Q2 2026 European Equity Market Structure Review

Q2 was a giant for trading volumes, second only by 1% to the all-time record quarter in Q1 and 29% above the long-term Q2 average. The momentum from Q1 was sustained across nearly all sectors and particularly in the spectacular rush into European Semiconductors. Despite ongoing geopolitical tensions, investors seem to be staying risk-on.

xyt's Q2 2026 European Equity Market Structure Review covers trading activity across 16 European Countries, based on the full 8.5 year period since the MiFID2/MiFIR regulations were implemented.

Key Findings:

• €85 billion. Record Q2 Average Daily Volumes, 14.9% above Q2 2025.
  
  
• 17.4%. Equity ETF volume equivalent share of total equity market, a new high.
  
  
• €193 billion. Record day for equity market volumes on 29 May.
  
  
• €9.2 billion. Record single stock day outside of corporate event: ASML, June Index Expiry.
  
  
• €69 billion. Record Closing Auction on 29 May, within the highest ever overall trading day.
  
  

• 11.4%. Semiconductor market share of value traded in Q2, up from 7.8% in Q3 2025 on 2.5x volume.

• 46.6%. Lit Continuous share, a post-MiFID/MiFIR low.