Response to ESMA’s call for evidence regarding EU Equity Market Structure

The Swedish Securities Markets Association (SSMA) has responded to ESMA’s call for evidence regarding EU Equity Market Structure.

The consultation is based on ESMA’s analysis of trading data from 2022–2025, where ESMA is seeking feedback on whether we agree with the developments across different types of trading venues and whether we see any issues.

Overall, we agree with the observed developments, and our key message is that we are concerned about the rapid increase in trading on SIs – systematic internalisers. If this trend continues, it risks undermining the fundamental function of exchanges, which is to provide the conditions for an efficient secondary market with well-functioning price formation for all shares.

Read the response to ESMA’s call for evidence regarding EU Equity Market Structure – July 2026