This is interesting, particularly with respect to the recent liquidity discussions and meetings.
The Fidessa Fragmentation Index (FFI) provides a simple, unbiased measure of how different stocks are fragmenting across primary markets and alternative venues.
Using the Fidessa Fragulator it’s possible to query several billion trade records to get a complete picture of how trading in a given stock is broken down across lit venues, dark pools, systematic internalisers and bilateral OTC trades.
http://fragmentation.fidessa.com/fragulator
It basically shows how much volume in a stock is traded across different venues both traditional and non-traditional. A quick look at ANTO.L shows that more than 30% of trades are conducted OTC, mostly on something called BOAT. Which is definitely a new one on me.
Very interesting ... I feel like I have just discovered a dirty secret ;-)
