Liquidity Landscape: EMEA Mid-Point Update

The first half of 2025 has been marked by sharp market swings, political challenges, and ongoing geopolitical uncertainty. This led to a period of heightened volatility earlier in the year, followed by record trading volumes that, year-to-date, continue to outpace those seen in 2024.

 Key findings:

• Trade uncertainty and US isolationist policies have prompted investors to diversify into Europe, boosting volumes by 29% in the first seven months compared to last year.

• Systematic Internaliser (SI) market share is steadily rising in the UK, with SIs accounting for 19% of UK equity volumes in both May and August, compared to the European average of 11% for the year.

• Period Auction volumes are steadily increasing across both the UK and Europe. In the UK, the annual volume rose to 7.3% in 2025, up from 6.1% in 2024. Similarly, in Europe, volumes climbed from 5.7% to 7.1% over the same period.

• Off-Book activity – Price Forming, OTC, and Benchmark Price shows a 15–22% increase in addressable daily notional for 2025. The share attributed to price forming On-Exchange Off-Book activity remains steady, accounting for 7–9% of the market.

• Large in Scale (LIS) trades declined throughout 2025, followed by a recovery in early August. Despite the dip, the overall LIS notional remains higher than in 2024.

Please refer to the full report for sources

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Gareth Exton Head of Execution + Quantitative Services EMEA, Prashanth Manoharan Head of Execution Consulting, and Henry Baugniet Equities Execution Data Analyst.