Europe's larger multilateral trading facilities (MTFs) saw volume growth outstrip that of national exchanges during 2010, with BATS Europe and Chi-X Europe posting particularly strong gains.
Last year total pan-European trading volumes reached €9.439 trillion, 24.9% higher than the severely depressed €7.556 trillion recorded in 2009, but still lower than the €12.79 trillion of 2008, according to data vendor Thomson Reuters' Equity Market Share Reporter.
Of the MTFs, BATS Europe experienced the biggest single increase in volume traded, rising 166% to reach a turnover of €492.86 billion in 2010 compared to €185.13 billion the previous year. According to its own figures, BATS Europe accounted for 6.2% of total European equity trading at the end of 2010, including new records for the Swiss SMI index (9.1%) and the Danish OMXC20 (7.1%). At the end of 2009, BATS Europe had a 3.82% share of European equities trading, according to Thomson Reuters. Chi-X Europe, a takeover target for BATS Europe's parent company BATS Global Markets, was the largest MTF by volume in 2010, with turnover jumping 83.7% to €1.56 trillion in 2010 from €894.4 in 2009.
Turnover on Turquoise, the MTF majority owned by the London Stock Exchange Group, rose 10.89% to €299.4 billion, from €270 billion the previous year. At the end of December, Chi-X Europe represented 13.44% pan European market share, while Turquoise accounted for 2.82%, according to the Thomson Reuters' figures.
Chi-X's growth over the last year has propelled its volume higher than that of the London Stock Exchange – which traded €1.199 trillion in 2010, 1.5% higher than 2009 – and Deutsche Börse, which saw a 16.82% growth in trading turnover in 2010, to €1.22 trillion from €1.046 trillion in 2009.
The other major incumbent, NYSE Euronext, the domestic exchange group that operates markets in Paris, Brussels, Amsterdam and Lisbon climbed 11.4% to €1.62 trillion from €1.453 trillion over the last year.
Burgundy, the regional MTF that trades Swedish, Finnish, Norwegian and Danish stocks traded €20.5 billion in 2010. It increased its share of trading in Nordic stocks to 3.28% in December 2010, up from 0.91% at the end of 2009 having launched in July of that year. According to its own figures, Burgundy's average daily turnover was €112 million in 2010, 157% higher than 2009's average of €43.6 million.
Turnover on Nasdaq OMX Nordic, which runs national exchanges in Sweden, Finland and Denmark reached €558.3 billion in 2010, 15% higher than the €506 billion recorded in 2009. Norwegian exchange Oslo Børs recorded a 65% year-on-year increase, from €5.79 billion in 2009 to €9.58 billion in 2010.
All trading volume figures included in this article are supplied by Thomson Reuters' Equity Market Share Reporter, unless otherwise stated.
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