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.
Key Themes
The Market Exits the Doldrums. European volumes recovered after two years of historically weak activity, yet nominal headlines mask anaemic long-term growth when adjusted for inflation.
Seasonality Defied. 2025 broke the playbook with sustained high volumes through summer and Q4, signalling investor confidence distinct from previous volatility episodes.
Liquidity Fragmentation Accelerates. The structural shift from continuous order books toward auctions and closing mechanisms continued, over 30% of daily value now concentrates at end of day.
Liquidity Resilience Improves. Despite elevated spreads reflecting volatility, order book depth strengthened to pre-Covid levels, indicating genuine underlying demand.
