ESMA has issued a call for evidence on the structure of European equity markets, drawing on MiFIR transaction reporting data for 2022‑2025. The analysis finds that markets remain broadly functional: addressable liquidity stays around 85% of total volume and on‑book trading accounts for 75‑80% of activity. It notes a drop in lit continuous trading, balanced by increased use of closing auctions, batch auctions and systematic internaliser trading. The call seeks stakeholder input on the concept of addressable liquidity, its treatment under RTS 1, and potential adjustments to post‑trade transparency flagging. ESMA also announces the repeal of the Q&A that said periodic auctions were subject to the tick‑size regime. Feedback is requested by 30 June 2026, with a summary statement due later in the year.
© European Securities and Markets Authority (ESMA).
Summary adapted from ESMA materials available at https://www.esma.europa.eu .
This document has been drafted using material downloaded from ESMA’s website.
ESMA does not endorse this publication and is not liable for copyright or other intellectual‑property‑rights infringements or for any damages.
Made by AI. If you spot anything of concern write us at contact@cybach.com. We’ll promptly correct irregularities.