Cboe Periodic Auctions, LIS trading volumes soar to $11 billion

Cboe Periodic Auctions book saw average daily notional value traded surge 885% in January this year.

The Cboe Periodic Auctions book saw a record month of trading volume totalling more than €6.5 billion during January, as MiFID II continues to shift the European trading landscape.

The exchange operator reported the average daily notional value (ADNV) traded reached €296 million in January, up 885.3% compared to the fourth quarter in 2017.

Similarly, the Cboe large-in-scale (LIS) block trading platform saw a record first month to the year, with more than €4.5 billion traded and ADNV up 47% compared to the fourth quarter to €1.26 million.

Mark Hemsley, president for Europe at Cboe,  said that despite it being the early days of MiFID II, Cboe’s Periodic Auctions book and its LIS venue saw a swift uptake.

“Overall market volumes were up in January, which had a positive impact across all of our markets. We believe we are well positioned for the changing dynamics in the market, which we expect will accelerate when the double-volume caps come into effect later this quarter,” Hemsley commented.

Several LIS venues in Europe have seen a surge in block trading activity since MiFID II came into effect on 3 January.

The London Stock Exchange Group-operated Turquoise Plato Block Discovery set a new record for daily value traded, which peaked at €575 million on 11 January.

Similarly, agency broker ITG reported its POSIT Alert block crossing system crossed a record £1 billion in value traded on 24 January, up 30% from the previous record set in November.