European Equity Markets: ESMA Launches Call for Evidence on Trading Structure Evolution

ESMA's CfE indicates overall stability in equity markets despite a decline in 'lit continuous' trading, offset by increased activity in alternative mechanisms (closing auctions, frequent batch auctions, SIs). The discussion on addressable liquidity and RTS 1, including post-trade transparency, is crucial. Market participants should assess the impact of MiFIR changes and future regulation on liquidity allocation.