Stats › Marchés mondiaux et places boursières › Internaliser share
The systematic internaliser share of European trading is 21%, 13%, 8% or 5% depending on what you count
| Filter applied | Part | Scope | Source |
|---|---|---|---|
| All reported trades, unfiltered | 21% | European Union, first half of 2020 | Industry body using commercial data |
| Remove non price forming and out of hours | 13% | Same data | Idem |
| Also remove large in scale | 8%, internalisers and over the counter together | Same data | Idem |
| France, per data providers | 15% to 20% | French equities, 2020 | National regulator |
| France, price forming only | 11% to 14% | French equities, first quarter 2020 | National regulator using Refinitiv |
| France, addressable and price forming | 8% to 10% | Idem | The regulator's own estimate |
Each row is correct for what it measures. Nearly 30 per cent of internaliser amounts in the French data were not price forming. The supervisor's separate series from transaction reports runs 5.4 per cent in 2022 to 8.9 per cent in 2025 excluding intragroup trades, with intragroup adding a further 2 to 2.5 per cent.
Four separately verified measurements of the same quantity give completely different answers, because each applies a different filter. The unfiltered figure is 21 per cent of reported notional and the strictest is 8 per cent once non price forming and block trades are removed.
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