European Equity Markets: ESMA Launches Call for Evidence on Trading Structure Evolution
ESMA has launched a call for evidence on European equity market structures, analyzing MiFIR data from 2022 to 2025 and inviting feedback on observed trends and regulatory implications.
— esma
ESMA's CfE indicates overall stability in equity markets despite a decline in 'lit continuous' trading, offset by increased activity in alternative mechanisms (closing auctions, frequent batch auctions, SIs). The discussion on addressable liquidity and RTS 1, including post-trade transparency, is crucial. Market participants should assess the impact of MiFIR changes and future regulation on liquidity allocation.