Liquidity Landscape April 7, 2020

Liquidity (as represented by the number of shares at the top of the book) is still lower than pre Covid-19 (proxied by a January average) however, this increased significantly in the last week across EU and UK main indices. In comparison, the Russell 2000 ended the week marginally up while the S&P500 was still trading at a 35% discount to the January average.

Similarly, the down trend in liquidity observed a constant reduction across all sectors. In the last week energy, real estate and materials remain the most affected sectors with liquidity at its lowest.

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Compiled by Rebecca Healey, Global Head of Market Structure + Strategy, Gareth Exton and Joe Fields, Global Execution + Quantitative Services