Over the past couple of years, continuous lit intra-day equities trading has been declining – with 2023 reaching a record low as one of the worst years for lit orderbooks since 2016. Laurie McAughtry explores the impact of continued liquidity fragmentation on European markets – and its implications for market structure moving forwards. According to big xyt data, 2023 ended with … Continue reading All the light we cannot see – why the decline in continuous lit trading?