The European Securities and Markets Authority has published a call for evidence based on MiFIR transaction reporting data analysing how trading in European equity markets evolved between 2022 and 2025, and is seeking feedback on the trends it identifies and their regulatory implications. The analysis finds that European equity markets have continued to function well overall, with addressable liquidity stable at around 85% of total trading volume and on-book trading relatively steady at about 75% to 80%, even as lit continuous trading declined over the period. That decline in lit continuous trading was offset by increased activity in other trading mechanisms, mainly closing auctions, frequent batch auctions and systematic internaliser trading. The paper also examines how liquidity is allocated across trading mechanisms on a country-by-country basis and asks for views on the concept of addressable liquidity and its treatment under RTS 1, including possible adjustments to the post-trade transparency flagging framework. Separately, ESMA informed stakeholders that it has repealed the Q&A clarifying that periodic auctions are subject to the tick-size regime. Responses are due by 30 June 2026. ESMA plans to issue a feedback statement in the second half of 2026 and will continue monitoring market developments, including recent MiFIR changes such as the move to a single volume cap, enhanced SI transparency obligations and developments in trading mechanisms including closing auctions.

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