis have been amongst the top 6 MTD stocks by turnover.
If you find these pieces of analysis useful, you will find there is a lot more you can do with our Liquidity Cockpit. Clients using our Execution Analysis/TCA are able to measure execution performance with the demonstrated precision and flexibility.
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On our x Days of Isolation
During these unprecedented times we do not underestimate the professional and personal challenges that everyone is facing. There are far more important things to be doing in the community than looking at a screen.
However, data and data analytics is playing a critical part in providing solutions to the current global crisis. Furthermore, the markets remain open and whilst they do, the trading community needs to be well informed in order to understand the changing market landscape. As a result, big xyt is receiving an increasing number of requests for observations of changing trends and behaviours in the equity markets. We are excited to have recently expanded our London team to enrich our content and support for clients seeking greater market insights from an independent source. Whilst many adjust to the new experience of working from home we plan to share some of these thoughts, observations and questions in the coming days & weeks.
As ever we welcome feedback as this can shape further contributions from our team and the Liquidity Cockpit our unique window into European equity market structure and market quality.
We hope you enjoy them.
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This content has been created using the Liquidity Cockpit API.
About the Liquidity Cockpit
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