March 2018- From LSEG to the Buyside

Highlights

• ESMA has announced its first assessment of the Double Volume Cap Mechanism
• Record €24.01bn monthly traded on Turquoise Plato™ midpoint 
• £235mln monthly traded through LSE Mid-Point Pegged Order
• £11bn monthly traded on LSE ETP's order-book, highest level since 2011
• Borsa Italiana ETFPlus AUM reached record high €66.71bn

ESMA 

• ESMA confirms implementation date for volume caps under MiFID II: 12 March
  
  
• Turquoise published a provisional list of impacted instruments which will receive a six-month suspension of the Reference Price Waiver (RPW) in the Turquoise Plato™ order book (TRQM)
  
  
• Borsa Italiana published the list of capped instruments

Turquoise Plato™

• €24.01bn monthly traded on Turquoise Plato™ in February 2018
  - Up from previous record of €23.38bn in January 2018
  
  
• €8.71bn monthly traded via Turquoise Plato Block Discovery™

(Above) Top venues trade count. Week ending 02/03/2018 Source: Fidessa 'Top of the Blocks Report' 

(Above) Portion of Dark Traded as LIS Blocks Source: Fidessa 'Top of the Blocks Report' 

LSE Mid-Point Pegged Order

• £235mln traded through Mid-Point Pegged in Feb 2018
  - Second best month since inception after Jan 2018 record (£400mln)

Turquoise Lit Auctions™ 

• Turquoise Lit Auctions™ Minimum Execution Size went live on 5 March

London Stock Exchange Order Book 

• £6.3bn ADVT on LSE Order Book in February, up from £5.96bn in January 2018
  
  
• Monthly ADVT traded in LSE Closing Auction was £1.6bn, comprising 25% of on-book volume
  - Value traded in auctions in February 2018 represented 31% of total on-book business in FTSE 100 stocks

Source: London Stock Exchange analysis, February 2018                      

ETFs

• On London Stock Exchange, a record £11bn was traded on order-book for ETPs in Feb 2018
  - The highest monthly order-book turnover since 2011, despite only 20 trading days in Feb
  
  
• On Borsa Italiana ETFPlus sets a new record of €66.71bn AUM: €60.53bn for ETFs, €5.90bn for ETCs/ETNs and €0.279bn for open-end funds
  - 14.88% growth from February 2017
  
  
• In March, J.P. Morgan Asset Management listed 5 ETFs on Borsa Italiana for the first time

Derivatives

• Ca. 800 lots traded on the FTSE Italia PIR Mid Cap Futures listed on the IDEM market since launch, equivalent to €22mln
  
  
• New all time daily volume record for FTSE MIB Index Dividend Futures on the IDEM market on February 6, with 5270 contracts traded

Primary Markets

• In Milan, 3 SPACS IPOs on AIM Italia in March:
  - ALP.I money raised €100mln
  - SPAXS money raised €600mln
  - VEI 1 money raised €100mln
  
  
• 3 IPOs on London Stock Exchange:
  - OnTheMarket plc raised £30mln on AIM
  - TruFin plc raised £70mln on AIM
  - Marble Point Lean Financing Ltd raised £31mln through Special Funds Segment (SFS)

ELITE

• ELITE, IMMC and FIEMG signed a collaboration agreement to launch a business support & capital raising programme in Brazil