The final five minutes of trading have become the busiest time of day for stock ...
LONDON - The final five minutes of trading have become the busiest time of day for stock market traders in Europe.
The growing popularity of passive and index-tracking funds and tougher regulations are driving the shift, which is draining liquidity in the $11.1 trillion market and raising concerns about big price swings and possible disruption to price discovery. Equity ETFs in Europe have ballooned in recent years and are now worth about 500 billion euro . That’s up more than 8% in the first half of the year and a whopping 38% from January 2017, according to Morningstar data.
That’s up from just 13% three years ago. There is a similar trend in the United States, where activity is also clustering in the auctions. “The rest of the day is meaningless and you can’t see flow,” said Andrea Vismara, chief executive office at Italian boutique investment bank Equita.
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