2025 Year-In-Review
- Full-year average daily value traded surged 28% y/y to €73.25 billion, the highest total since 2016.
- Lit continuous trading continued to plummet, dropping to a record-low 37.08% of total value traded in 2025.
- Periodic-Auction, Systematic Internalizer and OTC market share all gained y/y.
- Average trade sizes increased across dark, lit and periodic-auction activity.
- Every major national listing exchange lost market share in its home index except for Euronext Paris.
December 2025
- Average daily value traded fell 15.17% m/m (+15.37% y/y) to €63.62 billion as volatility, measured by the VSTOXX average daily close, dropped 20.79% m/m (+0.52% y/y) to 15.63.
- Closing auctions (+168 bps m/m) gained the most market share, followed by OTC trading (+89 bps m/m) and ELP SIs (+1 bp m/m). Lit continuous trading (-186 bps m/m) lost the most market share, falling to a record monthly low of 32.08%, followed by dark order books (-34 bps m/m), periodic auctions (-34 bps m/m), bank SIs (-3 bps m/m) and opening auctions (-1 bp m/m).
- Euronext Paris (+48 bps m/m) gained the most on-venue market share, while Deutsche Börse Xetra (-78 bps m/m) and Cboe DXE Europe (-67 bps m/m) lost the most.
- Of the major national listing exchanges we track, Euronext Lisbon (+344 bps m/m, PT 20), Bolsas y Mercados Españoles (+313 bps m/m, ES 35) and Nasdaq Helsinki (+272 bps m/m, FI 25) gained the most market share in their home indices. Only Nasdaq Stockholm (-63 bps m/m, SE 30), Euronext Amsterdam (-37 bps m/m, NL 30) and Euronext Brussels (-11 bps m/m, BE 20) lost ground.
- Alternative closing-auction mechanisms accounted for 8.31% of total on-venue end-of-day activity in December, up 40 bps m/m to the third-highest level ever.
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