Trade transparency and market liquidity data 2021/22

Data First published: Last updated: 19/07/2022

We summarise our findings on our interventions on trade transparency in 2021/22.

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 changed the trading landscape. Figure 1 below shows:

  • The structure of UK’s equities markets continues to offer, depending on market participants’ execution needs, diverse levels of trade transparency, as represented by the different venue types.
  • The structure of the market was relatively stable during the year, which includes a period of recent heightened uncertainty and market stress resulting from geopolitical events and inflationary pressures. While trading on auctions, systematic internalisers, and dark trading were all active during this time, lit venues extended their market share, probably reflecting participants stronger preference for execution certainty.
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Figure 1: Turnover of FTSE All‐Share Equities on UK Venues, by venue type 2021/22. Source: Fidessa

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

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Chart graphic.

Figure 1: Turnover of FTSE All‐Share Equities on UK Venues, by venue type 2021/22Created with Highcharts 6.1.0
Figure 1: Turnover of FTSE All‐Share Equities on UK Venues, by venue type 2021/22
CategoryLitAuctionDarkSystematic internalisers
07/05/202115,329,549,5358,283,089,7544,541,678,7369,085,517,678
14/05/202115,975,866,0378,049,495,2784,773,600,0939,310,324,337
21/05/202116,083,793,5787,986,375,9474,766,896,4379,208,810,911
28/05/202115,830,215,5979,014,758,2844,378,172,0649,474,417,102
04/06/202113,806,913,6287,985,491,5863,752,399,2398,140,428,085
11/06/202112,581,709,1257,861,703,9483,567,633,6017,148,751,278
18/06/202112,359,213,7759,513,719,2093,578,228,0007,682,208,744
25/06/202112,208,895,6068,278,095,2563,823,718,1977,094,314,408
02/07/202114,173,796,0339,721,372,1834,595,628,6608,053,339,512
09/07/202114,290,297,6689,803,272,5594,425,630,5457,945,757,871
16/07/202113,759,602,3058,145,706,8814,294,509,4096,688,210,311
23/07/202114,386,673,6998,754,970,1524,250,776,4557,200,059,546
30/07/202114,687,841,0448,696,883,0674,213,413,9537,117,605,763
06/08/202114,869,654,6348,682,709,2064,394,154,0717,465,776,679
13/08/202114,606,018,1998,576,591,6604,367,810,5427,970,580,501
20/08/202113,985,704,1187,750,948,7264,225,354,6047,187,662,740
27/08/202113,095,616,4387,278,381,8543,949,011,0757,012,951,444
03/09/202112,354,706,7107,288,049,7723,628,535,9926,607,354,793
10/09/202112,530,805,2037,069,118,3793,508,227,1886,205,759,931
17/09/202112,836,677,7939,062,018,0173,541,049,8557,251,907,323
24/09/202114,431,463,5769,386,132,0563,933,389,5907,806,172,676
01/10/202116,344,115,3519,962,760,1064,383,547,0768,559,312,764
08/10/202117,451,543,63910,483,759,0174,753,933,3219,265,729,267
15/10/202117,386,919,3498,712,659,1284,812,011,9238,287,656,421
22/10/202116,519,180,8888,649,350,8894,565,525,2958,405,488,259
29/10/202115,452,840,1418,391,004,3794,359,765,9248,019,444,449
05/11/202115,154,969,7758,438,846,7474,418,424,4527,631,398,748
12/11/202115,265,847,0528,371,906,6134,456,541,8047,821,785,345
19/11/202115,709,807,6668,542,065,6884,577,700,3017,615,958,548
26/11/202116,397,286,4738,125,881,9534,749,289,6457,550,838,266
03/12/202117,360,656,5029,364,560,4554,744,837,1468,634,090,469
10/12/202117,366,914,7979,419,630,4844,771,859,7208,670,538,799
17/12/202117,452,381,67410,989,792,3244,727,042,9199,138,303,331
24/12/202115,724,684,32710,562,948,2914,052,894,7178,649,068,789
31/12/202111,827,998,0037,825,008,0432,955,246,2406,104,203,299
07/01/202211,278,187,7547,511,141,6462,623,142,5285,473,548,416
14/01/202211,781,634,8856,137,150,4562,844,555,8505,936,713,996
21/01/202214,215,957,3237,249,426,9623,695,233,2987,499,353,948
28/01/202219,585,022,96311,005,078,4385,069,450,33911,106,706,470
04/02/202220,571,692,64211,666,202,5285,370,551,79811,806,783,344
11/02/202220,598,080,12411,791,431,3695,317,008,85511,183,058,750
18/02/202220,226,659,82611,540,388,0754,987,651,84910,702,917,000
25/02/202219,582,250,0129,624,162,9244,762,091,3548,902,204,231
04/03/202222,233,891,76210,645,423,0885,353,866,0769,311,451,075
11/03/202225,168,078,44611,078,991,4265,850,397,0619,486,594,005
18/03/202226,068,302,14513,093,581,3466,184,662,9249,767,944,581
25/03/202224,415,459,39812,722,587,9886,054,853,29710,953,569,692
01/04/202222,043,538,83111,677,153,3345,572,236,30311,168,136,576
08/04/202218,967,191,59511,286,426,0885,037,507,64211,100,154,340
15/04/202216,812,890,5958,866,534,1834,381,585,4729,814,154,016
22/04/202216,459,231,9898,689,330,3144,194,889,2828,704,964,055
29/04/202217,260,686,1158,798,522,8504,196,676,0768,659,724,839
06/05/202217,186,911,5198,235,237,8804,043,402,7138,238,855,888
13/05/202219,361,623,4249,193,666,8604,614,993,37410,114,024,490
20/05/202220,539,511,8149,414,117,8394,671,114,71010,675,524,848

Market liquidity

Liquidity in different markets may vary over time for many reasons. While we do not promote any particular level of liquidity, some of our interventions aim to address factors that unnecessarily reduce liquidity. Levels of liquidity are something we monitor. In our Business Plan 2019/20, we committed to reporting 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. Figure 2 shows turnover in UK equities and liquid, investment grade, and sterling-denominated credit was stable from mid-2021 to mid-2022. At least in terms of trading volumes, recent adverse market events have not affected the trend. We saw a slight decline in volumes since February 2022, but the fall is within the normal seasonal fluctuations.

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Figure 2: Turnover in UK equities and corporate bonds. Source: FCA, Fidessa

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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)

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Figure 2: Turnover in UK equities and corporate bondsCreated with Highcharts 6.1.0
Figure 2: Turnover in UK equities and corporate bonds
CategoryEquities (LHS)Bonds (RHS)
07/05/202137,239,835,7029,927,908,658
14/05/202138,109,285,7459,728,181,508
21/05/202138,045,876,8729,648,255,703
28/05/202138,697,563,04710,264,726,271
04/06/202133,685,232,5389,735,471,114
11/06/202131,159,797,9519,797,256,067
18/06/202133,133,369,72710,188,981,302
25/06/202131,405,023,46710,720,791,414
02/07/202136,544,136,38711,081,022,100
09/07/202136,464,958,64211,047,827,565
16/07/202132,888,028,9079,943,464,656
23/07/202134,592,479,8529,489,893,717
30/07/202134,715,743,8278,365,363,716
06/08/202135,412,294,5907,580,549,825
13/08/202135,521,000,9017,207,644,323
20/08/202133,149,670,1886,874,496,892
27/08/202131,335,960,8116,684,178,385
03/09/202129,878,647,2676,798,812,783
10/09/202129,313,910,7007,986,462,398
17/09/202132,691,652,9888,727,995,836
24/09/202135,557,157,8989,392,835,239
01/10/202139,249,735,29711,229,955,953
08/10/202141,954,965,24311,890,089,115
15/10/202139,199,246,82211,820,494,857
22/10/202138,139,545,33112,030,716,927
29/10/202136,223,054,89311,756,146,283
05/11/202135,643,639,72210,724,072,041
12/11/202135,916,080,81410,601,344,355
19/11/202136,445,532,20310,606,261,149
26/11/202136,823,296,33710,179,195,487
03/12/202140,104,144,5729,585,608,978
10/12/202140,228,943,80110,252,301,460
17/12/202142,307,520,24810,086,211,211
24/12/202138,989,596,1238,627,931,916
31/12/202128,712,455,5857,818,731,842
07/01/202226,886,020,3447,656,878,786
14/01/202226,700,055,1867,715,307,120
21/01/202232,659,971,5319,050,894,227
28/01/202246,766,258,21010,811,903,369
04/02/202249,415,230,31212,041,451,182
11/02/202248,889,579,09812,281,938,132
18/02/202247,457,616,75111,795,781,946
25/02/202242,870,708,52111,013,804,440
04/03/202247,544,632,00110,209,318,414
11/03/202251,584,060,9389,408,043,869
18/03/202255,114,490,9969,955,096,478
25/03/202254,146,470,37410,296,032,222
01/04/202250,461,065,04410,443,062,126
08/04/202246,391,279,66410,785,254,981
15/04/202239,875,164,26610,135,443,829
22/04/202238,048,415,6399,922,567,296
29/04/202238,915,609,8809,164,548,660
06/05/202237,704,408,0008,703,542,347
13/05/202243,284,308,1479,378,398,133
20/05/202245,300,269,2119,689,663,054

More information

Our Annual Report and Accounts 2021/22
Trade transparency and market liquidity data 2020/21
Trade transparency and market liquidity data 2019/20