Market Metrics That Matter: European Equities July Volume Briefing

August 17, 2026

Welcome to the July edition of Market Metrics That Matter, your monthly briefing on European cash equities trends.

Don’t forget to visit Cboe Europe’s Market Share page for leading insights into European equity trading activity.

July 2026 Highlights

Total on-exchange average daily value traded (ADVT) reached €57.5bn, down 11% on June but up 23% year-on-year.
Total addressable activity (on- and off-exchange) stood at €80bn, versus €93.2bn in June, though still up 21% on July 2025.
With no major index expiries or rebalances in play, activity shifted into continuous trading and away from Closing Auctions, which fell to 24.3% of on-exchange activity versus 27.9% in June. Central Limit Order Books grew to 52.8% of on-exchange activity (from 50.1% in June); Periodic Auctions rose to 10.4% (from 9.7%); and non-displayed order books moved to 10.9% (from 10.2%).
Systematic Internaliser (SI) activity contracted slightly but continued its year-on-year growth trend. Addressable SI ADVT came in at €14.3bn (vs €17.6bn in June), representing 17.8% of total addressable volume - down from 18.8% in June, but up from 15.1% in July 2025.
Zurich-listed securities posted the strongest month-on-month gain in market share (+0.6pp), while Frankfurt saw the largest decline (-1pp).

Cboe Europe's overall market share rose to 24.37%, up from 23.15% in June - making it both the largest pan-European stock exchange and the biggest market share gainer of the month.
Cboe BIDS Europe, Cboe's European block trading platform, held the top position in the block segment for a 52nd consecutive month, posting a monthly ADVT of €653.3 million and an above-LIS market share of 34% - its highest level since May 2024.
Cboe ranked number one in non-displayed trading, including reference price waiver and large-in-scale activity, with a 41.7% segment market share, and in Periodic Auctions (75.5% share).