This review examines the record breaking European equity trading volumes of Q1 2026, driven by tech earnings shock and the outbreak of war in Iran. The data used is derived from the xyt Trading Data Intelligence Platform.
Key Findings:
Volume Records Shattered. Q1 2026 averaged €86bn per day - the highest quarter since MiFID2/MiFIR in 2018. A new all-time daily record of €175bn was set on March 20, driven by the war in Iran and quarterly futures expiry.
Sector Winners and Losers. Integrated Oil & Gas moved from 6th in Q3 (€2.94bn) to 4th in Q1 2026 (€5.62bn) - growing by 93% in ADVT. Luxury Goods and Automobiles grew slightly in ADVT but lost rank - from 4th to 6th and 5th to 9th respectively.
Commodities ETFs Surge as Equities Hit Eight-Year High. ETF Asset Class mix shows commodities leapt from under €1bn per day (the long term average) to over €3bn in Q1 2026. Equities ADVT recorded €15bn per day, a 33% rise over the eight year average and €3bn more than Q1 2025.
Market Fragmentation. Lit Continuous share of order book trading stabilised near its lowest ever 48%, down from 73% in 2018.
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