LiquidMetrix Research Monthly Battlemap Reports

Highlights

• Liquidity decreased on all indices compared to March although there were slight increases in liquidity at touch on the primary markets for the CAC-40, AEX and MIB indices.
• Most Primary Markets gained market share with the exception of DAX, IBEX, OMXH25 and SMI.
• Spreads widened on all indices.
• Euronext offers the best prices on the CAC-40 taking back top spot ahead of CHI-X.
• CHI-X now has over 13% market share on the IBEX-35.

Highlights

• Liquidity increased on all indices compared to February.
• Most Primary Markets gained market share with the exception of MIB, IBEX and OBX.
• LSE now quotes best prices for the FTSE-100 at touch, taking back first place from CHI-X.
• CHI-X now has the tightest spreads at touch for the CAC-40 moving back ahead of Euronext.
• OMX Stockholm continues to offer the tightest spreads at touch on the OMXS-30 just ahead of CHI-X.

Highlights

• After almost a year of tightening spreads the trend was reversed in February and spreads widened on most major indices.
• Liquidity decreased on most indices for the first time since May 2012.
• For the CAC-40 Euronext now offers the tightest spreads, taking back the top spot, just ahead of CHI-X.
• CHI-X now has over 10% market share on the IBEX-35.

Highlights

• Spreads continued to tighten on most venues across most indices with spreads widening only on the SMI-20.
• Liquidity increased on most indices though for the FTSE-100 and ATX-20 liquidity fell on the primary venues.
• For the FTSE-100 CHI-X now offers the tightest spreads at touch and for €25k deal sizes.
• CHI-X offers best prices most often on the CAC-40 at touch, taking back top spot from Euronext.

Highlights

• Liquidity increased on all indices across all venues within ten basis points of mid price.
• Spreads tightened on most venues across all indices.
• Euronext regains its position as the venue offering the tightest spreads at touch for the CAC-40
• There are price ties at touch on the OMXS-30 almost 90% of the time, CHI-X offers the best price slightly more often than OMX Stockholm in second place with Burgundy close behind in third.

Highlights

• Spreads tightened on most indices across most venues.
• Liquidity increased significantly across all primary venues and most MTFs at both 10 BPS and 50 BPS depth.
• CHI-X were offering the tightest spreads at touch for the FTSE-100, AEX and CAC-40.
• Nasdaq OMX Stockholm had the tightest spreads at touch and for €25k deal sizes on the OMX-S30.

Highlights

• Spreads tightened on all indices across most venues.
• Liquidity increased on all indices except CAC, AEX and SMI. For these venues liquidity increased only on the primary venues.
• CHI-X now offers tightest spreads at touch for the CAC-40.
• Oslo Bors now offers the tightest spreads at touch and for €25k deal sizes for the OBX.
• Wiener Borse now has only just under 70% market share for the ATX.

Highlights

• Liquidity increased on all indices on most venues. For the FTSE 100 top of book liquidity increased only on the primary venue, falling slightly on other venues.
• CHI-X offers best prices 8.5% of the time on the IBEX-35 with Turquoise offering the best price 6.9% of the time.
• Nasdaq OMX now offers the tightest spreads at touch and for €25k deal sizes for the OBX.

Highlights

• Liquidity increased on primary venues for the FTSE 100, AEX, DAX and OBX but fell slightly for the MTFs on these indices.
• NEW: IBEX Index for Spain. CHI-X offers best prices over 10% of the time at touch.
• Spreads tightened at touch for the FTSE-100, AEX, DAX, OMXS-30, OMXC-20, SMI and ATX but widened for the CAC, MIB, IBEX, OMXH-25 and OBX.

Highlights

• Spreads tightened on the majority of venues on all indices except the ATX where spreads widened.
• On book liquidity increased on all indices except for the SMI-20.
• Turquoise and BATS gained market share on the FTSE, CAC, MIB, SMI, OBX, ATX, OMX Helsinki and OMX Copenhagen.
• Burgundy continues to quote the tightest spreads at touch on the OMXS-30.

Highlights

• Spreads tightened on most venues but widened on the SMI, ATX and Nordic venues.
• Liquidity increased on most venues except on the OBX and OMXH-25.
• CHI-X gained market share on the OMXS-30 and now has over 24% market share, Burgundy continues to quote the tightest spreads at touch.
• CHI-X continues to quote the best prices at touch for the FTSE-100.

Highlights

• Spreads tightened at touch on UKX, OMXC20 and ATX but widened on all other venues.
• On book liquidity decreased markedly in May especially for the CAC, DAX, MIB, OMXS30 and OMXH25.
• Euronext offered the tightest spreads at touch for the AEX having taken back first place from CHI-X.
• CHI-X gained market share on all venues other than MIB and SMI.

Highlights

• Reflecting greater market volatility in April spreads widened across all indices.
• In line with wider spreads, on book liquidity decreased across all indices at both 10BPS and 50BPS depth especially on Euronext Paris, Borsa Italiana, Xetra and OMX Stockholm
• OMX Helsinki offered the tightest spreads for the OMXH-30 at touch having taken back first place from CHI-X.
• CHI-X market share for OMX-Copenhagen is now over 15%

Highlights

• Spreads generally tightened for CAC,AEX,MIB,DAX and Nordic markets.
• In line with tighter spreads, liquidity increased across most indices at both 10BPS and 50BPS depth.
• LSE took back first place from CHI-X, now offering tightest spreads for the FTSE-100 for €25,000 deals.
• For OMX Stockholm there are price ties over 90% of the time.

Highlights

• Spreads tightened across all indices both at touch and for larger deals.
• In line with tighter spreads, on-book liquidity increased across all indices at both 10BPS and 50BPS depth.
• LSE gained market share for the FTSE-100, mainly at the expense of CHI-X.
• For the OMXS30 CHI-X now offers best prices for 25k Eur deals as well as at touch.
• For the MIB-40 Borsa Italiana again showed a marked increase of liquidity both at touch and for larger deals

Highlights

• Spreads tightened across most most venues both at touch and for larger deals. The SMI-20 bucked the trend but this was impacted by the SIX outage on 13 January.
• In line with tighter spreads, on-book liquidity increased across all indices at both 10BPS and 50BPS depth.
• OMX Stockholm lost some market share to the MTFs and CHI-X now leads the best prices table.
• For the FTSE-100 CHI-X continues to quote best prices most often at touch. BATS moves ahead of TRQX in third place behind LSE. For larger deals LSE continues to lead the table ahead of CHI-X.

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.