Global Trustee and Fiduciary Services Bite-Sized Issue 5 2026

12 QUICK LINKS AI CRYPTOASSETS CYBER EMIR FINTECH FUND LIQUIDITY MICA SUSTAINABLE FINANCE/ESG T+1 ASIA PACIFIC EUROPE IRELAND NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 5 | 2026 EUROPE ESMA Launches a Call for Evidence on the Structure of European Equity Markets On 30 April 2026, the European Securities and Markets Authority (ESMA) published a call for evidence (CfE) presenting a data driven analysis of the evolution of trading in European equity markets between 2022 and 2025, based on MiFIR transaction reporting data. ESMA says that the CfE invites stakeholder feedback on observed trends and their potential regulatory implications. ESMA states that the analysis shows that European equity markets continue to function well overall: • The share of addressable liquidity has remained stable at around 85% of total trading volume; and • On‑book trading has also been relatively stable, accounting for around 75–80% of trading volume over the period. At the same time, ESMA observes a decline in lit continuous trading between 2022 and 2025. This decline has been offset by increased activity in other trading mechanisms, mainly closing auctions, frequent batch auctions and systematic internaliser (SI) trading. ESMA says that the paper also analyses how liquidity is allocated across different trading mechanisms on a country‑by‑country basis and seeks input on the concept of addressable liquidity and its treatment under RTS 1, including possible adjustments to the post‑trade transparency flagging framework. Besides the CfE, ESMA takes the opportunity to inform stakeholders of the repeal of the Q&A clarifying that periodic auctions are subject to the tick-size regime. ESMA invites stakeholders’ views on the functioning of European stock markets by 30 June 2026 and will issue a feedback statement in the second half of 2026 on this call for evidence. Link to Call for Evidence here EU Institutions Agree Roadmap to Achieve “One Europe, One Market” by End of 2027 On 24 April 2026, the Presidents of the European Parliament, Council of the EU and European Commission signed a Joint Declaration committing to achieve the “One Europe, One Market” Roadmap. Against the backdrop of sustained geopolitical and economic volatility, the Council of the EU says that the Roadmap represents a decisive step to urgently strengthen Europe’s competitiveness, with concrete actions and targets for agreements, at the latest by end 2027, across the following five strategic building blocks: 1. Simplifying rules; 2. A more integrated Single Market including by removing the ten most harmful barriers; 3. Championing strong trade; 4. Reducing energy prices and decarbonising; and 5. Driving the digital and AI transformation. A commitment to delivery The Council of the EU says that the Roadmap is both a political and operational commitment. It includes: • Targets for legislative proposals and agreement by the co-legislators; • Quarterly review to monitor progress; • Clear institutional responsibilities for all EU institutions in line with their prerogatives; and • Regular stock taking for full transparency.