Europe

The impact of the shift to the single volume cap (SVC) for dark trading in October 2025 has reduced both dark and lit order book trading across Europe, with the latter only making up 27% of addressable trading in Q4 2025, according to recent AFME findings.  

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. 

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. 

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. 

Market experts from RBC Capital Markets, Marex and Liquidnet share their outlook on the biggest factors set to shape European markets in the coming year, including the impact of changes such as single volume caps and the growth of ETFs.   

Counting down from three to one of the most read news stories on The TRADE over the past 12 months, featuring the Green Impact Exchange, LSEG, and One Trading.

The trading venue is currently engaging with firms including Uptevia, ABN AMRO Bank, Rabobank and Banque Internationale à Luxembourg. 

The measures, developed in line with Europe’s Savings and Investment Union (SIU) strategy, aim to remove barriers, simplify supervision, and encourage innovation across the EU. 

More than 70% of European asset managers currently feel disadvantaged compared to their US peers regarding corporate access and investment analysis access, according to the most recent Substantive Research survey.