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.
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.
The new law is set to benefit German regulated exchanges by enhancing competitiveness in European markets, says Eurex chief executive.
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.
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.
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.
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.