Turquoise market share peaks but volume growing

Turquoise, the multilateral trading facility (MTF) owned by London Stock Exchange Group (LSEG) has seen its market share peak and is now seeing its flow fall back.

Turquoise, the multilateral trading facility (MTF) owned by London Stock Exchange Group (LSEG) has seen its market share peak and is now seeing its flow fall back.

However, the reduced share comes in the context of increasing trading volumes across European venues, according to data from Thompson Reuters Market Share Reporter.

Turquoise saw its market share peak at 7.7% in March, falling to 7.6% in April and down to 7.5% last month. However, the figures are well above the 7.1% seen in February, itself a record for the MTF at the time.

The overall value of trades on Turquoise was €56.4 billion in May, up from €56 billion in the previous month and even higher than in March, when Turquoise saw €55 billion worth of trades.

Increased trade value is being driven by an overall increase in volumes seen in recent months, with the European total hitting €751.7 billion last month, up from €745.4 billion in April.

BATS Chi-X Europe continues to lead the pack across its two order books, accounting for a combined total of 21.1% of European volume, only slightly down from the 21.2% seen in April.

Meanwhile, Italy has posted a significant increase in market share, handling 8.1% of traded volume, up significantly from 6.47% in April. Italian trading had been hit badly by the introduction of a national financial transaction tax (FTT) early this year, which has affected trading. However, this figure may represent skewed results, as Italy's FTT taxed broker dark pools at a higher rate than lit venues, which saw flow traditionally driven through broker dark pools executing on exchange as a negotiated trade.

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