LiquidMetrix Research Monthly Battlemap Reports

Highlights

• Having widened across most venues in November, spreads tightened again in December across venues on all markets.
• For the CAC-40 CHI-X continues to offer best prices at touch having overtaken Euronext last month. Euronext continues to lead the best prices table for larger deals.
• For the MIB, Borsa Italiana showed increased liquidity at top of and deeper into the book. For the DAX, Xetra also showed increased liquidity at the top of and deeper into the book.
• OMX Stockholm continues to lead the best prices tables for OMXS-30 with CHI-X, narrowing the gap, now a close second. Burgundy showed most improvement consolidating its third position behind CHI-X. Burgundy market share also increased by just under 1%.

Highlights

• Spreads widened across most most venues both at touch and for larger deals. The SMI-20 bucked the trend with spreads tightening across all venues at touch and for larger deals on the MTFs.
• CHI-X has overtaken Euronext and now offers the best prices at touch on the CAC-40.
• The MTFs gained market share against Borsa Italiana on the MIB. CHI-X gained over 3% market share in the month.
• OMX Stockholm continues to lead the best prices table for the OMXS-30, however at touch there are still price ties over 85% of the time.
• Wiener Borse gained 3% market share at the expense of the MTFs on the ATX-2

Highlights

• Spreads tightened across most venues on all markets, except SMI and ATX.
• On-book liquidity increased for all indices on most venues, except on the MIB.
• Wiener Borse lost 4% market share to the MTFs.
• Burgundy gained market share on all Nordic markets.
• OMX Stockholm is now offering tighter spreads than Oslo Bors for the OBX, both at touch and for larger deal sizes.
• CHI-X has narrowed the gap with Xetra significantly at offering best prices most often for larger deals for the DAX.

Highlights

• Spreads settled down on all markets, tightening across most venues.
• On-book liquidity increased for all indices on most venues at 10BPS and 50BPS depths.
• Borsa Italiana gained over 5% market share at the expense of the MTFs for the MIB.
• All Nordic primary markets lost market share, with Oslo Bors losing over 3% market share for the OBX.
• For the SMI, CHI-X is quoting best prices at touch almost as often as SIX.

Highlights

• As expected due to turbulent equity markets, spreads widened at touch and for larger deals across all venues for all indices.
• In line with wider spreads, on-book liquidity more than halved across all venues for all indices at both 10BPS and 50BPS depth.
• CHI-X now holds over 30% market share for the FTSE-100.
• BATS lost market share on all indices, except FTSE-100 and AEX-25.
• Of the Nordic Primaries only OMX Stockholm lost market share, while the others gained market share.
• CHI-X has pulled a substantial lead on LSE at quoting best prices at touch. For larger deals it's quoting absolute best prices over 25% of the time.

Highlights

• All primary exchanges lost market share to CHI-X and Turquoise on their respective index, with Borsa Italiana, Euronext and Oslo Bors losing more than 4%.
• Spreads generally widened at touch across all venues for all indices, except for the AEX.
• On-book liquidity at 10BPS depth declined across all venues for all indices, except on Turquoise for the UKX, AEX, CAC-40 and DAX.
• In offering best prices for larger deal sizes, CHI-X has significantly closed the gap with LSE.
• CHI-X now holds quarter of the market share on the AEX.
• OMX Stockholm took back the lead from CHI-X at touch at quoting best prices most often.
• Turquoise took second place from Burgundy, behind OMX Copenhagen, at offering tightest spreads at touch.
• Equiduct holds over 1.5% market share on the CAC-40.

Highlights

• In contrast to May spreads tightened at touch across all venues on all indices except on the OMXS-30, AEX and CAC-40.
• On-book liquidity at 10BPS depth increased on all venues for all indices except the SMI-20 and the Nordic indices.
• Xetra lost 6% market share to CHI-X and Turquoise.
• Turquoise gained market share on all indices except on the OMXH-25 and the ATX-20.
• LSE took back the lead from CHI-X at offering best prices most often on the FTSE-100.
• Quote MTF is trading on all markets with its highest market share on the SMI-20.

Highlights

• Spreads widened at touch across all venues on all indices except on the MIB, OMXS30 and OMXC20.
• On-book liquidity at 10BPS depth increased on all venues for all indices except on OMXH-25 and OBX.
• In contrast to April all Primary Venues gained market share on their respective indices except for OMX Helsinki and Oslo Bors
• Turquoise gained market share at the expense of CHI-X on the ATX-20.
• Xetra and CHI-X continued the best price battle at touch throughout the month.
• SIX Swiss continue to dominate the Spreads, Depths and Best Prices table on the SMI-20.

Highlights

• Liquidity at 10BPS depth increased on all venues for all indices except the MIB where it decreased slightly on Borsa Italiana, Turquoise and NYSE Arca Europe.
• In contrast to March spreads at touch tightened on all venues for all indices, except for Turquoise on the AEX, MIB and DAX.
• All primary venues lost market share on their respective indices except for Borsa Italiana, Xetra and OMX Helsinki.
• CHI-X took back the lead from Euronext in offering the tightest spreads at touch for the AEX.
• For the first time this year Xetra gained market share, pulling itself back to almost 70%.
• CHI-X beat OMX Stockholm to second place in offering the tightest spreads at touch for the OBX. Overall Oslo Bors has the tightest spreads.

Highlights

• Liquidity at 50BPS depth increased on all venues for the UKX, CAC, AEX and MIB but decreased slightly on Xetra and Chi-X for the DAX.
• Spreads at touch widened on all venues for all indices except for the UKX and ATX.
• For the UKX Chi-X is now offering better spreads at touch and for €25k deal sizes.
• Chi-X and Turquoise overall gained market share across most indices.
• Burgundy now holds the most market share after OMX Stockholm and Chi-X for the OMXS-30.
• SIX holds 67% of market share for the SMI with Chi-X, BATS and Turquoise gaining market share in March.

Highlights

• Spreads widened on all venues for the UKX, CAC and AEX but tightened for the MIB.
• Towards the end of February CHI-X was offering best prices more often than LSE at touch for the UKX.
• For the AEX 25 CHI-X is now offering better spreads than Euronext at touch.
• Xetra lost a further 1% market share to the MTFs.
• The battle for offering best prices continues for the OMXS-30 between CHI-X, OMX Stockholm and Burgundy.
• OMX Helsinki lost over 2% market share to CHI-X and Turquoise, dropping below 70%.
• Oslo Bors' market share dropped below 85%.

Highlights

• CHI-X gained market share from Euronext for the CAC 40.
• For the AEX 25 CHI-X is now offering nearly as tight a spread as Euronext both at touch and for larger deals.
• Turquoise has better spreads than CHI-X and BATS for the MIB both at touch and for larger deals, though Borsa Italiana is still offering overall the tightest spreads.
• Xetra's market share is now below 70% for the DAX.
• For the OMXH-25 Turquoise has better liquidity and spreads than CHIX and BATS despite having overall lower market share.
• OMX Copenhagen offers best prices 30% of the time, but Burgundy spreads have tightened and are closing the gap to OMX Copenhagen.
• Burgundy has tighter spreads at touch than Oslo Bors for the OBX.
• Wiener Borse lost over 5% market share to CHI-X.