Europe braces for T+1 with coordinated testing push
Industry roadmap highlights multi-phase testing, weekend simulations and heavy reliance on coordination across CSDs, CCPs and custodians to avoid settlement disruption.
Europe
Market data costs – the new market structure battleground
Rising market data prices will impact competition and liquidity in Europe, however the ‘monopolistic’ nature of market data may make this unavoidable, said experts at the FIX EMEA Trading Conference.
We chose ‘not to follow the crowd’, says Euronext chief after seventh consecutive quarter of double-digit growth
Stéphane Boujnah tells The TRADE how Euronext has stayed focused on profitability and free cash flow as annual revenue increases were seen across fixed income, clearing, FX and equity divisions in 2025.
Germany introduces new legislation to enhance foreign market maker access in Europe
The new law is set to benefit German regulated exchanges by enhancing competitiveness in European markets, says Eurex chief executive.
Etrading Software submits bid for EU OTC derivatives consolidated tape
The firm’s dedicated non-profit organisation, Transparent Markets Europe (TME), has announced its founding members alongside the submission, including: SIX Group, S&P Global, the German Investment Funds Association (BVI), and the Derivatives Service Bureau (DSB), among others.
Pico builds out market coverage with APAC, EMEA and Americas venue expansion
Texas Stock Exchange UAT (TXSE), MIAX Futures Onyx, Cboe US Treasuries, Nasdaq PHLX Fusion, and 24X National Exchange are among the venues supported by the expansion, which is set to provide clients with greater liquidity access across various asset classes.
Europe increasingly becoming a patchwork of auctions and off-exchange trading, finds report
The impact of the shift to the single volume cap (SVC) in October 2025 has reduced dark trading, with the number of instruments suspended at the EU level under the SVC declining by 39% from October to December 2025, according to recent AFME findings.
Europe should avoid importing US-style fragmentation without sufficient market transparency, experts warn
While the US consolidated tape emerged alongside centralised exchanges, the challenge for Europe’s long-awaited iteration lies in its being built after fragmentation became entrenched in its markets, said panellists speaking at the Equities Leaders Summit in Miami on Tuesday.
Cboe shuts doors on its European derivatives exchange service
The firm has said that the decision to close Cboe Europe Derivatives (CEDX) will redirect resources to other opportunities within the organisation, and will not impact Cboe’s other pan-European businesses.
The TRADE predictions series 2026: The macro view
Market thought leaders from Euronext, Standard Chartered and FinScan provide a view on what they believe will be the key macro-economic factors in the year to come, delving into their potential impacts in Europe, the US, Asia, and beyond.