Industry Reports & Articles
Access a curated collection of industry reports, expert articles and independent research exploring the evolution of market structure, trading performance and capital markets technology.
Bringing together insights from BMLL, industry leaders and respected publications, these resources provide valuable perspectives on the opportunities and challenges facing market participants today. From regulatory change and execution quality to data analytics and market transparency, discover the research and thought leadership shaping the future of financial markets.
31 July, 2026
FCA advances package of equity market transparency reforms
The FCA has announced a package of reforms to improve transparency in UK equity markets, including plans for a UK consolidated tape, enhanced trading data, and measures d...
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25 June, 2026
Euronext Quantitative Research Report: Where to best source Passive Liquidity: Periodic Auctions or Lit Markets?
This new research first investigates the liquidity dynamics between Periodic Auctions and Primary Markets. We then study how to most efficiently source passive liquidity ...
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10 February, 2026
Eurex sees lit credit future liquidity migrate to dark
The strong attendance at the Bloomberg/Eurex credit futures conference reflected surging market interest, with average daily volume and open interest more than doubling o...
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6 February, 2026
24-Hour Market Trading Regulation Issues - And How Some Are Already Being Solved
As U.S. equity trading expands overnight, regulation built for daytime markets is lagging. With after-hours ATSs growing in importance, gaps in transparency and oversight...
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4 February, 2026
Europe’s €1 trillion hidden retail market
Europe’s retail market could become as big as the US – but first, the challenge is to find it, let alone describe how big it is. Global Trading digs into the evidence.
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2 February, 2026
Smaller round lots: tighter spreads, but thinner liquidity
Smaller round lot sizes led to tighter spreads for impacted securities, particularly those reduced from 100 to 10 shares. However, overall liquidity declined both at the ...
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20 January, 2026
Why U.S. Equities Are Moving Toward a Continuous Market
U.S. equities are moving toward continuous trading as overnight volumes and global participation grow, reducing the dominance of traditional market hours.
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16 January, 2026
New data shows why the SEC’s OPR no longer matters
The SEC’s order protection rule has become superfluous, with 99% of orders that don’t benefit from it doing better than , or at, the national best bid offer.
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15 January, 2026
Top 10 Charts from 2025
Last year saw intense market activity driven by major macro trends like tariffs, AI, and the rising dominance of U.S. tech, which attracted more global retail investors. ...
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5 December, 2026
Study on consolidation and reducing fragmentation in trading and post-trading infrastructures in Europe
EU capital markets remain too fragmented and complex to support the SIU’s goals. Outdated, costly infrastructure and slow progress on legal harmonisation, especially in t...
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