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14 January 2026

European Equity Market Structure Review 2025

This report assesses the year within the long-term context of the market structure regime put in place by MiFID2/MiFIR in 2018. The data used is derived from the xyt Market Intelligence Platform. 

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Liquidity Matters

14 January 2026

Liquidity Matters
12 Days of Trading 2025

23 December 2025

12 Days of Trading - Day 12 - O Christmas Tree
12 Days of Trading 2025

22 December 2025

12 Days of Trading - Day 11 - I'm Dreaming of a Bull Market: A Quant's Christmas Carol
12 Days of Trading 2025

19 December 2025

12 Days of Trading - Day 10 - Decided where to trade? Don’t make a meal of it!
12 Days of Trading 2025

18 December 2025

12 Days of Trading - Day 9 - Less Ho Ho Ho, more algo, algo, algo
12 Days of Trading 2025

17 December 2025

12 Days of Trading - Day 8 - Competition for Aldi and Lidl?
12 Days of Trading 2025

16 December 2025

12 Days of Trading - Day 7 - Move Over, Cabbage Patch Kids—Active ETFs Are This Year's Must-Have
12 Days of Trading 2025

15 December 2025

12 Days of Trading - Day 6 - Caps off
12 Days of Trading 2025

12 December 2025

12 Days of Trading - Day 5 - Shiny Christmas Baubles
12 Days of Trading 2025

11 December 2025

12 Days of Trading - Day 4 - Don’t forget the Pickles.
12 Days of Trading 2025

10 December 2025

12 Days of Trading - Day 3 - When That Christmas Gift is Not Quite What You Wanted
12 Days of Trading 2025

09 December 2025

12 Days of Trading - Day 2 - Will your house be on Santa’s List?
12 Days of Trading 2025

08 December 2025

12 Days of Trading - Day 1 - It’s Christmas! Time to get the vouchers out.

15 October 2025

Unlock the Future of TCA
News

24 September 2025

xyt (formerly big xyt) launches independent Trading Data Intelligence Platform following company rebrand
Views

15 July 2025

Modernising Market Transparency: Our Understanding of the FCA Consultation Paper CP25/20
Views

08 July 2025

The Finance Hive’s CMX 2025: What Multi-Asset Buy-Side Desks Need from TCA
News

01 July 2025

Regents Gate Capital Selects xyt for Enhanced Trading Analytics
News

25 June 2025

big xyt Withdraws from CTP Bidding Process Following Industry Consultation

18 June 2025

Built for the Challenge: Our Commitment to the European Consolidated Tape
Views

04 June 2025

Scaling European Equity and ETF Data Processing To Deliver the Consolidated Tape
News

27 May 2025

big xyt Wins WatersTechnology Asia Award 2025 for Best Analytics Solution
Views

22 May 2025

Machine Learning Revolution in Trading: Key Insights from TradeTech Europe 2025
Views

21 May 2025

ETF Trading Strategies: Evolving Execution Methods in a Growing Market
Views

13 May 2025

Assessing ETF Liquidity: What RFQ Spreads Reveal About the European Market
News

17 April 2025

big xyt shortlisted in the 2025 Financial Technologies Forum Awards
Views

16 April 2025

Market Microstructure in Motion: Insights from Liberation Day Volatility
News

03 April 2025

big xyt Announces Formal Bid for European Consolidated Tape Provider with Widespread Industry Support
Views

01 April 2025

The Evolution of ETF Execution: How Algorithms Are Changing the Game
News

17 March 2025

big xyt: Supporting the Requirement of Europe’s Equities Consolidated Tape
News

13 March 2025

big xyt nominated in the TradingTech Insight Awards USA for Best Trading Analytics Platform and Best TCA Tool
In the Media

06 March 2025

Global Trading – Australia’s liquidity drought
News

28 February 2025

big xyt wins Best TCA Tool in A-Team’s TradingTech Insight Awards Europe 2025
News

20 February 2025

big xyt shortlisted in the Hedgeweek European Awards 2025
News

13 January 2025

big xyt partners with The Finance Hive for their EU Equities Members Meeting 2025
12 Days of Trading 2024

24 December 2024

12 Days of Trading 2024 Day 12: The Christmas tree of market structure
12 Days of Trading 2024

23 December 2024

12 Days of Trading 2024 Day 11: Level Tree analysis
12 Days of Trading 2024

20 December 2024

12 Days of Trading 2024 Day 10: A festive twist in the ETF market – change is in the air
12 Days of Trading 2024

19 December 2024

12 Days of Trading 2024 Day 9: Flags out for Santa
12 Days of Trading 2024

18 December 2024

12 Days of Trading 2024 Day 8: How does Santa select his reindeer?
12 Days of Trading 2024

17 December 2024

12 Days of Trading 2024 Day 7: Paddington Excess – finding the sweet spot for liquidity
12 Days of Trading 2024

16 December 2024

12 Days of Trading 2024 Day 6: Santa X is coming to town
12 Days of Trading 2024

13 December 2024

12 Days of Trading 2024 Day 5: A festive tale of EBBO and European ETFs
12 Days of Trading 2024

12 December 2024

12 Days of Trading 2024 Day 4: All I want for Christmas is a unique dataset
12 Days of Trading 2024

11 December 2024

12 Days of Trading 2024 Day 3: Innovation unwrapped at the midpoint
12 Days of Trading 2024

10 December 2024

12 Days of Trading 2024 Day 2: Santa can’t afford residuals
12 Days of Trading 2024

09 December 2024

12 Days of Trading 2024 Day 1: Who swallowed the eggnog?
News

05 December 2024

Happy 10th Anniversary big xyt!
News

02 December 2024

big xyt winner ETF Data Provider of the Year in the ETF Stream Awards 2024
News

27 November 2024

big xyt and Trackinsight Partner to Elevate Analytics for Global ETF Markets
Views

26 November 2024

big xyt speaks to The Trade
News

18 November 2024

big xyt welcomes Phil Lemmon as Head of TCA Sales EMEA
News

14 November 2024

Cardiff University Investment Club integrates our xyt Lab platform
News

12 November 2024

big xyt secures €10 million funding round to drive global expansion
News

08 November 2024

big xyt wins Outstanding Market Data Provider – Equities award at The Trade’s Leaders in Trading Awards
News

04 November 2024

big xyt shortlisted in ETF Stream Awards 2024
News

01 October 2024

big xyt shortlisted in The Trade’s Leaders in Trading Editors’ Choice Awards
Views

26 September 2024

Check this out!
Views

02 July 2024

Votes to Volumes: Understanding Shifts in Post-Election Liquidity
News

21 June 2024

big xyt wins Best Transaction Cost Analysis (TCA) Solution at the Waters Technology Asia Awards 2024
News

12 June 2024

big xyt named a finalist in the EU Markets Choice Awards 2024
Views

05 June 2024

Spread Improvement – Why Does It Matter?
News

03 June 2024

Impact of Large Passive Events On Price Discovery
Views

30 May 2024

Has the market become more addressable?
News

23 May 2024

Vote for big xyt in the Waters Rankings 2024
News

20 May 2024

big xyt wins ‘Best Data Analytics Provider’ at the Waters Technology Inside Market Data and Inside Reference Data Awards 2024
Views

01 April 2024

Thoughts on the future of AI – it’s already hear
Views

05 March 2024

The Value Weighted Average Price (VWAP)
Views

22 February 2024

The difference between addressable and accessible liquidity
News

09 January 2024

big xyt shortlisted in the Hedgeweek European Awards 2024
12 Days of Trading 2023

22 December 2023

12 Days of Trading 2023 Day 12: Rudolph the Real-time Reindeer really led the pack this year!
12 Days of Trading 2023

21 December 2023

12 Days of Trading 2023 Day 11: Cracking the nut: Unveiling the quirks and charms of spreads for European ETFs
12 Days of Trading 2023

20 December 2023

12 Days of Trading 2023 Day 10: Here, there and everywhere, at the same time!
12 Days of Trading 2023

19 December 2023

12 Days of Trading 2023 Day 9: ETFs unwrapped: Navigating the festive dance of trade sizes in Europe
12 Days of Trading 2023

18 December 2023

12 Days of Trading 2023 Day 8: I’m a nervous fundholder, get me out of here!
12 Days of Trading 2023

15 December 2023

12 Days of Trading 2023 Day 7: If you want your best profile, don’t dwell on the past
12 Days of Trading 2023

14 December 2023

12 Days of Trading 2023 Day 6: Unaddressable letters to Santa
12 Days of Trading 2023

13 December 2023

12 Days of Trading 2023 Day 5: Finding it difficult to concentrate with all the Christmas chaos?
12 Days of Trading 2023

12 December 2023

12 Days of Trading 2023 Day 4: Is Santa on a diet?
12 Days of Trading 2023

11 December 2023

12 Days of Trading 2023 Day 3: Big days, big stocks
12 Days of Trading 2023

08 December 2023

12 Days of Trading 2023 Day 2: Market structure for guests around the table
12 Days of Trading 2023

07 December 2023

12 Days of Trading 2023 Day 1: The Christmas Ball
News

06 December 2023

big xyt launches portfolio liquidity analysis solution in partnership with Baillie Gifford
News

04 December 2023

big xyt wins ETF Data Provider of the Year 2023
News

13 November 2023

big xyt shortlisted in the A-Team’s TradingTech Insight Awards Europe 2024
News

10 November 2023

big xyt winner in the Hedgeweek EU Emerging Manager Awards 2023
News

01 November 2023

big xyt shortlisted in ETF Stream Awards 2023
News

03 October 2023

big xyt launches real-time analytics leveraging its proprietary European tape
News

18 September 2023

big xyt shortlisted in the Hedgeweek EU Emerging Manager Awards 2023
News

07 September 2023

big xyt shortlisted in The TRADE Leaders in Trading 2023: Editors’ Choice Awards
News

15 August 2023

big xyt shortlisted in the Hedgeweek US Awards 2023
News

26 July 2023

Johannesburg Stock Exchange and big xyt launch new joint venture company – big xyt ecosystems
Views

25 July 2023

Did someone pull the plug out?
Views

05 July 2023

The proposed tape will show the best price but NOT which venue has it…
News

20 June 2023

big xyt named a finalist in the EU Markets Choice Awards 2023
News

25 May 2023

big xyt releases new free tool for trade verification
News

11 May 2023

big xyt named a finalist in the Europe FinTech Awards 2023
Views

09 May 2023

Why do EBBO metrics matter?
News

04 April 2023

big xyt nominated in the Hedgeweek US Emerging Manager Awards 2023
News

01 April 2023

Beehavioural science is revealing emotional bias of trading
News

29 March 2023

big xyt named a finalist in the US Markets Choice Awards 2023
News

10 March 2023

big xyt winner of Best Data Provider Overall in the Hedgeweek European Awards 2023
News

01 March 2023

big xyt named a finalist in the UK FinTech Awards 2023
News

12 January 2023

big xyt shortlisted in the Hedgeweek European Awards 2023
News

10 January 2023

European Equities Market Microstructure Survey 2022
12 Days of Trading 2022

23 December 2022

12 Days of Trading 2022 Day 12: Rockin’ around the big xy Tree – Merry Christmas and Happy Holidays to all
12 Days of Trading 2022

22 December 2022

12 Days of Trading 2022 Day 11: Those elves are an odd lot
12 Days of Trading 2022

21 December 2022

12 Days of Trading 2022 Day 10: Santa’s got it taped
12 Days of Trading 2022

20 December 2022

12 Days of Trading 2022 Day 9: Does Santa have a personalised number plate?
12 Days of Trading 2022

19 December 2022

12 Days of Trading 2022 Day 8: RFQs… everyone’s favourite
News

19 December 2022

big xyt shortlisted in the FStech Awards 2023
12 Days of Trading 2022

16 December 2022

12 Days of Trading 2022 Day 7: Hold on for deer life
12 Days of Trading 2022

15 December 2022

12 Days of Trading 2022 Day 6: Does Santa have a Czech mate?
12 Days of Trading 2022

14 December 2022

12 Days of Trading 2022 Day 5: Ho Ho O…TC volumes bring seasonal rewards for some
12 Days of Trading 2022

13 December 2022

12 Days of Trading 2022 Day 4: Using good data can avoid disappointment
12 Days of Trading 2022

12 December 2022

12 Days of Trading 2022 Day 3: Look what’s in the (penalty) box
12 Days of Trading 2022

09 December 2022

12 Days of Trading 2022 Day 2: Some people in Japan have larger presents (presence)
12 Days of Trading 2022

08 December 2022

12 Days of Trading 2022 Day 1: What’s the Grinch up to Down Under?
News

03 November 2022

big xyt wins Outstanding Market Data Provider award at The Trade’s Leaders in Trading Awards
News

21 September 2022

big xyt appoints Anthony Huck as Head of the Americas
Views

19 May 2022

Product Update – EBBO Regains, Alternative Closing Mechanisms and Volume Profiles by Venue
News

18 May 2022

big xyt to lead the discussions on data analytics for optimal execution at The Finance Hive Equities London event
News

09 May 2022

Johannesburg Stock Exchange launches innovative new equity market data analytics platform in collaboration with big xyt
News

26 April 2022

big xyt is a proud sponsor of TradeTech Europe 2022
News

06 April 2022

Cowen Execution Services selects big xyt to support continued growth in European equities trading
News

05 April 2022

European Equities Market Microstructure Survey Q1 2022
Views

01 April 2022

Data deluge warnings
Views

14 March 2022

Volumes alert! European equities reach new records
Views

09 March 2022

Calling all equity traders and sales traders
News

23 February 2022

big xyt wins Best TCA Tool in A-Team’s TradingTech Insight Awards Europe 2022
News

22 February 2022

Sustainable Trading launches non-profit membership network to drive ESG change across financial markets
News

08 February 2022

big xyt launches the Global Exchanges Directory
News

04 January 2022

European Equities Market Microstructure Survey Q4 2021
Views

24 December 2021

12 Days of Trading 2021 Day 12: Revealed: Your big xyt Christmas gift!
Views

23 December 2021

12 Days of Trading 2021 Day 11: An ELF (oops ETF) lesson for Santa
Views

22 December 2021

12 Days of Trading 2021 Day 10: Sustainable Santa
Views

21 December 2021

12 Days of Trading 2021 Day 9: Buon Natale
Views

20 December 2021

12 Days of Trading 2021 Day 8: Father Christmas… How does he do it?
Views

17 December 2021

12 Days of Trading 2021 Day 7: Grandpa’s view of Christmas since Brexit
Views

16 December 2021

12 Days of Trading 2021 Day 6: Systematic Internalisers… The market’s little helpers
Views

15 December 2021

12 Days of Trading 2021 Day 5: Dark Pools…. What’s in your Christmas stocking?
Views

14 December 2021

12 Days of Trading 2021 Day 4: Alternative Closing Mechanisms – what’s your festive tipple of choice?
Views

13 December 2021

12 Days of Trading 2021 Day 3: Corporate Actions… delivering the biggest parcels
Views

10 December 2021

12 Days of Trading 2021 Day 2: Dark Blocks… the nicest presents are best kept secret
Views

09 December 2021

12 Days of Trading 2021 Day 1: Closing Auctions… the desserts of the trading day
Views

19 November 2021

Royal Dutch Shell – is the party over?
News

10 November 2021

big xyt launches European ETF Launches weekly update
News

09 November 2021

big xyt partners with ETFbook to offer transparency in European ETF/Ps
News

04 October 2021

European Equities Market Microstructure Survey Q3 2021
News

23 September 2021

big xyt hires new head of business development for Continental Europe
News

15 September 2021

Equiduct selects big xyt to provide data analytics
Views

23 July 2021

How fast is the market?
Views

08 July 2021

ESG ETF trends
News

02 July 2021

European Equities Market Microstructure Survey Q2 2021
Views

22 June 2021

Is anyone else worried about this?
News

11 June 2021

big xyt launches Market Microstructure in Practice with big xyt’s API
Views

04 June 2021

When is a Block not a Block?
Views

28 May 2021

New dark pools map reveals cosmic mystery
Views

17 May 2021

Happy to surf the waves or curious to know what lies beneath?
News

29 April 2021

Kepler Cheuvreux launches electronic trading platform
News

22 April 2021

Navigating the Post-Brexit Trading Landscape
Views

04 April 2021

European Equities Market Microstructure Survey Q1 2021
Views

01 April 2021

Wales to introduce independent stock exchange
News

29 March 2021

big xyt featured in The Most Influential FinTech Companies 2021
European Market Structure Microbites

25 March 2021

Microbites #3 – Dark Trading in Europe
News

25 February 2021

big xyt wins Best TCA Tool in A-Team’s TradingTech Insight Awards Europe 2021
News

23 February 2021

big xyt increases global footprint with expansion to Asia Pacific
News

10 February 2021

big xyt nominated in The TRADE’s FinTech of the Year 2020 Awards
Views

08 February 2021

Swiss movement – the pendulum swings
European Market Structure Microbites

26 January 2021

Microbites #2 – What and Who Are MTFs?
Views

12 January 2021

MTF migration to EU venues… what happened after Brexit?
Views

03 January 2021

European Equities Market Microstructure Survey 2020
12 Days of Trading 2020

23 December 2020

12 Days of Trading – Day 12 of 12: Santa sees everything… can you?
12 Days of Trading 2020

22 December 2020

12 Days of Trading – Day 11 of 12: easyJet shares hit a snowstorm
12 Days of Trading 2020

21 December 2020

12 Days of Trading – Day 10 of 12: I’m always touched by your presence, Elon
12 Days of Trading 2020

18 December 2020

12 Days of Trading – Day 9 of 12: Everybody’s equal in the market……aren’t they?
12 Days of Trading 2020

17 December 2020

12 Days of Trading – Day 8 of 12: Well this is a nice surprise… look what we’ve discovered!
12 Days of Trading 2020

16 December 2020

12 Days of Trading – Day 7 of 12: Making the right choices… and other tips for passive fund management
12 Days of Trading 2020

15 December 2020

12 Days of Trading – Day 6 of 12: What is Santa’s company vehicle this year?
12 Days of Trading 2020

14 December 2020

12 Days of Trading – Day 5 of 12: Should the trading day start later?
News

14 December 2020

AFME relies on big xyt as an independent reference for Equity market structure in quarterly reports
12 Days of Trading 2020

11 December 2020

12 Days of Trading – Day 4 of 12: They might be giants
12 Days of Trading 2020

10 December 2020

12 Days of Trading – Day 3 of 12: I spy… some patterns in trading
12 Days of Trading 2020

09 December 2020

12 Days of Trading – Day 2 of 12: The many spikes of 2020
12 Days of Trading 2020

08 December 2020

12 Days of Trading – Day 1 of 12: It takes two to tango
European Market Structure Microbites

07 December 2020

Microbites #1 – An Introduction to European Equity Market Structure
Views

04 December 2020

We’re familiar with going Dutch, but going English…?
Views

01 December 2020

Alternative Closing Auctions update
Views

25 November 2020

Were you caught like a deer in the headlights?
Views

23 November 2020

big xyt takes part in Harrington Starr’s The Fintech Focus TV Debate Series
Views

20 November 2020

You wait for one Closing Auction and then 8 come along at once
Views

18 November 2020

Increasing volumes point to favour with investors
Views

11 November 2020

Predictive trading in Barclays plc – is there something wrong with my profile?
Views

10 November 2020

Company management has had a rough time in 2020, especially in the energy sector
Views

10 November 2020

2 shots in the arm for markets, but at what cost to your trading?
News

09 November 2020

Buy-side benefits from big xyt expansion in the US
Views

08 October 2020

European Equities – Market Microstructure Survey Q3 2020
Views

28 September 2020

Liquidity Intelligence: Ranking venues for larger trades
Views

15 September 2020

European Equities Market Microstructure – September 2020 Snapshot
Views

13 July 2020

European Equities – Market Microstructure Survey Q2 2020
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Event hub

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Awards events

06 November 2025

xyt sponsors the Leaders in Trading Awards 2025
Invitation Only Event

05 November 2025

xyt's ETF Workshop - 5 November 2025
Invitation Only Event

01 October 2025

xyt's Buy Side Breakfast Roundtable - 1 October 2025
Industry Event

02 July 2025

xyt sponsors the The Finance Hive, CMX event - 2 July 2025
Industry Event

13 May 2025

TradeTech Europe 2025
No Results Found

Resource hub

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Factsheets

14 January 2026

ETF Liquidity Analytics - Factsheet
Factsheets

14 January 2026

Listed Derivatives - Factsheet
Market Structure Review

14 January 2026

European Equity Market Structure Review 2025
Chart Packs

08 January 2026

2025 Chart Pack
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