Spectrum Markets navigates tough 2023, reporting incremental growth
Spectrum Markets, the pan-European securities trading venue, has released its Full Year 2023 Business Update, which indicates modest growth in a year marked by challenging market conditions.
The trading venue saw its trading volume increase by 14% compared to the previous year, with 1.62 billion securities traded in 2023, up from 1.42 billion. This increase in trading volume occurred despite widespread market uncertainties and challenging conditions across the industry, the company said.
An interesting takeaway from the third quarter is the shift in trading patterns, with 34% of trades taking place outside of the regular trading hours. In terms of product popularity, indices led the charge with 87.6% of the trades, followed by currency pairs, commodities, equities, and cryptocurrency-based products. The DAX 40, NASDAQ 100, and S&P 500 emerged as the top-traded underlying assets.
In its fourth year of operation, Spectrum undertook several initiatives and formed new partnerships. The platform welcomed UniCredit Bank GmbH as a member and expanded its range of products available to retail investors. The number of instruments on Spectrum for retail traders in Europe saw a big increase, indicating a broadening of its offerings.
Additionally, Spectrum formed a partnership with Directa, an independent Italian retail broker, and collaborated with ICE Data Services Italy, a subsidiary of Intercontinental Exchange, Inc., to improve the accessibility of its reference data.
Spectrum also joined the German Structured Securities Association and the Italian Association of Certificates and Investment Products, aligning itself more closely with European securities associations.
“2023 posed many challenges for the trading and investment space, with declining volumes seen across the industry, so I’m really pleased that Spectrum’s performance remained relatively robust, with our volumes showing notable resilience and continuing to increase from last year. We’ve made great progress on our long-term growth plans, notching up another record year, which is a testament to the hard work of the whole Spectrum team, and the ongoing support of our partners and members,” said Nicky Maan, Spectrum Markets CEO.
The trading statistics for 2023 show a predominance of indices in traded securities, with significant portions in currency pairs, commodities, equities, and a small fraction in cryptocurrencies. The most traded underlying assets were.