UBS said cash equity average daily volumes (ADVs) for the European exchanges it covers saw a significant increase in June, rising 17% year-over-year (YoY) and 5% month-over-month (MoM).
“Overall, we view the June cash equity volume as positive with volumes being the second strongest (after Feb-24) in the past 15 months,” analysts at UBS said in a note.
On a quarterly basis, Q2 2024 volumes were 8% higher than Q1 2024 levels and 17% higher than Q2 2023.
In June 2024, UBS analysts calculated that the cash equity market share for these exchanges, compared to alternative venues, stood at 63.8%, which is a 40 basis point (bp) decline MoM but a 130 bp increase YoY. This represents the 12th consecutive month of YoY market share gains following 2.5 years of declines.
Euronext's (ENX) market share was calculated at 65.5% in June, down from 67.6% in May.
Meanwhile, June exchange-traded fund (ETF) volumes saw a strong increase in Europe, up 22% MoM, while remaining relatively flat in the US, with a 1% MoM increase.