Systematic Internalisers Drive Record Growth in European Equity Markets

Europe's equity markets reached unprecedented levels in the first half of 2025, with systematic internalisers (SIs) spearheading a 46% year-on-year surge in trading activity. According to ESMA's latest TRV report, these private venues operated by investment banks and market makers far outpaced the broader market's 26% growth, pushing total turnover to a historic €2.1 trillion in March.

Traditional trading venues stagnated amid the SI boom. Lit exchanges eked out a mere 0.6% gain while OTC markets contracted by 1.4%. Dark pools maintained their 8-9% market share, and periodic auctions remained flat at 2-3% of total activity. "Competition for order FLOW has never been more intense," observed Mark Montgomery of big xyt, highlighting the tectonic shifts in European equity execution.