European equity trading volumes saw a smaller than usual seasonal uptick in September, indicating a potential slowdown in the recovery seen since the beginning of the year.
Total trading across all venues in September reached €767.1 billion, up from €684.2 billion in August, according to Thomson Reuters Equity Market Share Reporter. However, September’s trading only managed to beat the typically slow months of June and August in 2014 after a strong start from January to May. Trading in July was higher than September, at €788.25 billion.
However, overall volume is still higher than in both 2012 and 2013, which saw trading reach €660.25 billion and €716.6 billion respectively.
London Stock Exchange Group (LSEG) pulled away from its nearest rival BATS Chi-X Europe during September as the two have jostled at the top of the table since the start of the year.
LSEG’s market share across its three venues - London Stock Exchange, Turquoise and the Italian Stock Exchange – reached 29.28%, up from 27.79% in August, driven primarily by growth in its main London market. BATS Chi-X Europe slipped slightly from 21.38% to 21.13% last month, but both groups saw higher total trading activity compared to August.
LSEG’s improved market share came primarily at the cost of its two main continental competitors, Euronext and Xetra.
Euronext’s biggest market, ENX Paris, saw market share fall between August and September, from 10.32% to 9.64%, while Deutsche Börse’s Xetra trading platform dropped from 12.4% to 11.13% over the same period.
SIX Swiss Exchange saw minor gains, up from 6.54% to 6.72% while Spain’s Bolsas Y Mercados Españoles jumped from 4.27% to 5.07%.