[ S P O N S O R E D C O N T E N T | L O N D O N S T O C K E X C H A N G E ]
Partnering with the buy-side, the key to driving innovation across European equities and ETFs
The TRADE sits down with RICHARD WORRELL, co-head, equities trading at the London Stock Exchange, and JASON WARR, global head of ETF markets at BlackRock, to explore how buy-side and exchange collaboration is helping to address market fragmentation, improve liquidity access, and foster transparent, resilient innovation across Europe’ s equities and ETF landscape.
When it comes to the UK / European equity trading landscape what are the greatest challenges being faced from a trading perspective? Worrell: There are three key areas to address- understanding liquidity, improving access, and fostering innovation. Liquidity transparency is foundational for efficient trading, yet in Europe we still lack a consistent, accurate picture of actual trading volumes. Recent reports have highlighted that European equity volumes are often multiples higher than visible data suggests. This underestimation can impact every stage of the investment lifecycle: corporates considering IPOs need access to true liquidity and volume, portfolio managers need to have confidence in allocation decisions, and traders need to be able to size orders effectively and measure their true participation rates.
UK stamp duty( SDRT), especially relative to other markets, remains another hurdle, particularly the impact on trading activity and capital formation. Finally, innovation is critical- not just to navigate regulation but to actively grow market participation and volumes. We must deliver solutions that make trading more efficient, transparent, and fair for every participant.
Warr: Fragmentation is a dominant structural challenge in European markets. Multiple national regimes, inconsistent tax treatments, and variations in trading venue rules – like different volatility controls
44 // TheTRADE // Q3 2025