Europejski Urząd Nadzoru Giełd i Papierów Wartościowych (European Securities and Markets Authority - ESMA), Analiza ESMA struktury rynku akcji w EOG od czasu zastosowania MiFIDII

30 October 2023

ESMA50-524821-2954

ESMA TRV Risk Analysis

Evolution of EEA share market structure since MiFID II

Contact: caroline.lemoign@esma.europa.eu

Summary

Since the launch of the EU capital markets union initiative, new legislative and non-legislative proposals have aimed at fostering a single market for capital in the EU. These regulatory proposals, together with other external events including mergers, have shaped the integration and competition level of trading platforms. Making use of regulatory data, this article presents the evolution of the European share market microstructure from 2019 to 2022, with a specific focus on the impact of the UK’s withdrawal from the EU, given its pivotal role in equity markets. The important decrease in trading volumes observed after 2021 was accompanied by four main changes: a decrease in the number of infrastructures trading shares, even though they remain elevated; a new distribution of trading, both by market type and by country, with a...