European Securities and Markets Authority has published a call forevidence on changes in European equity trading between 2022 and 2025. The paperis based on transaction data reported under MiFIR. It seeks feedback frommarket participants on recent trends and their regulatory impact.SingaporeSummit: Meet the largest APAC brokers you know (and those you still don't!).The movefollows ESMA’s finalisation in December of revised transparency standards underMiFIRcovering exchange-traded and selected OTC derivatives. The changes areexpected to have indirect implications for CFD firms, as many hedge exposure onEU-listed derivatives venues and may need to adjust to updated reporting andliquidity transparency requirements.ESMAFlags Equity Market ChangesThe analysis shows that overall market functioning has remained stable.ESMA said the share of “addressable liquidity” stayed at about 85% of totaltrading volume during the period. On-book trading also remained broadly steady,accounting for roughly 75% to 80% of activity.At the same time, the regulator identified a shift in how trading isexecuted. It noted a decline in lit continuous trading between 2022 and 2025.This drop was offset by increased use of other mechanisms, including closingauctions, frequent batch auctions, and trading through systematicinternalisers.The report also examines how liquidity is distributed across tradingvenues in different countries. ESMA is asking for input on how “addressableliquidity” should be defined and treated under RTS 1. It is also seeking viewson possible changes to post-trade transparency flags.RegulatorRepeals Auction Tick-Size GuidanceSeparately, ESMA said it has repealed earlier guidance stating thatperiodic auctions fall under the tick-size regime. The regulator did notprovide further detail in the announcement.Stakeholders have until 30 June 2026 to respond to the consultation. ESMAsaid it will publish a feedback statement in the second half of 2026.The authority added that it will continue to monitor developments inequity markets. This includes recent changes to MiFIR, such as the move to asingle volume cap and stronger transparency requirements for systematicinternalisers.This article was written by Tareq Sikder at www.financemagnates.com.