UBS | The December cash equity volumes were healthy for the listed European exchanges as ADVs for were, for the group, inline with year- to-date levels in a month when activity is typically 10 -15% weaker due to the holidays. The December volumes also mark the continuation of a general upward trend in activity levels that we have seen since the end of summer. Specific to the individual exchanges, December volumes were up 26.6% for LSE and 14.4% for Borsa Italiana and down 2.6% for Euronext, 9.2% for DB1 and 24.1% for BME.
2016: Closing the Book on a Difficult Year for Cash Equity Volumes
Last year was a challenging one for the cash equity exchanges. LSE was the only exchange that reported a year-on-year increase to volumes (+3.5%). The other exchanges experienced volume declines of 15-20% for Deutsche Börse, Euro next and Borsa Italiana and a 35% decline at BME.
A very positive month for the exchanges from a Market Share perspective
The European equity exchanges gained an average 320bp of market share vs. the alternative trading platforms in December after having gained 220bp of average market share in November. As a result, 5 of the 8 platforms reported a 2 -year high in terms of market share in December. Each of the exchanges we examine reported a MoM increase to market share with Euronext’s Lisbon exchange seeing the strongest increase (+350bp) and the Borsa Italia exchange seeing the most moderate (+90bp).
