This paper aims to contribute to this evidence-based analysis and set out AFME’s understanding of the liquidity landscape in the European equity markets. This analysis was produced using data provided by Big xyt, an independent analytics firm.
Since MIFID was reviewed there has been considerable discussion about the evolution in the distribution of market liquidity across various execution venues in general, and about the proportion of equities trading conducted on venues vs systematic internalisers in particular. The purpose of this publication is to provide a detailed factual analysis of actual activity across all segments of the market.
• A diverse set of open and competitive execution venues for equities trading help different end users achieve their objectives, on the one hand by issuers raising capital at attractive prices and on the other hand by investors efficiently allocating their investments. A robust market structure also fosters financial stability by providing a reliable cushion during distressed market conditions.
• Further improvements of data definition and data quality are key areas for AFME. We support substantial improvement of the identification of different trade categories, which should help ensure that regulators and policy makers are able to develop a more detailed understanding of the status of European equity markets.
• Our data analysis2 shows that on-venue trading represents almost 81% of the total addressable liquidity3. Volume traded off-venues, on systematic internalisers and pure OTC, only represent about 19% of the total volume of the total addressable liquidity.
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Ly8kRjbuv9EWKysYztYRRi8qTVarXGrzEajUS/35/4NyHWTzRqYFd7QVZXVycClal3Rq6v2kOnh3tfcAx937aQpJ7YTSdpW/CwnYTV5Zh6qLOGdtt6uU7CIaE967ZXX1v27qk9YIPBQCwuLhoDhE/ofqx+wWy1WuMgIfdXdd8MPcmbttlwOJzYl/XP1fSZjkajifXTn+ML7eox3+l0xp/NcDgUS0tLG/bVkH3GxxcsdXnaLduyBoPBxOfm+oIk913bL0Hy7+p6uN6XXK76+JD9JmR/dW1b/Qua+uvMcDjccKzpx2ne84+P3Pdjz0NZ2hbbdjJth5AvophthHaUQm1M5H+7esV1rpOUEOsNlhrSbD8P5gnt6jIajUbQT5BqkLH95Ks23PoJUG245X/rJ7SyQ7v+fF1saHc9x7cs/XWnEdqzbPss+0qMkM9T/Rm92Wwa10ENlb6f9CXbNtOPQdv66myfpeuzUdc7NIRXEdrztFuuZYUeq2ong/7568NRfO9L7U1Wn2vqJdblDe3q+tm+gKhfAPXAnPf84zIajcbPkx038pizydO2+PbBkG2F+iC0oxRqgzgajcYnM7UBtzWa6snC1QipAdnW+5MntKvr5+pFkdTG3DVOUm1k9ddVG27ZWOshcBqhXe1B0s1DaI/d9mpYsg1NyCPk81TXwTVGWA2WIV8uXNssNrSrx0hMaFdfL/QXgmmH9rztlmtZ6mfr2jauceIy5DabzaD3JR8vv9zJNiFkDHje0K62P7beY/W96l9A85x/fNQvkKPRaOKzsa1rnrYl5LNSO4IY315vhHaUQm8QTb0dtkZT7yUJWYbtcXlCe+xzQ8Ol63F6w23qlSkztMsL/VzvIza0qz1ipsCVYmhX/z9k26vvoYyTZsjnGbq/xu7Xtm2m9+zbliHJizNtx2yWLwcu0w7tedst27LUa2RMv+Lo21odAqOSr7G4uBj0vuTj5d/VdsH3xTRvaA/9vG2Py3P+8ZFfuuRrhfwKkadtifmCleU8h9lCaEcp9AZR7e2QY/kI7f7QLh+rhqIyQrup2u22MYCGhHZThXxGsdvLtF5FhfaYbW9btumC5NBhKaZ1SyW0D4dD57hodRmmMv1yVVZoN5XrlwiVb59We1aLDO2mss06oh8/as+vbGvVXwGGw6E3COpDY4SYHNrjG4aRWmiPOf+4qL8UqfuQ/KJk+xUiT9sSEtpdxw7qhdCOUpgaRPlvsjeC0O4P7eq/yd6taYT2Vqtl7TG2rXsRs1/Ebi/TerlOwjGhXf0337a3Lds2i1CsVEJ76L7iCu223khCu31ZrosM9eNH7fmVr69eOKkvy7Su6lAalfpFzfWLUmqhXf033/nHRR0ao15Iqn5Rcv2amKVtIbRDRWhHKUwNotpTo1/5bnsuof3yiUKeQMscHuMbGiNE/PAYvVdW/2k9JrS7evhCTvSxoT1027uuAYhZP5sUQ3u73baGX/0z1WeOMR2vZYX2WR4eo84cY7vA2XT8yJ5feUGy/Lv8vHwzt8i/6b+IhF67kWJoDz3/uMjjXP+1TP1lInQ6x9C2heExUBHaUQpbgygbl16vZ32M2pvhmqlADUp5g4yJ2hCG9MypJwXXTALqic82rEBvuOVJeDAYlBraQ54bG9r1v7mmBzTNXR8anMoI7UKEbXt1X7GFmbJDe8g6qIEsdD2y9OKZgqQ6RMEUQF3LUS+0C53WbtqhPW+7ZVuW78uAaVurbYy6X8jjy/W+1PfhKtcX6Lyh3TU1oqQGZf0zznP+sdFn/rGVaYhMnrYl9kJU1BuhHaWwNYiy4Ws0Gt7H2E7uQkw2ZCFTbWUJ7epJwTaFnk5tPE3LU4OL6YRka7jlibTT6ZQe2n2zYBQd2n29d+p6unr3ygrtIdte3x9d1wKUFdpDpkVU33/I1H36c/KEdiHcM9y4lqM+L3Rau2mH9rztlm1ZvlmpTNvadBdNtXfY9b5Cbs4lK89Uu6518P0qoy8jdA72kPOPje0O0qZyTeWrim1bTNtCXa/QYxqzi9COUrgaRHW8pO8x8mSjNvwxN4nJE9qFmOwVU29WI8R6uNWHCOg3V1FPJoPBwHszDlcgV3/yLjO0q8taWNj4xSI2tA+HQ+cJVg876t/1Gz25vjiVFdrV7eHa9uo+22w2xfLy8sSNtcoO7ep6yiAgP7vRaDTx3k03pLEpMrS7fo1yLWc4HE4c8+rNduSNo/QLNacd2oXI126FhtjQ4WXqvrCwMPklKeQLgu3LUcjUonlDu96r3ev1xseSfmMv04Xdec8/Jr4pL12dHXnaFle7mvWYxuwitKMUrkbT9DOjLuSW5aYTmC5vaA9ZD9t8yK4KnRpMpf9sXWZoV/+mf7kICe2x79v3k3zI3f5CQnHW0B667UM++5B5rnWh+7F+R96s21JVZGjX/6YGV99yQt6bKbSHPNYmNrTnabdCf6nSQ2rIrxoLC5Nfvm3LUvdzW9vqWhfTOmUJ7fq62Mp2wXze84/rOa7ebPU1Q++t4WtbQtpV7oY6PwjtKIXsIbUFFLVRdU2B1+/3RafTmThZN5vNiZ42F9kjk6cXQs5drs+I0W63nSe2brc70ZvTaDREp9NxBh+5vrZeLnUdXDd8Cnnfai+23uCrPZv6SUT+u76Opp/k5Tq4tpU0GAyMn/Xi4mLQZ6fect3G9Z6L2vamz15ux9D3oovZj237a6vVmuixDOXaZiHrq1N7JNWwFrKc4XAoFhcXJ4Kx7biKCfg2rpsVuWRpt3zLsl3sbNvW6jHsOlbVZckvnb5ftdT3ZRKyv4ZsW9Pn7Wt7hSju/COpwTqk/dYfl6dt8bWrS0tL3FBpjhDaAQAAgMQR2gEAAIDEEdoBAACAxBHaAQAAgMQR2gEAAIDEEdoBAACAxBHaAQAAgMQR2gEAAIDEEdoBAACAxBHaAQAAgMQR2gEAAIDEEdoBAACAxBHaAQAAgMQR2pGsdrstFhYWvNVut8fPWVpaMj6m0WiITqcjBoOBd7mdTmfiecPhMOixajWbTdHtdp3LazQazve1uro68fjRaCS63a5oNpsT773f7wdszUmj0Uj0ej3RarU2bMulpSUxGo2c69zpdIx/V7f/8vLy+N+zfJZCCLG8vDzxXLld9c9kdXV1/JilpSXrOpn2Cdf2sz1Xlm076Hz7iWkfy7Psfr8vOp3OxD7WaDSsn69cv0ajYXw9dfsuLi5a/6Zv+9Btkvc4cz1X1ev1gvbDhYWF8XNmqU1xfY7qsd5ut43HuNxfXJ/jYDDY0A7J11xcXAz+LNTtqrd1+t/VtkSVtR3Ls7/n2R/0dW21WqLX61nXE9AR2pGsLEEv5KTsCmmj0WjD410nsJB17HQ6xkbZ9zz1RDYajZwh33TSs1leXvZ+YWg2m8aTr2mbq9Tt3+v1orZTzGepB9bBYGBcru911JOnaRv6nhsa2n3vv9FobFh+lmWvrq5uCDCm0reRun4m6vbVP3vXtrcp+jgzbT+TLKF9ltoU1+cYss6uz3E0Glm/UNiOYRd1u5qCrq0tkfK0Y3n296z7g+tzjfmyi/lGaMfMMJ1QdbYTgdo7YutdUR/XaDTGPUmtVsv6eFvjv7y8PBGeut2u9f2EnOQWFxc3nMBGo5Ho9/ui2WwGh/bV1dWJE53aG7W6ujpxUja9b986+060+uvYPks16Kgn3tXVVdHtdjOHdnWfML1fPQj5gkUo034ifzlRg1ieZetf7DqdzsR+MRwORb/fH/dC+tZPVXRoL+I4822/EOrr2rbxLLUpIaFdrkOz2bQ+xvQ5qq/darUmer9Ho5FYXl42Hps2eUJ73nasqNAeuj8sLy9P7KdyXeUviYR2hCK0Y2bkCe1C+BtqIS7/hNztdieCsu0nX9drjkajiZ+Q9WAdE9pD1j2EejKznSjUddZ/lp5WaI8NgllCu+TaJmWGdik2HNioATY0PIesnxDFh/Yij7OY48j1urGh3bde0jTblJDttLi4OA68+vuxfY79fj/XdjbJE9rztmNlhHbX6xbVjgCEdsyMvKFd7aUyGQ6HE4282jtiOzH4Gn/1ZKePjcwa2rOMYRdisvc6pGcwyzqXEdpNPeCux8eGdvVz13vlyg7t6meSJ7Trv0wUtX5SkaG9yOPMtf1C5A3tqbUpIaG91+uN35O+zWyfo/o+Q8es+2QN7UW0Y2WFdtv+oD7H9AsJEIrQjpmRNbSPRqOJBtx2clcfI8keKVsQ8jX+6knbdoIMCRv6OMp2u229OMvGdSIKfdy0Qrs+1KPRaIher2cNDHlCuxCTvXKxzw1h2k+Gw6Gzdzxm2er71wNK1vWzvX7e0F7UcebbfiGyhvZU25TQ0K4eX+r7tm1L+e+uYT2xsob2ItqxokO7b39QX09+9v1+nwtQEY3QjpkRG9pNZZs1QYjLvSTqmEw1FJjGjYf8PO4LwKYy9cKZLmRqNpvBYXKWQrsQ9gvNFhcXN3yGeUN7yM/aerl6+VyvbypT0I5Ztm2722a6KHK4QGxoz3uchW6/ELGhPfU2JTS0q+9L7fk1fY62z16dYSXLZ+HbrmqlGtpj9gfT8xqNBuPZEYXQjpkREvRcDaprmIXae6UOP1F/zjadjKYZ2oUQ4wtP9ceHBPdZC+1CbOxNzRIcUw/ttp/Lywzt+jaaVmgv4jgL3X4h8ob21NqUmNCu9rbLX7BMn2NsaM8ye4yvZiW0+4byDQYD476c5VcizCdCO2ZGSNAzBbSQn7HVC8TURtc3Vnhaw2N0+kwSIT9bTzu0u3qQQj5L1XA43HCyVHuLZ214jD7ziemkHbNsNQjaAoDrC1VMiImZuUdX1HEWsv1CZB0ek2qbEhPahbjc6y+/+JgeE3LdQGjbopqV4TEhszqF7A8qfYYbfR8BbAjtmBlZQ7sQ/pOzqffaVDGzNQgxedGYbZxo1tkY9HHfPurJ3nWxoml6SX2dbc8PDZqxod30+rYTeWxod4WgskK7EJOfX6PRyDXdZMhnGxraTdcNuLZvTGgv8jjzbb8QeS5ETbFNiQ3tcr+R28/2uup78e0fZYf2ItqxPPt71v3BJMtzMN8I7ZgZeUK7Pk+uyvYzr6liZiHQp2fTTw55Q7sQl0+moUM11PUxnST0LwL6OvtmkfCdDKWsoV0NLGpPflFTPuoz85QZ2oWYDBZ5p5tUl2H6lcMV2tX1MM1OpD5X/3toaC/jOHNtvxB5QnuKbUpsaBficm+72lvsOoZM87BPM7QLkb8dy7O/Z9kfbHzXNwA6QjtmRp7QLoS9t0htwE0Np2uKMdtJUh++Yhq7GnOSk7OnyPXTZysIHderht5GozFxQhoMBt51Vp/farUmZk9QT0C+9+T7LHu93niGHPWmKbYvDVlCe8hNWMoO7a5ew9hl6zecWVxcnNhfXMNJ1PXQ9wv9pjExFwGryjjOQntdbfJO+Zham5IltMttqL4X/TGj0Whi2e12e2JbxA4PESJfaM/bjuXZ37PsD+12W3S73Q0h3zeTEKAjtGNm5A3t6t/Uhtx1h0BJPRmqY6l9s1q4ArXveerJ3vW4kHnMVaYLO0PXOeT5IesTEtpdy4jp7fW9lmudfc8N7VFzhSnbvpVl2Xpwt5WpV1oNQqZqNBrGAKpPZ6eXPA6LOs5CnxMib2hPrU3JEtqF2HhMmx6jB/e8x0Se0G5a59h2LOv+nmV/cH2mtuUAJoR2zAwZRlwXXaq9JHpDOBwOx68he4PUHhdXL6Htp2P9YiI1BOo9K7b3Yyt1/QeDgeh0OhPPabVaotfrZRrLOxgMRLfbnegZajQaotPpBPXq9vv9DSeiVqs1cTtxF99nORqNRK/XmwgJrvVThyPogdQ2g0qz2RSdTsd5syrbc2MDitxPTMOYbBeRZl22/BVG/3xC3q9pP2s2m2JxcdE63Mk3FGQwGBR2nMVsvxDq69re3yy1Ka7tJNfT9IVtOBw67yCq6vf7G/aRRqMh2u128PGvv39TaFX/blufvO1Ylv09dn+Q/66vZ7PZFN1ut7CbVWE+ENoBABL+7FwAACAASURBVACAxBHaAQAAgMQR2gEAAIDEEdoBAACAxBHaAQAAgMQR2gEAAIDEEdoBAACAxBHaAQAAgMQR2gEAAIDEEdoBAACAxBHaAQAAgMQR2gEAAIDEEdoBAACAxBHaAQAAgMQR2gEAAIDEEdoBAACAxBHaAQAAgMQR2gEAAIDEEdoBAACAxBHaAQAAgMQR2gEAAIDEEdoBAACAxBHaAQAAgMQR2gEAAIDEEdoBAACAxBHaAQAAgMQR2gEAAIDEEdoBAACAxBHaAQAAgMQR2gEAAIDEEdoBADOn3++LhYUFMRgMql4VVKTb7YqFhYXKnp+iXq838Z7q+B7nGaEduQ2HQ7GwsLChVLIhcZVO/3uv15vSOypGs9nc8B4IGOkL2Z9RvXkO7TKIyer3+1WvUiUI7RsR2uuN0D7nPr9/W1Dd+vCNxufLBkIP1LKhsJ1QXSFcnoz1v7fb7akE9+17VoLqpv3HjM8fDAZiYWFBtNvtiX+3vS8UZ3TwXUF1+vErjc/Puj+jXHU6bjZ/7qqg+sxXrjM+3xTCms2mGA6HuddNtl2p7eeprVdq66PSQzvqhdA+5z6/f5v45Nev9Nbn92/b8FzZI2k7mbbbbdFsNo1/cz1vYWFBdLvdrG8pt+17VsTVtxz21g17VozPbzabGwK7JBvUIk6w2Gh08F3i5H2bvDV69F0bnptnf0a56hba3/exP/DW5tZVxuc3m83S2sdUw2hq65Xa+qgI7fVGaJ9zeUK7L4C6fr62nYRTCLV5QrtszG0/V5uCoXx8u90e/9xtC/0q0zaUr68uX31d07r5lm96Tfm6pvX0La9MeUJ77P4sP2t9OI0vXNpO+PL11eXrQ3TUv4Us3/Sa8nVN6+lanmub2Pbb0OXr70G+jv76CwsL4y9Otu2oP17d/7J+ZkUqIrTbvjza9uFutzvxHNN714fc6J0nctvpn4O67GazueFxw+Fww/Y2nRP05Yesly2g6vuN7fPVn297D+r6FrWd1HUcDodBy/ZtK9t70reRb9u43oNt/TEdhPY5lye06ycCnSvA2hqLFMbf5QnttpCi0ht5PVz4enwl0/aXy5f0XjnTZ+JbfkxoD1lemfKE9tj9WT2xyc87dJy1qbe02+2Ot6dpm+uBLGT5saHZtTyd/KLnet2Q5Zv29263u2Ef1Y8HPbTL1zHtf/K5eT6zouQN7WpY0o8rW9uh/pu+77Xb7Q37VMgXSv2XJ7m/qP+mfoGXzzW18d1ud2Kd9fWwrZcpkJo+T9vwIVvAVd+DaX2L3k4xy/ZtK19od33+Ie/Btv6YDkL7nMsT2n3DBWxhTwh7aE9hCEKe0B7yS4HeaJq2ha0XW2U6cbTb7fFr6wHe9tq+5YeG9tDllSlPaI/dn109vb4vXLbeL/naaoC3vXbI8kNDe8jyQqj7X+jyfV+WbOuhv3/b66j/nuczK0re0K6usym86/ux/hm4htfYtk+z2fRuf1eANv1C5PuSFHKsmZYZM3wopFfatOwitpN+TIQu20TdVrGhXed7DyHnOJSH0D7nygztWXra5yG0m3ra9W2hBg19uIn6XL2BNZ0cTOUL7eryQ0N76PLKVGZot/W0m07c8jPSt4P+a4bek6iui21b+kK7uvzQ0B6yPBPTZ276IudafsiXupDQbnsdNbSEbLOyFRXaJTlLldy39J5m/QuZq6c+dMiRWkWFdtM+6NvXbV9+Q7+AhYR2U/tX9HaKWbYQ7m3le0+uzz/kPdjWH9NBaJ9zRYxpt3ENFbE1rCl8iy9iTLutZ8TUCPtCs0vvd+MLhVjf3qafYX2KDu1VKmJMu42+P+cNgGqvdLfb3fCTdZZfWvTlx4T22C9W8qd7/Wd0Qrtb0aFdiI0Xv6tf7m3hTP3C5dunQ4JwntBuGqc/q6E9y3aKWbZvW4W8J/Xf9c8n9Is6qkFon3N5QrtvvLJrFhVbw6CPQa1C3tlj1BOmzjRGMU9ol436cDjcMNYxZHx96PJNjwkNaNOUJ7TH7s95A6D6JUtegCaFfP4hyw8NF6H7m0ofCiP/LWQbqcsPWXbIsIM8w2PqENrV9ZfByjZkTaV+FvovQLbXN8kT2k3HXch6mZZZ9PAYU3AuejvFLNu3rUJDu+m5Ie+B0F4tQvucyxPahbgcQm0/39kCnCuYy0bBFCSnEebzhnZ5otIbPvVEqsoT2oW4PH+9rUdTf52Qi/z05etDR+Tna7oQ0be8MuUJ7XJdQ/fnIgKg3Pb6NpOvrb+OekFd6PL115G9a+pnHrI8nf4FVO6Dpn3CtXzTF3V9nzF1ANguVjR9cY0Z0lS2PKFdH0YlxOXtrr4ndbYW9X0Nh8OJfU3/omq7kNXUdumvlbenXf185fGmh3bbevm2R+yFqCpXaC9qO8Us27etXO/J9/mHvAdCe7UI7XMub2gXwjwtW5afu1XqLA+mkFGmvKFdiLi7auYN7XL727a5fmdWfVmhy9dfw3bxom95Zcob2oUI35+LCIAy+Jq2kWkfCr0YzjUF3WAwMPZc+5Znon7WsufdFq5dy9cf43oN+TfT+y9qm5WpyNljZJkCqQxztt5p2/Gp/t30BcjWnuUJ7aYpOPV9xLRevgDsa4Oyhvait1PMsn3byveeQraN6z0Q2qtFaJ9z/+XvbxRf2L/NW//l7813RK2jm/YdE9v3rnirvc98R1RU5/XHPxB0R9TXH/9A1auKOfXpr/yp2NK6ylufvvlPcy0ny5AnAGkjtAMAUCOh93oAMFsI7QAA1IjtGhcAs43QDgAAACSO0A4AAAAkjtAOAAAAJI7QDgAAACSO0A4AAAAkjtAOAAAAJI7QDgAAACSO0A4AAAAkjtAOAAAAJI7QDgAAACSO0A4AAAAkjtAOAAAAJI7QDgAAACSO0A4AAAAkjtAOAAAAJI7QDgAAACSO0A4AAAAkjtAOAAAAJI7QDgAAACSO0A4AAAAkjtAOAAAAJI7QDgAAACSO0A4AAAAkjtAOAAAAJI7QDgAAACSO0A4AAAAkjtAOAAAAJI7QDgAAACSO0A4AAAAkjtAOAAAAJI7QDgAAACSO0A4ANXbsxFFxYHC/ODC4X3zzgd3i5r1fEDfv/YL4zFeuE5s/d5Wx3vexPxCf379NfH7/NnHrwzeO65vf/8/jemj1W+P6yclnxWu/Oln1WwWAWiO0A8CMO3bi6Dic37z3CxPhO2t98utXZq5bH75xHOj/YbgsXvvVSUI9AOREaAeAGXLsxFHxzQd2jXvK8wTzskK7q2SYJ8QDQBxCOwAk7NiJo4X1nqcQ2m298gyxAQA3QjsAJKSqkF5VaLeFeDmsBgCwjtAOABU7MLi/0oCeUmhnOA0AmBHaAaACMqinFtZTC+2mXngCPIB5RGgHgCk5MLi/9AtI6xzaTQEeAOYFoR0ASqSOUa8qgL//+neL9//5en3gE+uVJ7Q3v/1H47qh90HxF39zVeVDaOh9B1B3hHYAKME3H9g11aB+xccvh/MPfOo94spPvUdc9Rf/Qnxw+x9uqCv/4l/kCu077v1j8dnvfHhD7bj3j8Vn9n1oHOi337Ue6KcV6j+/f5v4D3/7sLj3yRfFqTMXqt4FAKBQhHYAKNA0wroM5zKY28K5rcoK7a7ace8fj8N8WSG+sfcj4upbDo+L8A6gTgjtAJBT2UNg3n/9+pAWV+956qHdVJ++p9gQv/X23kRoJ7wDqBNCOwBkdOzE0VKCetEhPdXQrpccWpM1xC/c/ogxtBPeAdQBoR0AIpUR1t9//fpY9DJC+qyEdtNwmtAA/7E7b3QGdsI7gFlHaAeAQCdHPy80rMse9WkE9VkL7Xr5QvuWWx8IDu2EdwCziNAOAAGKusC0qqBeVWj/0iPXidHZV4QQQqxduiiO/PTBDX9/8/xr4s3zrzmGzfyRc30+/t+ujw7ssrbvWRH3PvlitTsXAAQgtAOAQ2Fh/c+rDeplhvbl5/5WvHn+tfE2e/P8a+Kuf7xZfPY7Hxa/OPOCWLt0UXzpkevES6efE0IIsfNwa/xc+W/y8aa64ZsfzHQBakzdtP8Yve4AkkZoBwCDA0fuLySsV92rXnZo/8mpVeP2O/6LfxCf/c6Hxdqli2J09hXx2e98WBz/xT8IIYS4/9ii+Ox3PiyO/PRBIYQQT718yNlb7xrXrk/zmLcYMgMgVYR2AFAUcZHpFR+vfgjMNEL7zsOt8XZ76uVD4kuPXCc++50Pi7v+8eZxb7oQwhja7/rHm8XapYviF2decAb25rfdQ2OK6GVnyAyAWUBoB4DfyTsUZpozwKQQ2mUIdwVv0/AYOY5d/nvWXvZPfv1KsfW2hwoP7QyZAZAiQjuAuZd3Vpj3X59ur3qZof0XZ14QQqz3pKtj2n9x5oWJXnf5t3Nrb4kjP31wPKRGDpOx1afvcfeyh0zzuPXOVXHtzqPimu7juYbMAEDVCO0A5lqe3vUrPj5bYb3o0C5nhTGRQ2L0Wn7ub4UQ62Pe7/rHm8W5tbeEEOuBXg/xvgtQfdM8bu4eEdsWnxUf3XNcfHTP8VzhfeeBE/S6A6gUoR3AXMrbu57ymPVph/ZfnHlhPIb9qZcPjbexHth3Hm5NXJh6bu2t8VSPb55/TZxbe6vQaR633rk6Duyyti0+K67deTTzWHeCO4CqENoBzJ08vetFhvWFv/qQeOXUS0IIIS6uXRAPHL5nw99Hb/xSjN74ZZKhXQ6Peen0c+Owff+xxfF21kP76OwrYu3SxYmLVOUsM3J8fJHTPKq97HptvXM1c687w2UAVIHQDmCuZA3rpnHrDxy+R1xcW+95/e7RhzYE7id/8Jh469yb42X/0ys/EV/+xufGj/mnV34iLq5dEAt/9SHx4xeeFUIIceOtfzb+u/w39TkphXbZq64GcTlefe3SxYnALkP58nN/O/43Ieyh3XcB6sLtjziD9ZY7VqyBXa2sQ2a4SBXAtBHaAcyFrMNhTOPWv/yNz4nRG7+ceP0nf/DYxGP+6RVzG3dx7cL4MRfXLohXTr0kPrj9D8WTP3hMCCHE7nu/Mv5CIMTGLwMphXY53MVEvfOp7H3/yanViSC/dumicXiM7wLUP93117l62YsaMrN9z4r43g9fLWoXBQAnQjuA2st6oyTbUBjZg7773q+Ml2EK7U/+4DGx8FcfEh/c/ofimRMr48fKxwghjKH9y9/4nLi4dkH80ys/KTywFxna5ewwcpiMEOt3Q1V709Wx6/r0jvcfW5y4EFXeFTXvNI9bbhsEB/YihswwXAbANBDaAdTaNx/YVeqsMJIe2vWhMnKoy1vn3nQOj5Hj2OW/px7aiy7fBaih0zxmCe3qkJkss8sAQJkI7QBq6zNfua70C00lU2iX492lV069NDFmXR1m89a5N8UDh+8Z98jLYTLzFtrLvgCV4A5gVhHaAdRSluEwWWaFkUJCuxDCOeTl7ke+Nn6tL3/jc+OLWOVQnLqH9h33fij3NI+hF6CGjnWPHS7DBaoAykJoB1ArWS44/cCfZ5/GUXINj7nx1j8bD38Rwnxx6Y23/tnEhalvnXtzPNXj6I1fTgyrqWtoT6WXPW+vO/O5AygDoR1AbWSZf/0Dn3pPrgAsuUL7B7evj2t3PfaVUy+Ji2sXxsNn1MfJi1TrHtpzT/OY8QLUoItUdz8V3ev+o5+/KQCgKIR2ALWQ5YLTIm6SJOlBXI5Rl4FdBm8hNva0y7/d/cjXJl53nkK7b5rHaVyAWsZwGaaEBFAUQjuAmRcb2GNmhzGVOtWjTgZt03h2IdbHp6uzwsjXeubEysQyLq5dmKvhMb5e9i23PuAMx5u7R0oN7BPDZe5YiQruTAkJoAiEdgAzLTaw5xm/HhPav/yNz42ndBRiPaz/+IVnN0zjKMeu6/+++96vTFyIWuRdUVML7b5pHkMuQC27lz3vOHd63AHkRWgHMLOiA/sn3l1Y8J3lSi20p3oBKsEdQEoI7QBmUmxgvzLnBad1qpRC+457P+QcGtPY+xFvGC5ymsfY2rr7KYI7gKkgtAOYObGBvYgLTutUKYX2We1lnwjud65GXaDKrDIAsiC0A5gpMYE97wWnda2UQnvK0zwS3AGkhNAOYCacfe6L4r/tvYYe9hqF9lmY5jGmYqeEJLgDiEFoB5C8t1/7vhgdfJfYd/t/FzlTDOPYUw7tRUzzWPXQmDw97tw5FUAMQjuApF369YtidPBd4uR9m8TJ+zYR3GsS2mdxmscygvtN+48R3AEEIbQDSJoa2GUd2vt7UcH9/Q2Ce2qhvQ4XoPqCe+gwmZv2H6v6MAMwAwjtAJJlCuxqcL+m6Q+fanC/6gbGuKcS2nNfgFrhNI9lBPedB05UfbgBSByhHUCSXn/8SmtgJ7jPdmjffpd7aMzCHbfPdC971uDOHO4AXAjtAJJz5qnrvYFd1g/vfkdUcL/i+nfPfXCvOrT7etm33vbQTEzzGBzcI27AxIwyAGwI7QCSImeKCQ3tsm743P8UNc79yk/Nb3CvMrTXbZrHooM749sB2BDaASQlS2CX9X9/MTK4f3I+L1CtMrTX/QJUgjuAshDaASQjZBy7r77a+WdRwf0Dn5i/4F5VaC9imsdZuADVVVtuf4ILUwFkQmgHkIQLL30rd2AnuKcd2ue5l12t0DncuTAVgIrQDqByoePYR/3w4M5NmNIL7fMwzWNIxcwoAwASoR1A5ULHsV86tEmcf5TgPouhfV4vQLUG98Dx7QyTASAR2gFUKnR6x7XvbhLi8HoR3GcvtOed5nFz90jlQbuq4M4wGQBCENoBVOjSuReDetlPP3g5sGcJ7of2/p645i//ZXBwf3+j3sF92qG9iAtQ69TLrlbIhanb96xUfagCSAChHUBlQmaLGfXXh8XooV0cXu99LzO41/UmTNMO7VyAaq9ti88GXZjKMBkAhHYAlXj7te8Hj2M3BXY1uI8eCAvuP7z7HVHBva53T51maN9x74ecr9XY+5HaT/Poq9ALU7lbKjDfCO0AKhEyLOb8o+7AnjW4b/8P//NcB/dphnZ62cPq2p1HvduBmy4B843QDmDqQobFnH7Q38uu1qVD4cH95H2booL7+z72B+LKT9UnuE8ztOee5vG2QeWBehq1bfFZZpMB4ERoBzBVocNi1Nliygruf935X+KC+yfrcYHqtEI70zzGVehsMgyTAeYToR3AVIUMiznzcHxgV+v0Q+HBfdd//R+jgnsd7p46rdBexDSP8zA0Rq1r71hhmAwAI0I7gKkJnZM9ZliMrc48THCvMrQzzWO2Ch0ms//JF6s+nAFMGaEdwNSE9LJnGRZTRHCfp5swTSO0cwFq9goZJkNvOzB/CO0ApiL04tOiArusswcI7tMO7SHTPF731UfneppHX4XcdInedmC+ENoBTEVIL3sRw2LyBvdDe38vKrjP4t1Tyw7tvl72hTtup5fd19seOHc7gPlBaAdQupBe9tA52bPW+Ufjgvvmz7w3KrjP0lzuZYd2pnkspkLmbmcKSGB+ENoBlOrSuRcr7WUnuE83tDPNY3EVelHqqTMXqj7MAUwBoR1AqUJ62Yu8+LTI4P7Du98hrvnLfxkc3Gfl7qllhnbvNI9cgBpV9LYDkAjtAEoT0ss+emA6vexqrX03PLifvG+T2P6F/zVqnHvqd08tK7QXMc3jtTuPVh6UU6uQ3nZuuATUH6EdQGlS62XXg3vM3VO/+J/eFxfcE757almhnWkeyymmgAQgBKEdQEnefu37Sfay5wnuu2//V1HBPdWbMJUR2nfc+yHv0Bimecxe13QfZ2w7MOcI7QBKkXIvu1qXDs1fcC8jtPt62bkANV+F9LYzth2oN0I7gFL4etlPP1htL3ue4P6db/xvccE9sZswlRHavReg3vaQM3Bu7h6pPBinXiE3XAJQX4R2AIW78PK3ZqKXXa/TD4UH93sXf39mg3vRod03zWPIBaj0svsr5IZL3CUVqC9CO4DChfSyVx3QbXXm4foH96JDO9M8Tq98Y9u5IBWoL0I7gEK9/dr3Z7KXPWtwP7T398TmG/9NcHBP4SZMRYZ23zSPjb0f8QZ2LkANr5B527/3w1erbgYAlIDQDqBQIRegpjKW3VVnD0QG9x3h49yrDu5FhnameZx+Mf0jMJ8I7QAKE3IzpTMPVx/IywjuP7z7HVHBvcq7pxYZ2n1DYxZuf8Tdy37boPIQPGsV0tsOoH4I7QAKc+65L9ail12t84/GBfd/93+F34TpiuvfXcndU4sK7b4LUJnmsZziglRgPhHaARRmli9ALSq4n7xvk/jSrX8SdYHqtIN7UaG9iGkeGRqTrbbcsUJvOzBnCO0AClGHC1CLDO5f/E/hPe7v+9gfiCs/Ob2ZZYoI7UzzWG2F9LZzQSpQL4R2AIWoywWorlr7blxwX9z1wajgPq27pxYR2rkAtfriglRgvhDaARSiTheg+oJ7zN1TUwzueUP7Z/Z9yDvN43VffZRpHksuLkgF5guhHUBuIXdAnfVe9jzB/TvfCJ9V5n0fK/8mTHlDOzdTSqMYIgPMF0I7gNx8Q2Nm9QJUV106NLvBPW9o9xXTPE6vfBekMkQGqA9CO4DcfENjZvkC1CKD++P3ht859X0fW78J06yFdqZ5nG4xRAaYH4R2ALmEzBpTp6Expjr9UHhwf+zu3xdb/v0VUcG96JswlRnar9t5D0NjplgMkQHmB6EdQC6+oTGjB6oP1dOoMw/PTnAvK7SHTPN47c6jlQfdutWW259wbvOdB05U3UwAKAChHUAu8zJrTNHB/Yd3v0NsvjF8uMwV17+7sOBeVmjnAtRqyjdE5oY9K1U3EwAKQGgHkNmlcy96w2ldx7Pb6uyB8OB+8r5NonnTH0WNcy/i7qllhXameaymGCIDzAdCO4DMfFM9zsvQmLzB/Uu3/klccM9599QyQjsXoFZbvm2//8kXq24uAOREaAeQmW88+zwNjdHr/KNxwf1re66OCu55bsJURmj3TfO4uXuk8mBb5/INkWHqR2D2EdoBZFLp0JgfbxXi7dfXV+Tt19f/X//7pV8L8cYhgvsUQnvIBaj0spdbIUNkAMw2QjuATDLfBXXlnUK89uDlF9ID99kfmBf42oOXH3Pp10KcH67/99uvr5f6+hd/vv5vK++cuR73++7+P+KCe4abMBUd2rkANY1iXDtQb4R2AJmc/fFfxw+NeenL64Fb9dMdk485PzQvUIb2H2+d/H/5ePn8t343U4b+ZaDCWvtuWsG9yNDe2PsRb1jkAtTplO/uqIxrB2YboR1AJr7x7GcPGALs+eF6vbLr8gvZQrv+77J+umP976bQLl/3l9+uPKibgnvM3VPLDO5FhnZ62dMpxrUD9UZoB5CJb35253h2GbyFiA/thzdtHB5z8edCrF4x+e8JVmxwf/zefyO2tK4KDu6hN2EqMrR7p3m8bVB5mJ2X8o1rZ752YLYR2gFEC7kI1TiePSa0jxf26/UhL6tXXH7MK7suX4h68efrQ2Eu/nz9sSvvrDycu+rSoQzBveC7pxYV2pnmMa3atvis9/M4debC1NoJAMUitAOIlnt+9pjQLqkXm+r1xqHLr/XKrsvj5s8PJ8N+IhUb3E88ckVUcPfdPbWo0M40j+nV5u4RLkYFaorQDiDamaevj78INTS0q7XyzssXltoe+9KX1//22oPrAV2I9RC/8s71/35rpfKQbqvTD4UH9x//3e+Lv/yP10QFd9vdU4sI7UzzmGb5Lkb96iPPTaOJAFACQjuAaL6LUM8/WlBo9z125Z3rveoXfz75WPk4eeFrAgHdVmceDg/uo0ffJTq7ro+6QNV099QiQjsXoKZZ1+5+iotRgZoitAOIlusiVF8Ql2PUTT3t+lCX88P10C7/fQZDe2xwP3nfptzBPW9ob+z9iP8CVKZ5rKS4yRJQX4R2AFFyXYSq3lRJJ4O2jX53U/laL3358r/JOdxnZHiMWmcPxAX3Pd9sRAV39e6peUM7vexpl++zOf7yG4W0BQCmi9AOIEqui1BDQvtPd0xejHrx5+sXl6qvI8eumwL5L789eSHqyjsrD+RlBfev7bk6U3DPG9p9F6AyzWO1tfm2J7gYFaghQjuAKJnuhEoF1/lH44L7A/v/LC64//l7coV2pnlMv7gzKlBPhHYAUXwzx3gvQqUqD+7vb7wnc2jfettDDI1JvHx3RmUGGWA2EdoBRPHNHOO9CJUqJbgP+v9nVHDPEtpDpnm8dufRykPrvBczyAD1RGgHECX3zDFUcK19Nz64b2ldVVpo5wLU2SjfDDI37FnxH+gAkkNoBxDFF9qtM8dQmYN7zN1Th99bKCS4m0I70zzORm1bfJZpH4EaIrQDCBYy3WPVIbeOFRvcTzxyRe7gzgWos12+z+rUmQtVNycAIhHaAQTzhXbndI9Urrp0KC64nz5ypfjL/3hNYaGdaR5nqzZ3jzDtI1AzhHYAwXxztJ9+sPpwW+fKEtxv/tqnc4f2kAtQ6WVPq3zTPhLagdlDaAcQzBfamaN9OnX6ofDgPnr0XeIb+7+UK7Rft/MeLkCdsfJN+8hc7cDsIbQDCOabo/3sgeoD7bzUmYfjgvvXv93KFNobez/iDexcgJpeMVc7UD+EdgDBuLFSWhUT3E/et0n8/YGbo0M70zzOZvnmaie0A7OH0A4gGDdWSq/OHogL7v0HPhsV2r3TPHIBapJFaAfqh9AOIBihPc2KDe5PPvrvgkI70zzObnFXVKB+CO0AghHa063zj8YHd9dc7iHTPG7uHqk8nFLm8t0VldAOzB5CO4BghPa0K0uPuy24M83jbBehHagfQjuAYIT2dOrS9zaJtf93kzjz9+vz48fM367W8HsLxuDOBaizXYR2oH4I7QCCjQ6+yxkALx2qPszWtYoI6LY689T14tM3/+lEaG/sfoxpHme4ti0+6/z8btizUnVzAiASoR1AMEL79AL62QPlBHRXcP/K178wDu30ss92EdqB+iG0AwhGr00c+gAADyhJREFUaC8noJ9/dL0XfVoB3Vanj1wp/ua+r3pDO9M8pl+EdqB+CO0AghHa6xPQTfX/3f8/iP3f/oT43z/377kAtQbl+7UEwGwhtAMIRmivT0A/ed8msbL/vWL/tz8hPr/rdvGp2/d5Qx5DY2anfD3thHZg9hDaAQTzhcCqg3IqAT3FkL6y/73i4NK/jQ7oel2782jlgZTKH9oZHgPMHkI7gGC+YDgPPe2zFND/657P5wro9LLPbhHagfohtAMINm/DY+Y9oG+4AJVpHmemfPO0E9qB2UNoBxCszjdXuvS92QvoZYd0vbgAdXaKmysB9UNoBxCsLqFdDejTnAt9lgL6hl52pnmcqbp291OEdqBmCO0Agp15+npn0Dz/aPWB3BTQy7ybaB0DuqzNtz8httzxD2LrrqcYyz5j5QvtX33kuaqbEwCRCO0Ags1CaK/ibqIx9fTf/euZCOiE9NkuQjtQP4R2AMHO/vivnYH07AECulrDv/vn44Ced6pFAjoVFdp3HnXuA/uffLHq5gRAJEI7gGBVhvbUb1Y0/Lt/Llb2v5eATiVRhHagfgjtAIL5QvuZh+cjoJ+8bxMBnUq6ttyxQmgHaobQDiDYhZe/VXhon5WA/jff+DgBnZqZ2nzbE8795/jLb1TdnACIRGgHEGxtdNgZbk8/GBfQUwzpK/vfKx741p9M5WZFoXVN93ECOhVVm7tHCO1AzRDaAQTzhfbRAwT0IgP61jtXCehUpvLtZ6fOXKi6OQEQidAOIIovCBPQCehUtbVt8VnnfnfDnpWqmxEAGRDaAUSpOnxnCegphPRruo+Lzbc/QUCnSi/fHO2EdmA2EdoBRPHdYImATkCnqi3fdI/cWAmYTYR2AFGqDO0pBvSrbzlMQKeSKqZ7BOqJ0A4gim+u9qLqxP/z3ycb0K/96lECOpVsMd0jUE+EdgBRfDPI5A3oqc2FTkCnZq2Y7hGoJ0I7gCiXzr2YO6AnfTdRAjo14+Xb15nuEZhNhHYA0WLHoad+N9GqQxZFFVXMHAPUF6EdQLTRwXcR0CkqwWLmGKC+CO0Aoh1c+rdJ3qyIgE7Ne/kuQmXmGGB2EdoBRNt98AQBnaISLC5CBeqL0A4g2r1PvEBAp6jEatvis95jiYtQgdlFaAcQ7fjLb0wtoBPSKSqsuAgVqDdCO4BMCOgUlVb5xrNzESow2wjtADKJHddOQKeocovx7EC9EdoBZBIyrp2ATlHTKcazA/VHaAeQSci49qqDDEXNSzGeHag/QjuAzHyh/drdT1UeZihqHorx7ED9EdoBZOYb1775ticqDzMUNQ/FeHag/gjtADILGddedZihqLqXb2gM49mBeiC0A8gsZFw7Q2QoqtzyDY1p71utuqkAUABCO4Bcbtp3zBkYttyxUnmooag6F0NjgPlAaAeQi2+IzObukcpDDUXVtRgaA8wPQjuAXBgiQ1HVlW9oDFM9AvVBaAeQmy+0M0SGosop39CY7/3w1aqbBwAFIbQDyI1ZZChq+sXQGGC+ENoB5BY0RGbn0cpDDkXVqXy97MwaA9QLoR1AIXyhnRstUVRxtW3xWe8xx6wxQL0Q2gEUImSIzNY7VysPOxRVh/JdgMrQGKB+CO0AChEyRIbedooqpnxDY776yHNVNwkACkZoB1AYLkilqPIr5AJUhsYA9UNoB1AYLkilqPLL18vO3OxAPRHaARTqpn3HGCJDUSVVSC/7/ideqLoZAFACQjuAQh0+/qq/t507pFJUpvL1snMBKlBfhHYAheOCVIoqvrbe6f4ViwtQgXojtAMoHNM/UlTxxTSPwHwjtAMoHNM/UlSxRS87AEI7gFLsPniCmWQoqqCilx0AoR1AKehtp6hiKqSXvb1vtepDHkDJCO0ASkNvO0XlL3rZAQhBaAdQInrbKSpf0csOQCK0AyhVyEwy9LZTlLlC5mU//vIbVR/mAKaA0A6gVCG97VffcrjycERRqdWWO1boZQcwRmgHULqQ3vYtd6xUHpIoKqWilx2AitAOoHShve3ccImi1ivk4lN62YH5QmgHMBUhve1clEpRYRefMmMMMH8I7QCmJiSIcFEqNe8VMizmseOvVn04A5gyQjuAqTl8/NWg4L7wtR9UHpwoqoq6dvdT9LIDMCK0A5iqm/b5f/pnmAw1r8XFpwBsCO0Apir0olSGyVDzVlx8CsCF0A5g6kIuSmWYDDVPFTInO8NigPlGaAdQie17/SGFYTLUPNTWO48FDYvZ98QLVR+2ACpEaAdQCYbJUNR6hQR2etkBENoBVCZ0mAw3XaLqWiHj2Ln4FIAQhHYAFQsdJsP4dqpuFXoTJeZkByAEoR1AxUKHyTC+napbhQyLae9bZVgMACEEoR1AAkKHyWy5Y6XyoEXNT+089DNx9sIlIYQQZy9cEjsP/WzD39d+81vxo1fORr8249gBxCK0A0hCyDCZq285LK7d/VTlYY5Kv3bc87z46alfi7Xf/FYIIazh+pmXfjUO5kII8fLpC2LHPc+Lj+45LtZ+81tx8sya+Oie4+LshUvi7IVLE69/+tzb4uyFS+PHhxbj2AFkQWgHkITQYTJcmEr56ksPvjAO6zr1cafPvW18zF1Pvip2HvqZEEKIZ176lfjonuPi5Jm1ief/9NSvhRBiQ++7r0LnY+cmSgB0hHYAyTh8/FXGt1O5Swbq0+feHofqHfc8L+568tXxY5Z/9LoQYr0H/v5nTo3//a4nXx0/VghzaJfPHQzfjFqva3c9HfzFlGExAHSEdgBJIbhTeUty9YLLEO4K3vrwmNPn3h734st/D63QGygR2AHYENoBJOemfWFT4XFhKqWXHNYihJgY0372wiWx/KPXx4+T//7y6QvjMe36uPflH70+/pvstT997m2x9pvfRo1jjwnsTO8IwIbQDiA5p85cCL4wleBOqSWHtdjIITIuckiMXj965ez4NZZ/9Po4+J88sya+9OAL1nUKDew7DzxXzAEEoJYI7QCSFHNhKsGdkqWGdjlWfcc9z497zGUgl5556VfjXvOXT68PSzENfbn/mVPjx3/pwReEEEL86JWzYsc9zwsh1nv1TesTGtiZjx2AD6EdQLJCx7cT3ClZ6vAYtfdbjmGXoV32kqtDZp556VdCiI2hfcc9z4u13/xWnD73tvjonstfDGSv/ckza8agHxrYb9izQmAH4EVoB5C00BsvXX3LYbFl59HKQyNVfclALsenq1NAygtP1V71Hfc8L3bc8/w42L98+sLE6508sybWfvPb8ZeAkNAeGti58BRAKEI7gOTtPvg8wZ0KLjn2XHf63NvjoTByuItu7Te/nZh1Rva+q9NCyt582/AYAjuAMhDaAcyEmODOXVMp9U6na7/5rfjpqV9vmPHl/mdOTdxg6eXTFyYCuxy7bhqvPhi+OXEhqnztmMDOHU8BxCC0A5gZoVNB0uNOVVExgZ2pHQHEIrQDmCkEdyrFigns+554serDCMAMIrQDmDmhc7gzqww1jYoN7IxjB5AFoR3AzIm5+dLVtxwWm297Qix87QeVhzuqXrXwtWfpYQcwNYR2ADOJ4E5VWdfueprADmCqCO0AZtbxl9+IC+7dIwR3Kndt2Xk0eJ8jsAMoCqEdwEyL7XG/+hamhKSyV0zvOrPEACgSoR1ALcTMKsPMMlRsxY5fJ7ADKBqhHUBtxNyAiXHuVGjFjl8nsAMoA6EdQK3sf+LFqHBFrzvlqtjx61ffwp1OAZSD0A6gdg4ff5XgTuWqLMNhrr7lMHOwAygNoR1ALWUJ7gyXoT66Z713PTawt/etEtgBlIrQDqC2YqeEpNd9vitr7zp3OQUwDYR2ALWWZUpIet3nr7L0rnPBKYBpIrQDmAtZLlCl173+lbV3nfHrAKaN0A5gbhw+/mq2XvfuEcJ7DStr7/oNe1YI7ACmjtAOYK6cOnMhej53hszUq7KGdcavA6gSoR3AXMo6XEYOmSG8z15tu3M1c1indx1A1QjtAOZW1tllGDIzW5UnrNO7DiAVhHYAcy9Pr7sM7/S8p1d5LjKldx1AagjtACDy9bozbCatWvjas7nGrdO7DiBFhHYAUOx/4kXC+4xW3mEw9K4DSBmhHQA0p85cyDVkhvA+3crbq07vOoBZQGgHAIsihsxcfcthseWOFS5aLbiKGAJDWAcwSwjtAOBRxJAZet+LqSKGwMhq7ztGWAcwMwjtABCgqCEzsph1Ji6ob7ljhbAOYK4R2gEgQtHh/epb1u+0SoCfrK27nxabb3uisKB+9S1cZApgthHaASCjIofN6D3w2+5cnbsQX0ZQl8W4dQCzjtAOADmVEd71Xvitu5+uVYjfdueq2Lr76UKHvZiGwTx2/FXCOoBaILQDQEHKDO+zHuK33bm6PttLST3pau06eIKgDqB2CO0AULBphPcNQf5300pu3f10ZUNrtt25OtmDPoWArhZDYADUGaEdAEoiL1qdZoC3BvrfhXpZW3c/PQ74MuSrJf9dDeKytuw8On7Nzd0jUw3mejEEBsC8ILQDwBTsf+JFsevgicrCbZ2qve8YveoA5g6hHQCmbP8TL4r2vmOVh99ZKoI6gHlHaAeACtEDT1AHgBCEdgBIxGPHX618DHzVxRh1ADAjtANAoo7/7I3xUJo6Bvnte1fEroMnCOkAEIDQDgAzQob4XQdPzGSIb+87JnYdPCGO/+wNQjoARCK0A8AMO/6zN8bDanYdPFF5r3x737FxOH/s+KvjgE5IB4B8CO0AUFNqoJe16+CJcbiXtX3vykTQl/+/fe/KxOPkc2U9dvzV8dAWQjkAlIvQDgAAACSO0A4AAAAkjtAOAAAAJI7QDgAAACSO0A4AAAAkjtAOAAAAJI7QDgAAACSO0A4AAAAkjtAOAAAAJI7QDgAAACSO0A4AAAAkjtAOAAAAJI7QDgAAACSO0A4AAAAkjtAOAAAAJI7QDgAAACSO0A4AAAAkjtAOAAAAJI7QDgAAACSO0A4AAAAkrtLQTlEURVEURVFUeE01tAMAAACoFqEdAAAASByhHQAAAEgcoR0AAABIHKEdAAAASByhHQAAAEgcoR0AAABIHKEdAAAASByhHQAAAEgcoR0AAABIHKEdAAAASByhHQAAAEgcoR0AAABIHKEdAAAASByhHQAAAEgcoR0AAABIHKEdAAAASByhHQAAAEgcoR0AAABI3P8PwVYOmEgrv3QAAAAASUVORK5CYII=)
Furthermore, we believe that a significant proportion of large-in-scale (“LIS”) trading should also be classified as non-addressable and should therefore be closely considered. When applying the additional step of classifying LIS liquidity as non-addressable, on-venue trading represents around 92% of the total addressable liquidity with systematic internalisers and pure OTC representing only 8%. We discuss this further in Section 3.
• In summary, available data shows that there has been no material post-MiFID II increase or decrease in the proportion of trading executed across the various types of execution venues. Moreover, there has been no observable decline in the quality of the price formation process.
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