- ESMA won't get direct oversight of the EU's equity-trading venues, according to a leaked plan from the European Commission.
- Norway's sovereign-wealth fund implies that UK MTFs could become the go-to venues for VWAP matches of EU equities, thanks to ESMA's ban on trajectory-crossing venues.
- Europe's five largest exchange operators have found an extensive list of factual errors in a report that claimed market-data fees have surged. Many of the errors will change the report's conclusions.
- Euronext is preparing to launch RFQ order books on five of its seven national exchanges. The move is a precursor to a consolidation of ETP listings at Euronext Amsterdam.
- Germany's smaller exchanges appear to be preparing for the end of PFOF by setting up new business models that limit competition between market makers on their venues.
- Euronext's Stéphane Boujnah predicts that Trump's tariffs will force the EU to tackle the continent's "structural weaknesses". That's a colossal task.
View the report
