Squawker®, the high-touch trading venue for the sell-side, today announced its latest trading statistics:
- 80 firms now on Squawker, the community continues to grow;
- 300+ sell-side traders on Squawker daily;
- €386k is the average trade size on Squawker (significantly higher in large Caps): natural block liquidity;
- The top 20 sectors have hit rates on Squawker above 40%. Average hit rate across all sectors and markets is 18%;
- 87% of trade invitations are accepted; proving that trades on Squawker are not prone to spoofing;
- 45% of trades are agreed within 5 minutes rising to 70% within 20 minutes. Squawker is the efficient way to find the natural opposite counterpart, without algos or HFT.
Chris Gregory, CEO and co-founder, Squawker, comments: “In the nine months since we launched Squawker to the sell-side, the industry has been keen to personally and directly reconnect with one-another. As the old voice Squawk-boxes became too inefficient for traders to call out their interests, traders were increasingly forced to send all their trades onto the order books or dark pools. These algo-centric venues have shrunk trade sizes significantly. Now, with Squawker established and trading, traders are once more able to execute natural block liquidity.”
Squawker is an efficient method to safely find a natural opposite counterpart for orders that cannot be matched internally and are difficult to execute on the order books or dark pools.
Chris Brazier, Director and co-founder, Squawker, adds: “The community is achieving the best hit rates on Squawker when traders display, or ‘squawk’, their interests at the beginning of the execution process. While 45% of trades are agreed within 5 minutes of the initial squawk, 70% are agreed within 20 minutes. The exceptions to this are interests in illiquid / micro-cap stocks. These are sometimes displayed for longer periods, allowing trades, which are often multiple times ADV, to be gradually put together.”
Exclusive to the sell-side, the Squawker community is a diverse pan-European group, made up of tier-1 investment banks, regional tier-1s, traditional agency brokers, sell-side transition managers, private banks as well as niche sell-side firms. Within those firms, agency, program, proprietary, delta one and transition desks are all represented on Squawker.