Monthly MiFID MTF Monitor: January 2010

The Financial Services Club is pleased to announce that we have recently agreed a partnership with Thomson Reuters Equity Market Share Reporter (EMSR) to provide a monthly MiFID MTF Monitor.  Our aim is to show how the pan-European investment markets are changing as a result of the MiFID and the entry of the new MTFs. 

EMSR provides extensive, amazing, insightful and very indepth analysis of pan-European trades via electronic and OTC trading, including trade reporting on and off exchange through internalisation reports via Markit BOAT, as well as a pure comparison of trading venues, including dark pools. 

For example, and to begin with, here are the trading stats in euro by trading venue* for January 2009 and January 2010 (doubleclick images to see larger version):

 
Source: Thomson Reuters Equity Market Share Reporter (ENX=Euronext, Xetra = Deutsche Bourse)

As can be seen, Chi-X have now reached the Number 1 spot for all European trading.  Interesting to see how this has changed over two years.  For example, here's the picture back in January 2008:

Meanwhile, if you include on- and off- exchange trades, including all OTC activity, the picture is more like this:

 

Source: Thomson Reuters Equity Market Share Reporter

Hmmmm ... no wonder LSE has been struggling.

Meanwhile, it's also interesting to compare the actual trading by value on the MTFs year-on-year:

 

Source: Thomson Reuters Equity Market Share Reporter

What happened to Turquoise you may ask?  (a) their stakeholders contracts expired; and (b) they got acquired.

Finally, if you really want the detail, then the numbers are interesting (doubleclick to enlarge):

So, there you have our first monthly MiFID monitor.   More to come, and lots of analysis and information we could share.  All in all, thanks to Thomson Reuters for sharing ...

 

* these figures reflect auction and non-auction transparent order book and dark pool trades, but excludes real-time and post-trade on-exchange reported and off-exchange OTC trades in order to provide a true comparison between the MTFs impact and the traditional exchanges.