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This is the figure announced by the Association for Financial Markets in Europe (AFME) on Wednesday (April 20th), which is far lower than previous estimates of 40 per cent.
It has released the figures in response to statistics used in the Financial Instruments Directive (MiFiD), which AFME said used statistics that did not take into account the distinction between genuine and technical trade reporting.
Christian Krohn, managing director of equities at the organisation remarked: "MiFID has transformed the European equity market landscape but the current reporting requirements cause confusion and can result in misleading claims, as our research shows."
OTC trades, or off-exchange markets, are transactions that take place away from stock exchanges.
The Financial Times described how the exchanges between AFME and MiFiD have become "increasingly acrimonious".
Posted by Chris Weaver
