Stats › Intraday and market microstructure › Closing auction
9.4% of US trading happens in one print at 16:00
The two French figures and the UK figure are large partly because the denominator excludes off-book activity that in the US is folded into consolidated volume. Europe's auction really is bigger, but not by the four times the top and bottom bars suggest. Sources: AMF for France, BMLL for the UK and for the S&P 500 and Cboe Europe 50, NYSE for the whole US market.
At 16:00 New York the continuous market stops and every US exchange matches its on-close orders at a single price. That single print was 9.44% of US trading by value in 2024, and 53% of CAC 40 turnover in France. Indexing put it there.
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