Real economic interest ADV up 36% YoY
Real economic interest trading in Cboe Europe All Companies Index averaged €73.1bn a day in July 2026, up 36% year-on-year and 9% below June. Multilateral liquidity, including dark trading and periodic auctions, represented 56.3% of that total, up from 54.8% in June. Dark trading on venues represented 7.3% of real economic interest while periodic auctions were 6.2%.
Periodic (frequent batch) auctions grew faster than the market as a whole over the full year, ADV rose 44% (€3.1bn to €4.5bn) and their share of real economic interest rose from 5.8% to 6.2%, after falling in five consecutive months from the 7.3% peak of October 2025. Periodic auctions ADV held at €4.5bn while real economic interest fell 9%.
Dark (non-lit multilateral) trading's ADV grew 9% over the year, far slower than real economic interest's 36%. Its share of real economic interest fell from 9.2% to a low of 5.2% in December 2025 before recovering to 7.3% in July, its highest since February. At €5.3bn it is the second highest dark ADV of the last 13 months.
Systematic internalisers' share was 15.2% of real economic interest, up from 12.9% a year ago and down from 15.4% in June. SI ADV fell 10% to €11.1bn. Almost all of the decrease came from less large-in-scale (LIS) trading (€6.61bn to €5.44bn).
LIS activity overall is up 49% year-on-year, and dark venues' share of these flows has fallen from 30% to 22%.
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Figure 1. Real economic interest liquidity landscape across the Cboe Europe All Companies Index. Inner ring: nested liquidity perimeter (real economic interest outside multilateral venues, multilateral non-lit, on-venue frequent batch auctions, on-venue pre-trade-transparent multilateral matching). Outer ring: activity sub-category within each perimeter.
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Figure 2. Composition of real economic interest by mutually exclusive chart segment, monthly average daily value. The dotted line shows the share of total reported value that meets the real-economic-interest definition.
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Figure 3. Systematic-internaliser bilateral liquidity inside real economic interest, split above and below large-in-scale. The dotted line shows the SI share of real economic interest.
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Figure 4. Above-large-in-scale liquidity inside real economic interest, monthly average daily value by mechanism. The dotted line shows the above-LIS share of real economic interest.
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Figure 5. Technical records outside real economic interest (NPFT, duplicate and housekeeping) where identifiable, monthly average daily value. The dotted line shows the share of total reported value classified as technical.
Real economic interest decomposition from least accessible to most
Following the proposed new standard, real economic interest is decomposed in 4 concentric subsets defined by a set of BMLL Trades Plus classification plus or minus a specific set of flags:
- All trades with real economic interest. The Trades Plus classifications covering every execution a participant could in theory interact with: lit continuous, lit auctions (opening, closing, intraday, unscheduled and auction on demand), dark (below and above LIS, conditional below and above LIS), post-trade uncrossing, closing price, RFQ (below and above LIS), SI Addressable and SI Non Addressable (above and below LIS), OTC, and the reclassified components of off-book-on-exchange. Technical records are removed via the PriceFormation = J flag (NPFT, intra-group housekeeping, inter-fund transfers, cross-border duplicates), and kept only where a qualifying special-condition flag is present (BENC, PORT, CONT, CLSE, NETW, PRIC) or a BMLL benchmark, closing or special-price classification applies, in line with FIX section 2.1 and RTS 1 articles 1, 2 and 6.
- Multilateral liquidity. The subset executed on regulated multilateral platforms available to all participants of that platform. The retained Trades Plus classifications are lit continuous, lit auctions, dark, post-trade uncrossing, auction on demand, closing price where multilateral, and the multilateral price-forming subset of off-book-on-exchange. OTC, SI Addressable, SI Non Addressable, and bilateral negotiated activity are removed.
- Multilateral lit liquidity. The subset with public pre-trade transparency. All dark classifications are removed (below and above LIS, conditional below and above LIS). The classifications retained carry transparent pre-trade prices: lit continuous, qualifying lit auctions, and pre-trade transparent RFQ and trade-at-last mechanisms.
- Multilateral lit liquidity excluding frequent batch auctions. In practice central limit order book excluding periodic auctions. IN BMLL Trades Plus that all lit continuous trading, opening and closing auctions.
Which liquidity view is the right reference for a given workflow depends on one’s use case. In BMLL Data Lab a user can easily redefine their liquidity map according to their own vision down to the individual flag level or easily access our classified trades schema for simplicity.
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