Chi-X, BATS and Turquoise are improving their overall European market share

Crédit Agricole Cheuvreux publishes its May-June Market Indicators produced in conjunction with TAG.

Key findings for May-June:

• With regard to primary markets, only XETRA and SIX have lost market share over the past two months.

• From Q1 to Q2 2010, SIX is the primary market that suffered the most from market fragmentation. Nevertheless, the LSE also lost 3 percentage points of market share.

• Volatility began to rise on 26 April, peaking on 7 May. Consequently, volume traded grew (to EUR90bn on 7 May), spreads widened and EBBO numbers decreased.

• Chi-X, BATS and Turquoise are improving their overall European market share (to 18.5%, 5.8% and 4%, respectively), given that fragmentation is currently moving at a faster pace on minor indices and they have not improved significantly in most of the major indices.

• Among LSE stocks, we would highlight that Chi-X’s share topped 30% on several days in May.

• Future trends: Getco’s GES crossing engine started and UBS’s MTF (dark) has found its CEO. In addition, Equiduct has offered to let former NASDAQ OMX clients keep their connections running and turn them into a connection to Equiduct.