April 2020- From LSEG to the Buyside

April 2020- From LSEG to the Buyside


LSEG Highlights

    • Circuit breakers maintain orderly markets during volatile times

    • Turquoise, London Stock Exchange and Borsa Italiana refresh their monthly turnover records across equities, derivatives and ETPs

    • International Order Book: FTSE IOB Index now covering all GDRs listed in London including Stock Connect GDRs

    • Borsa Italiana RFQ sets new all-time monthly records and MOT closing auction is live

    • Events: AIM Italia Conference 2020 and STAR Conference Milan 2020 will be fully digital for the first time

Markets Structure

    • LSEG circuit breakers are in place to keep orderly and well-functioning markets - particularly helpful in volatile time

      • Click here for the LSEG document on "Circuit breakers explained"

      • Further notes on the importance for markets to remain open to support companies accessing capital, and to ensure fair and transparent price discovery

    • Uncleared Margin Rule (UMR) postponed: the Basel Committee and IOSCO have delayed the two final implementation phases for the UMR by one year

    • Consultations on European trading hours: Euronext launches consultation on shorter market hours, following the consultation by LSEG and the calls from the Association for Financial Markets in Europe (AFME) and the Investment Association (IA)

Turquoise Plato™

      • Monthly: €19.3bn traded in March 2020

      • Weekly: €5.3bn traded during the week ending 13 March

      • Daily: €1.2bn traded on 9 March 2020​​​​

      • Monthly: €2.0bn traded in March 2020

      • Daily: €155.5m traded on 9 March 2020​​​​

    • Turquoise is planning to launch Trade At Last (TAL) functionality by the end of Q2 2020

London Stock Exchange

    • £187.7bn London Stock Exchange total order book value traded in March 2020 (+85%YoY)

      • £50.7bn traded during Closing Auctions (all-time record), representing 27% of total order book

      • £13.1m ADVT in Closing Price Crossing (CPX) Session

London Stock Exchange International Order Book (IOB)

    • Strong turnover on IOB:

      • $12.5bn monthly value traded in March (+104% YoY, +63% MoM), highest since April 2015

      • $1bn daily value traded on 9 March, highest since April 2018

    • IOB and Turquoise being #1 lit and dark markets for GDRs, with market shares reaching record high in March at 84% and 36% respectively

      • +500% value traded of IOB securities via mid-point pegged orders in Q1 2020

    • FTSE RIOB Index was expanded to become FTSE IOB Index on 23 March, covering all GDRs listed in London including Stock Connect GDRs

London Stock Exchange ETPs

    • NEW record: £50.9bn monthly value traded (+%71 MoM) and 1.3m trades in March

Borsa Italiana

    • €3.98bn Borsa Italiana ADVT in March 2020

      • +21.3% MoM (€3.28bn ADVT in February 2020)

      • +66.5% YoY (€2.39bn ADVT in February 2020)

IDEM - Derivatives

    • NEW monthly record for Index Futures: 1.37m standard contracts

    • NEW monthly records for FTSE MIB Dividend Futures: 10,877 standard contracts and €44m turnover

    • IDEM is sponsoring a webinar on FTSE MIB index options in partnership with Interactive Brokers and UIR Capital on 16 April - Click here for registration

Growth of equity turnover and IDEM standard contracts in Q1 2020 vs Q1 2019

Borsa Italiana - ETFplus

    • NEW monthly record: 1.3m trades (+89% vs previous record in February 2020)

      • of which 836 trades via RFQ, an all-time high

    • NEW monthly records: €20.5bn turnover (+57% vs previous record in February 2020)

      • of which €1.5bn via RFQ, an all-time high

Borsa Italiana RFQ - number of trades and turnover (Dec 2016 - Mar 2020)

Did you know that...
AIM Italia Conference 2020 (25 May) and STAR Conference Milan 2020 (26-27 May) will be the 1st fully-digital events for Borsa Italiana, bringing together listed companies and international investors

    • AIM Italia Conference 2020 is at its 3rd edition and it is dedicated to dynamic and competitive SMEs listed on AIM in Milan

    • STAR Conference Milan 2020 is at its 19th edition and it involves companies on the STAR Segment - which includes mid and small cap companies meeting global investment standards