THE
TRADETECH
THE OFFICIAL NEWSPAPER OF TRADETECH 2026
Daily
M & G Investments, Norges Bank Investment Management, Societe Generale, Janus Henderson Investors, EFG Bank, Connor Clark & Lunn
Europe increasingly becoming a patchwork of auctions and off-exchange trading
THE IMPACT OF THE SHIFT TO THE SINGLE VOLUME CAP( SVC) IN OCTOBER 2025 HAS REDUCED DARK TRADING, WITH THE NUMBER OF INSTRUMENTS SUSPENDED AT THE EU LEVEL UNDER THE SVC DECLINING BY 39 % FROM OCTOBER TO DECEMBER 2025, ACCORDING TO A RECENT AFME REPORT.
With European regulation on dark trading beginning to tighten, markets across the continent appear to be increasingly becoming a diverse landscape made up of auctions and offexchange trading.
Recent findings released by the Association for Financial Markets in Europe( AFME) in January 2026 highlighted data from xyt which revealed that the lit order book made up 27 % of addressable trading in Q4 2025, with other mechanisms spanning auctions, systematic internalisers( SIs) and OTC transactions making up most of the rest of the activity.
However, despite this, AFME emphasised that volumes on lit venues have remained largely stable between 2017 and 2025, alongside a sustained increases in equity volumes, from ¤ 17.59 trillion in 2024 to ¤ 22.24 trillion in 2025.
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