On-venue buying and selling volumes constituted simplest 64% of Eu marketplace liquidity in Q2 2025, unearths document

On-venue buying and selling represented 64% of general addressable liquidity in Eu markets in Q2 2025, in step with the newest document by way of the Affiliation for Monetary Markets in Europe (AFME). 

The Q2 ‘fairness number one markets and buying and selling document’ this 12 months discovered that off-venue buying and selling is gaining important traction in Eu markets. 

Particularly, large xyt information finds that off-venue volumes now make up 36% of general liquidity. Particularly, OTC buying and selling made up the vast majority of off-venue volumes, constituting roughly 20%, with systematic internalisers (SIs) accounting for 16% of off-venue buying and selling.  

Additionally, off-book (on-exchange) buying and selling accounted for 7% of Europe’s general addressable liquidity within the quarter.  

Those findings display a marked building up from Q1 2025 the place on-venue buying and selling made up 72% of general addressable liquidity, whilst quantity traded off-venues simplest constituted the rest 28%.  

Moreover, since 2018, on-venue liquidity had remained in large part solid, persistently making up simply over 70% of general addressable liquidity. 

Somewhere else, the document discovered that the double quantity cap (DVC) mechanism – which seeks to restrict fairness buying and selling below the reference value waiver and the negotiated transaction waiver on EU venues – has somewhat declined since February 2023, with 227 tools recorded as suspended at first of July 2025.  

DVCs restrict the quantity of darkish buying and selling that may happen below EU legislation in a bid to spice up the quantity of buying and selling this is carried out on extra clear, lit venues. 

Learn extra – Part of buyers satisfied FCA post-Brexit DVC choice could have little touching on darkish buying and selling 

With off-venue buying and selling volumes proceeding to develop, apparently that this prevalence is ready to proceed on its trail of enlargement right through 2025 and past.