Trade transparency and market liquidity data 2019/20

In our Business Plan 2019/20, we noted that we track the proportions of trades carried out on venues with varying levels of trade disclosure.

This follows key reforms introduced through MiFID II including increased trade transparency which have changed the trading landscape. As the graph below shows:

  • The UK’s market structure offers different levels of trade transparency to meet the varying execution needs of market participants.
  • The structure of the market was relatively stable during the year until markets were impacted by the coronavirus crisis. While trading on auctions, systematic internalisers, and dark trading all picked up in March, lit venues saw the biggest increase, as participants sought certainty of execution.

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Turnover of FTSE All‐Share Equities on UK Venues, by Venue Type . Source: Fidessa

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Structure.

Line chart with 4 lines.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying Weekly turnover, £bn, (moving average, 1 month).

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Chart graphic.

Turnover of FTSE All‐Share Equities on UK Venues, by Venue Type Created with Highcharts 6.1.0
Turnover of FTSE All‐Share Equities on UK Venues, by Venue Type
Category Lit Auction Dark Systematic Internaliser
19/04/2019£14,669,869,316£5,921,457,377£3,326,265,163£6,038,595,529
26/04/2019£15,173,968,384£6,545,714,113£3,401,507,659£6,508,479,031
03/05/2019£15,626,611,888£6,597,280,238£3,595,949,111£6,862,976,769
10/05/2019£15,999,389,142£6,570,376,971£3,609,189,685£6,728,109,701
17/05/2019£17,254,290,588£7,027,874,639£3,791,557,783£6,930,751,246
24/05/2019£18,622,339,340£7,125,192,935£4,011,175,440£7,090,189,599
31/05/2019£18,312,027,657£8,275,930,019£3,809,681,660£7,004,125,061
07/06/2019£19,006,877,765£8,720,805,056£3,923,501,148£7,358,291,806
14/06/2019£18,463,838,548£8,616,765,885£3,907,129,468£7,504,208,060
21/06/2019£18,207,526,284£10,573,668,817£3,944,380,017£8,566,501,614
28/06/2019£18,656,395,824£9,903,669,206£4,175,833,280£8,992,719,756
05/07/2019£18,023,540,812£9,609,997,819£4,197,139,544£9,259,734,186
12/07/2019£17,733,773,942£9,552,965,679£4,200,030,099£9,173,168,678
19/07/2019£17,159,644,316£7,533,913,569£4,130,860,044£8,312,431,448
26/07/2019£17,679,764,653£7,549,651,094£4,240,520,779£8,504,896,179
02/08/2019£19,063,856,962£8,287,633,211£4,596,255,969£9,046,278,793
09/08/2019£20,532,893,013£8,567,354,147£4,691,700,641£9,414,141,510
16/08/2019£20,975,409,325£8,618,939,840£4,595,093,153£9,201,040,160
23/08/2019£20,357,472,588£8,276,223,811£4,322,767,015£8,805,367,224
30/08/2019£18,315,583,040£7,746,187,577£3,627,837,268£7,911,511,008
06/09/2019£16,941,738,395£7,578,135,721£3,328,696,124£7,760,613,833
13/09/2019£17,114,770,970£8,093,509,192£3,618,207,260£8,514,056,187
20/09/2019£17,498,104,720£10,317,268,322£3,763,009,879£9,098,456,578
27/09/2019£18,111,203,977£10,334,003,106£3,983,699,532£10,359,024,176
04/10/2019£18,690,723,962£10,648,911,372£4,245,996,321£11,382,211,937
11/10/2019£18,584,681,348£10,415,563,040£4,622,681,978£11,296,058,057
18/10/2019£20,027,592,949£8,806,377,981£5,395,755,784£11,550,281,114
25/10/2019£20,441,726,924£9,160,895,035£5,740,315,885£11,149,050,430
01/11/2019£19,966,078,828£9,185,347,233£5,705,941,538£10,558,286,951
08/11/2019£19,084,264,336£9,185,295,111£5,092,874,483£10,181,924,904
15/11/2019£16,953,756,214£8,775,612,941£4,289,512,266£9,682,235,141
22/11/2019£16,373,943,606£8,452,263,943£3,958,360,152£9,448,155,840
29/11/2019£15,794,706,005£9,072,802,729£3,951,079,254£9,833,654,699
06/12/2019£15,969,456,225£9,055,757,002£3,955,798,851£10,051,697,874
13/12/2019£17,500,025,992£9,716,994,311£4,519,087,442£10,657,300,775
20/12/2019£18,403,326,837£11,612,039,199£5,039,353,025£13,545,387,628
27/12/2019£15,877,771,968£9,362,251,184£4,241,668,793£11,651,477,430
03/01/2020£13,564,432,921£8,293,266,705£3,688,109,289£10,101,803,438
10/01/2020£12,018,476,248£7,724,792,450£3,258,976,008£9,712,765,103
17/01/2020£10,925,822,079£6,197,067,796£3,036,235,126£7,013,405,833
24/01/2020£13,552,424,449£7,498,681,083£3,954,696,567£8,720,534,996
31/01/2020£16,078,306,641£8,639,972,045£4,677,819,377£10,341,989,796
07/02/2020£16,901,504,338£8,935,726,533£4,817,206,913£10,237,614,230
14/02/2020£17,141,062,907£8,694,495,239£4,728,272,054£10,142,023,091
21/02/2020£17,178,756,841£8,789,853,823£4,568,954,903£9,542,819,307
28/02/2020£20,624,732,313£9,812,285,436£5,164,871,593£10,320,477,371
06/03/2020£23,590,148,367£10,267,641,344£5,583,003,443£10,602,626,354
13/03/2020£30,137,687,104£11,627,161,303£6,607,529,857£11,355,283,809
20/03/2020£35,418,411,078£14,430,486,194£7,942,433,957£12,873,704,741
27/03/2020£34,832,820,124£14,273,089,797£7,884,060,201£12,560,549,660
03/04/2020£32,997,889,466£14,209,888,701£7,520,183,152£12,296,062,620
10/04/2020£26,656,013,559£12,591,468,385£6,372,391,129£10,856,062,882

Market liquidity

Liquidity in different markets may vary over time for many reasons. While we do not aim to promote any particular level of liquidity, levels of liquidity are something we monitor. In our Business Plan 2019/20, we undertook to report on summary data on liquidity. However, this is not an outcome measure.

In normal conditions, trade volume is one indicator of an asset’s level of liquidity. As shown in the graph below, turnover in UK equities and liquid, investment grade, sterling-denominated corporate bonds was relatively stable from the beginning of 2019 until the start of 2020. Equity trading volumes rose sharply in late February, driven by coronavirus developments, while bond trading volumes increased in January, before falling back slightly towards the end of the quarter. At the same time, we saw an increase in equity and bond bid-ask spreads in the second half of the first quarter of 2020, amidst elevated uncertainty and volatility in the market.

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Turnover in UK equities and corporate bonds . Source: FCA, Fidessa

Long description.

No description available.

Structure.

Line chart with 2 lines.
The chart has 1 X axis displaying categories.
The chart has 2 Y axes displaying Equity weekly turnover, £bn, (moving average, 1 month) and Bond weekly turnover, £bn, (moving average, 1 month)

View as data table.

Chart graphic.

Turnover in UK equities and corporate bonds Created with Highcharts 6.1.0
Turnover in UK equities and corporate bonds
CategoryEquities, moving average (LHS)Bonds, moving average (RHS)
04/01/2019£55,634,283,303£7,036,326,753
11/01/2019£51,664,635,292£7,389,361,439
18/01/2019£44,063,026,572£7,174,479,959
25/01/2019£52,245,497,006£7,315,862,344
01/02/2019£59,497,719,952£7,630,006,214
08/02/2019£58,234,118,382£7,903,916,593
15/02/2019£57,722,514,952£8,191,928,800
22/02/2019£58,184,763,316£8,008,008,468
01/03/2019£58,675,224,633£7,925,874,930
08/03/2019£58,840,867,303£7,448,093,475
15/03/2019£61,034,764,772£7,295,029,414
22/03/2019£60,935,123,542£7,168,545,256
29/03/2019£57,864,666,253£6,918,825,810
05/04/2019£58,255,520,193£6,947,254,885
12/04/2019£55,584,312,405£6,518,257,707
19/04/2019£52,400,141,909£6,625,110,160
26/04/2019£51,399,790,541£6,646,320,336
03/05/2019£49,138,550,138£6,626,499,440
10/05/2019£47,338,343,873£6,700,907,517
17/05/2019£51,318,722,208£6,626,323,892
24/05/2019£52,719,082,373£6,541,587,813
31/05/2019£53,121,681,892£5,979,930,344
07/06/2019£57,357,483,632£6,304,193,932
14/06/2019£55,961,100,220£6,292,482,370
21/06/2019£63,584,356,473£6,834,314,869
28/06/2019£66,690,985,027£7,158,268,272
05/07/2019£64,471,965,660£7,158,833,544
12/07/2019£64,118,873,210£7,247,060,809
19/07/2019£56,737,432,478£6,877,989,929
26/07/2019£56,346,851,835£6,685,244,034
02/08/2019£60,089,199,659£6,433,751,358
09/08/2019£64,421,028,665£6,101,651,815
16/08/2019£65,590,632,059£5,952,116,963
23/08/2019£62,989,564,898£5,516,493,319
30/08/2019£57,936,999,979£5,272,759,616
06/09/2019£53,538,357,057£5,132,515,870
13/09/2019£55,344,271,155£5,444,253,830
20/09/2019£59,556,261,304£5,811,660,179
27/09/2019£63,126,521,402£6,193,562,403
04/10/2019£66,008,900,920£6,515,253,674
11/10/2019£65,046,791,242£6,726,635,830
18/10/2019£65,602,629,020£6,951,415,648
25/10/2019£65,054,811,991£7,104,186,862
01/11/2019£63,926,803,019£6,999,590,271
08/11/2019£62,658,988,743£7,258,892,593
15/11/2019£59,790,436,551£7,113,161,183
22/11/2019£57,881,638,144£7,286,573,355
29/11/2019£58,487,531,040£7,053,338,238
06/12/2019£59,106,594,620£7,233,219,975
13/12/2019£62,499,731,485£7,190,214,512
20/12/2019£72,464,549,590£7,149,363,667
27/12/2019£64,078,506,019£6,646,831,959
03/01/2020£56,609,483,578£6,217,561,615
10/01/2020£52,843,407,433£7,352,318,847
17/01/2020£46,175,617,122£8,313,604,006
24/01/2020£54,007,173,700£9,561,775,209
31/01/2020£61,868,549,051£9,312,502,017
07/02/2020£64,201,486,507£10,051,055,821
14/02/2020£63,170,532,651£9,741,208,974
21/02/2020£62,188,686,492£9,836,028,925
28/02/2020£71,335,127,173£9,676,965,872
06/03/2020£76,941,143,929£9,786,288,988
13/03/2020£92,278,904,031£9,667,507,257
20/03/2020£108,444,000,000£9,400,719,839
27/03/2020£106,691,000,000£8,691,951,203