Date and time: Wed 25 Feb 2026 07:30am – 09:30am GMT 

Location: Room 1.4/1.5, One Moorgate Place, London, EC2R 6EA

Discussion theme: Evolution of the traditional market landscape and the future of market liquidity

Moderated by: James Baugh, Managing Director, Head of European Market Structure, TD Securities

Meeting insights

The European Equity Trading Quorum examined the continued evolution of European equity market structure, with discussion focused on liquidity fragmentation, market integration initiatives and the changing role of exchanges and trading venues.

Participants highlighted that understanding where liquidity resides — and how it can be effectively accessed — is becoming increasingly complex within fragmented European markets. The discussion reflected growing recognition that liquidity discovery itself is becoming a strategic component of execution quality.

Participants explored the evolution of fragmented trading ecosystems, the future role of consolidated tape infrastructure and the growing operational challenge facing buy-side firms as liquidity becomes more distributed across lit markets, dark pools and alternative venues.