---
title: "12 Days of Trading 2023 Day 9: ETFs unwrapped: Navigating the festive dance of trade sizes in Europe - big xyt"
description: Exploring the Christmas market of ETFs in Europe is like unwrapping presents - trade sizes above €1m do the tango on RFQ platforms (80%) and OTC (20%), while the smaller ones jingle all the way on exchanges.
---

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# [12 Days of Trading 2023 Day 9: ETFs unwrapped: Navigating the festive dance of trade sizes in Europe - big xyt](https://xyt.one/blog/12-days-of-trading-2023-day-9)

 Written by [big xyt](https://xyt.one/blog/author/big-xyt) | Dec 19, 2023 8:41:58 AM

Exploring the Christmas market of ETFs in Europe is like unwrapping presents – trade sizes above €1m do the tango on RFQ platforms (80%) and OTC (20%), while the smaller ones jingle all the way on exchanges.

For trade sizes around €200k, RFQs and exchanges share the mistletoe evenly. But, watch out for those Systematic Internalisers sneaking into the holiday party for sizes under €5k – they’ve got a 5% market share, like elves in the market workshop!

Only 20% of ETF volumes dance on central limit order books, but fear not, investors can deck the halls of multiple exchanges. Unwrapping the market share by exchange reveals a festive surprise – it’s like each exchange got the same Christmas wishlist, especially at the magical €100k sweet spot.

As the market structure transforms like a snowflake, expect participants to challenge the trading status quo with innovative sleigh rides. Some may dash through the snow first, but soon, others will follow in a winter wonderland of ETF trading!

**Market share by mechanism and trade size for European ETFs**

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**ETF market share by trade size for major European exchanges**

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All the content here has been generated by big xyt’s [Liquidity Cockpit for ETFs](https://big-xyt.com/liquidity-cockpit-etfs/) dashboards or API.

**For existing clients** – Log in to the [Liquidity Cockpit for ETFs](https://etf-lc.com/login).

**For everyone else **– Please use [this link](https://etf-lc.com/signup) to register your interest in the Liquidity Cockpit for ETFs.

[View full post](https://xyt.one/blog/12-days-of-trading-2023-day-9)

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