ESMA call for evidence on European equity market structure
ESMA published a call for evidence analysing the evolution of European equity trading between 2022 and 2025 using MiFIR data.
ESMA's data-driven review of EU equity market structure invites stakeholder views on observed trends and possible regulatory changes. The exercise could influence transparency, venue rules, and MiFIR/MiFID II calibrations affecting execution practices.
Potential MiFIR/MiFID recalibration would affect trading venues, systematic internalisers, and buy-side execution flows.
Action Required
Review trading venue mix, execution policies, and best execution arrangements; prepare a response to ESMA's call for evidence.
Market structure reform shapes execution costs, transparency obligations, and competitive dynamics across EU venues.
Engage trading desks and market structure teams to assess MiFIR transaction trends and prepare submission. Anticipate possible amendments to transparency and venue rules.
“ESMA published a call for evidence presenting a data-driven analysis of European equity markets between 2022 and 2025 based on MiFIR transaction reporting data.”
Published: 2026-04-30