European Equities – Market Microstructure Survey Q3 2020
27 August 2025
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European Equities Microstructure Survey
big xyt
A Comprehensive Review of Market Volumes, Fragmentation and Other Topics.
by Richard Hills, big xyt
It hasn’t been a good quarter for the European Equity Market. In nearly every country, we’ve seen record lows for volumes throughout the summer. August delivered the slowest month for trading since the MiFID2 era began in January 2018 and the pattern persisted into September. Although 2020 remains ahead of 2019 in terms of daily turnover, the lead has diminished substantially from 34% in Q1 to 11% in Q3 and may evaporate completely in Q4.
