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Stats › Global markets and exchanges › European venues

European lit order book trading keeps shrinking, and the published series do not line up

Lit order book, regulated markets2022: 35.0%2025: 27.0%27.0%Lit order book, multilateral facilities2022: 19.4%2025: 17.7%17.7%Closing auctions and trade at close2022: 18.0%2025: 19.3%19.3%Systematic internalisers, ex intragroup2022: 5.4%2025: 8.9%8.9%Frequent batch auctions2022: 3.1%2025: 6.2%6.2%Dark under waivers2022: 4.4%2025: 4.9%4.9%20222025

Share of EEA equity turnover by execution mechanism, from regulatory transaction data. These are EEA figures and therefore exclude UK trading after Brexit, which matters for any pan-European statement. The categories here are internally consistent with each other; the ones in older reports are not.

Lit order book trading on European regulated markets fell from about 35% of turnover in 2022 to 27% in 2025 while systematic internaliser trading roughly doubled. The series are not continuous: one definitional change makes a 20% share in 2019 look like 5.4% in 2022.

35% to 27%Lit order book share on regulated markets, 2022 against 2025
5.4% to 8.9%Systematic internaliser share excluding intragroup, same period
3.1% to 6.2%Frequent batch auction share, same period
72% to 64%Price-forming primary market share, same period

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