- Spectrum Markets’ monthly SERIX® data reveals a bullish sentiment towards both major crude oil indices last month, with WTI at 111 and Brent at 108
- Geopolitical tensions in the Middle East, along with supply concerns, have led to a steady increase in sentiment related to crude oil since June 2024
- Spectrum saw 36.9% of trades in September 2024 take place outside traditional European market hours, reflecting ongoing demand for 24/5 trading
Spectrum Markets (“Spectrum”), the pan-European trading venue designed for retail investors, has published its SERIX® sentiment data for European retail investors for September, revealing a positive shift towards both major crude oil indices: WTI and Brent, at 111 and 108 respectively.
What stands out in September is the steady continuation of the upward trend in crude oil SERIX® sentiment that began in June 2024, coinciding with escalating tensions in the Middle East. This trend seems to be driven by geopolitical instability, fueling market anxiety about supply shortages and associated price increases.
Market opinion
“Retail investor sentiment is showing a clear upward trend in line with rising oil prices. Geopolitical instability in the Middle East has undoubtedly played a significant role, fuelling concerns about potential supply disruptions, which have been reflected in the bullish outlook for crude oil,” says Michael Hall, Head of Distribution at Spectrum Markets.
“The steady rise in SERIX® values for both WTI and Brent highlights a shift in sentiment, as investors look to oil as a key asset amid broader market uncertainties. With the energy market continuing to experience volatility, we expect this interest in crude oil to persist,” Hall concludes.
Spectrum’s September data
The SERIX® value indicates retail investor sentiment, with a number above 100 marking bullish sentiment, and a number below 100 indicating bearish sentiment. (See below for more information on the methodology).
In September 2024, order book turnover on Spectrum was €242.4 million, with 36.9% of trades taking place outside of traditional hours (i.e., between 17:30 and 9:00 CET).
The order book turnover was distributed among various underlying assets as follows: 78.1% on indices, 3.5% on currency pairs, 11.9% on commodities, 3.4% on equities and 3.1% on cryptocurrencies. The top three traded underlying markets were NASDAQ 100 (27.8%), DAX 40 (24.8%), and DOW 30 (13.4%).
Looking at the SERIX® data for the top three underlying markets, the NASDAQ 100 shifted from neutral to a bullish 101, while both the DOW 30 and DAX 40 remained bearish at 98. 
Calculating SERIX® data
The Spectrum European Retail Investor Index (SERIX®), uses the trading venue’s pan-European trading data to shed light on investor sentiment towards current development in financial markets.
The index is calculated on a monthly basis by analysing retail investor trades placed and subtracting the proportion of bearish trades from the proportion of bullish trades, to give a single figure (rebased at 100) that indicates the strength and direction of sentiment:
SERIX® = (% bullish trades - % bearish trades) + 100
Trades where long instruments are bought and trades where short instruments are sold are both considered bullish trades, while trades where long instruments are sold and trades where short instruments are bought are considered bearish trades. Trades that are matched by retail clients are disregarded. (For a detailed methodology and examples, please visit this link).
About Spectrum Markets
Spectrum Markets is a pan-European trading venue for financial instruments aimed at financial institutions and their retail investors. Headquartered in Frankfurt am Main, Germany, and with presence across Europe, Spectrum Markets was designed for transparency, integration and openness while enabling unparalleled access to the markets beyond traditional trading hours with 24/5 on-venue trading for the first time in Europe.
Since launch in August 2019, financial instruments listed on Spectrum Markets have been made available for retail trading in Germany, Italy, France, Spain, Sweden, Norway, the Netherlands, Ireland and Finland.
Acting as a MiFID II regulated trading venue authorised and supervised by BaFin, Spectrum Markets uses a uniquely open architecture, allowing intermediaries and product providers to offer to retail investors a unique trading experience with increased choice, control and stability.
Being an MTF (Multilateral Trading Facility), Spectrum Markets provides access to innovative products designed to give European retail traders flexibility and control over their trades. This includes Turbo24, the world’s first 24-hour turbo warrant.
Through the pan-European ISIN, 24/5 trading services, intraday issuance and a fully proprietary venue, Spectrum Markets enables a guaranteed baseline level of liquidity over a range of products, is able to swiftly and safely match a significant number of orders, and to process messages with a low latency.
Spectrum Markets publishes SERIX® – the Spectrum European Retail Investor Index – a pan-European client sentiment that informs as to whether retail investors have taken exposure on a bullish or bearish view on a specific underlying. SERIX® is a measure based on trades made by retail investors across Europe which can be used to compare how sentiment has changed (in terms of directionality or strength of sentiment) over time on a monthly basis.
Spectrum Markets is a wholly owned subsidiary of IG Group (LSEG: IGG).
Further information can be found at spectrum-markets.com
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E-Mail: vasiliki@liminalcomms.com
Disclaimer
All information contained herein is for information purposes only and addresses exclusively Members of Spectrum Markets and persons interested in becoming a Member of Spectrum Markets. Nothing herein constitutes an offer to sell or a solicitation of an offer to purchase any financial instrument(s) listed on Spectrum Markets or any product described herein. Spectrum Markets does not provide financial services, such as investment advice or investment brokerage. Prospective retail investors can trade such products only with their brokers. The information herein does not constitute investment advice or an investment recommendation. Any information provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it.
