Has the market become more addressable? - big xyt

OTC reported equity volumes have been growing steadily since MiFID II.  The result was less transparency for a larger portion of the market. 

Our measure of non addressable volumes grew from less than 10% of reported pan European equity turnover before 2018 to around 33% in February this year. That leaves a lot of the trading community guessing when one in every three shares reportedly traded is probably not a trade.

Then at the end of April something changed – that unaddressable proportion suddenly more than halved, having fallen to 15% of the total. 

What happened and why? Watch this space for more insights…

• The top chart shows total pan European volumes in red with our adjusted volumes in green
• The middle chart shows the difference i.e. total minus the adjusted
• The bottom chart shows the difference as a percentage i.e. a proxy for how much of total reported volume is clearly non addressable.

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