Analysis | Equity Derivatives Markets
maintained the largest percentage of market share at approximately 73% of volume in the covered series. This is down from an approximate 80% share at the end of 2012. We see a slight decrease in TOM’s share, down approximately 4% since the end of 2012.
For the month ending 28th February 2013 (see Fig. 3), we see a slight decline in TOM, down approximately 2% from January, accounted for in a slight uptick for Eurex, holding a 13% market share. Euronext remained steady at approximately 73%.
Fig 3: Market share (%) February 2013 Fig 4: Market share (%) March 2013 (w1-3)
Euronext – 75.14% Eurex – 12.60%
The Order Machine – 12.25%
Euronext – 72.24% Eurex – 13.21%
The Order Machine – 14.55%
NYSE Euronext, with decreases for both Eurex and TOM, which have trended towards an equal market share of between 12 and 13%. It has been noted that TOM has captured significant market share in major names such as Aegon, Corio and Air France. By observing the volume month over month, one can see a trend of stabilisation, where the markets are maintaining volume, in contrast to the more significant fluctuations within 2012. TAG will keep a close watch on this trend for future analyses. ■
Although full March 2013 data was not available at the time of publication (see Fig. 4), one can infer that the trend remained steady throughout Q1 2013 based upon weeks 1-3. We see an approximate 3% fluctuation in volume traded on
January 2013 February 2013 March 2013
73.20% 72.24% 75.14%
DISCLAIMER: All data derived by TAG from publicly available sources utilising proprietary tools. Although TAG believes the data to be correct, we do not guarantee its fitness for any purpose. TAG shall not be held liable for incorrect data under any circumstances.
596,741 780,925 620,748
10.62% 13.21% 12.60%
908,581 860,637 603,470
16.17% 14.55% 12.25%
Contracts traded % Market share Contracts traded % Market share Contracts traded % Market share Contracts traded 4,112,253 4,271,561 3,700,690
5,617,575 5,913,123 4,924,908
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Best Execution | Spring 2013 85
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