Equity market trading volumes rebounded in the first half of 2013 with a second quarter rally suggesting the "great rotation" into equities could be occurring.
European lit volume jumped 17.7% in H1 2013 compared to the second half of 2012, reaching €3.5 trillion. North American lit markets registered a similar recovery, climbing 11.8% over the same period to US$821 billion, according to Thomson Reuters Equity Market Share Reporter.
However, dark trading volumes have fallen in both regions, with dark order books down 26.6% to €153 billion in Europe, while North American dark order books dropped 24% to US$35.9 billion.
The jump in equity volumes could signal the beginning of the great rotation, as news that the US Federal Reserve is going to begin tapering off its quantitative easing program drives investors out of fixed income and back into equities.
Despite the uplift in trading however, the first half of 2013 still falls short of the same period in 2012. European lit volume in H1 2012 hit €3.66 trillion, while in North America, H1 2012 equity volume reached US$821.4 billion.
On a quarterly basis, European lit volume increased by 3.82% to €1.78 trillion in Q2 2013 compared with the previous quarter, while in the US and Canada this grew 3.7% to US$418.2 billion.
Chi-X saw its lit market share climb in June, up to 20.6% of the European market from 19.5% in May. However, total volume fell slightly across Europe in June, causing Chi-X's total lit turnover to fall from €117 billion to €115.6 billion. It also increased its overall market share, which reached 16.98%.
London-based Turquoise, part of London Stock Exchange Group, saw its market share climb significantly, up to 7.83% in June from 7.51% in May and a new record for the exchange. The venue has made major market share gains in recent months, registering a market share of 7.7% in March, a record at the time.