It is turning out to be a long quiet summer for European equities teams. Equity volumes have slumped and block trades, which can be a lucrative source of commission revenue for cash equities desks, are down in line with overall trading levels.
Block trades, typically defined as a trade of more than 5% of daily trading volume, require fund managers to have a decent degree of conviction about the direction of a particular sector or stock, something that seems to be completely lacking because of macroeconomic concerns.
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