Morgan Stanley has stretched its lead in European equity trading to an unprecedented level, according to the latest data.

The US bank traded client volumes worth more than €420 billion in the first quarter, according to financial information services company Markit, up from the €300 billion in the first quarter of 2013. The data places it 30% ahead of its closest rival, Bank of America Merrill Lynch, which traded €324 billion over the same period. Morgan Stanley had about 16% of total market share.