NEWS UPDATE
TECHNOLOGY
Liquidnet launches bilateral liquidity solution aimed at European buy-side traders
As part of the move, Liquidnet has partnered with XTX Markets and three other market makers, with more expected to join in the“ near future”.
Liquidnet unveiled a new trading solution set to allow buy-side traders in Europe to access bilateral liquidity more effectively.
Specifically, bilateral liquidity is being integrated into Liquidnet’ s front-end application and also its liquidity seeking algo suite. The offering therefore provides a consolidated and controlled route to interact with leading liquidity providers.
Liquidnet’ s latest launch includes mid-price and touch executions, anonymous access to aggregated liquidity streams – with configurability for tiered and memberspecific feeds, execution consulting services, and monitoring and analytics – to track fill rates, information leakage and venue provider performance.
Gareth Exton, head of execution and quantitative services, EMEA, Liquidnet, said:“ The growth of bilateral trading is reshaping how liquidity is accessed in Europe.
Our role is to support our members in responding to these structural changes.
“[…] we’ re giving our members the tools to access meaningful liquidity with confidence and control whilst helping the market making community to extend their reach and better control their risk.”
As part of the move, Liquidnet has partnered with XTX Markets and three other market makers to expand access to bilateral liquidity in Europe. Additional partners are also expected to join in the“ near future”.
When it comes to accessibility, this is through Liquidnet’ s infrastructure, however not its MTF – therefore allowing users to benefit from preserved execution quality, anonymity, and workflow efficiency.
The move comes as bilateral trading continues to be placed under the spotlight as a growing and fast-evolving strategy.
DATA
EuroCTP submits EU equities consolidated tape bid
The group is currently the only confirmed bidder in the process and follows recent news that Bratislava Stock Exchange had become the company’ s latest shareholder.
EuroCTP has submitted its official bid to become the EU consolidated tape provider( CTP) for shares and
ETFs.
The joint venture’ s proposal submission follows the launch of ESMA’ s tender process on 20 June 2025. Currently, EuroCTP is the only confirmed bidder in the process, after big xyt dropped out in June 2025, citing a lack of necessary financial backing.
Speaking about the submission, Eglantine Desautel, chief executive of EuroCTP said:“ EuroCTP’ s submission addresses a large number of use cases and we are confident that it goes above and beyond the minimum requirements. I am proud of our team and the exceptional commitment they’ ve demonstrated in preparing what we believe is the strongest possible proposal for the first EU consolidated tape for shares and ETPs.”
The firm is now backed by 16 exchanges as shareholders, with Bratislava Stock Exchange joining as the latest addition just a week prior to the bid submission.
Additionally, the group is supported by an advisory committee made up of 11 members including representatives from BlackRock, Deutsche Börse and BNP Paribas, with Stephen Dorrian, head of market data and access services, Europe, at Cboe joining as the most recent member.
8 // TheTRADE // Q3 2025