At TradeTech 2025, retail trading took centre stage during a panel titled “Increasing retail participation in Europe: How can equity market participants better attract and integrate retail flow into the trading ecosystem to help boost liquidity opportunities in Europe?”.
Moderated by Lara Shevchenko, Senior Policy Advisor for Market Structure at FIA EPTA, the session explored how equity market participants can better attract and integrate retail investors into the trading ecosystem, ultimately strengthening liquidity and improving execution quality across Europe.
This article explores the key themes raised during the session, including structural barriers to retail engagement, the importance of transparency in execution and the role of exchanges in supporting a broader, more inclusive investor base. Euronext’s Emilie Rieupeyroux was a central voice in the discussion, offering insight into the infrastructure, market dynamics and investor trends shaping retail participation across Europe today.
A decade of transformation and acceleration
Retail engagement across European cash and derivatives markets has continued to expand, and Euronext has been closely monitoring and nurturing this shift. As Emilie Rieupeyroux highlighted, one compelling metric is the usage of Euronext market data by end-investors. In 2019, around 1.2 million individuals were accessing data across the group, and by 2025 that number has risen to nearly 7 million. This significant increase reflects the growing appetite and participation of retail investors in capital markets, including those that may trade less but hold longer positions.
She attributes this to many factors, including more diversified product offerings - including crypto assets which have pulled younger investors into broader financial markets and the emergence of more targeted market models, enabling easier retail access and better quality of execution.
In response, Euronext is expanding its retail-focused product suite to support this next generation of investors. From a dedicated segment for retail on cash equities - Best of Book, to pan-European and US stock coverage via GEM, crypto ETPs, a wide range of ETFs to newly launched mini options and mini futures on government bonds, the goal is to lower the barriers to market access, without compromising investor protection or market integrity.
Improving execution through transparency and multilateraliry
One of the more debated topics during the panel was the role of segmentation in retail flow and its implications for price formation and execution quality. While some panellists voiced concern that retail segmentation could harm central order books, Emilie Rieupeyroux took a more nuanced stance.
She stressed that segmentation alone is not the issue. Rather, it is how segmentation is implemented. “Retail flow is highly sought after because it is non-toxic and valuable to overall market functioning,” she said. “But too often, execution of this flow happens bilaterally off-exchange, where it’s shielded from competitive pricing. That’s where quality of execution breaks down.”
At Euronext, segmentation is used exclusively to offer price improvement. Through the dedicated Euronext Best of Book model, retail orders remain within the transparent on-exchange environment but benefit from enhanced execution quality thanks to their identifiable characteristics. On average they benefit from 1 basis point price improvement versus the best price available.
“Segmentation, when it leads to better outcomes and remains consistent with multilateral and transparent trading - i.e. where retail flow can interact with various counterparts who compete to offer the best execution price, can be a powerful tool,” Emilie Rieupeyroux noted. “It’s about alignment with investor interests rather than channelling flow away from the multilateral and lit market.”
Responding to a shifting investor demographic
The panel also mentioned that retail investors today are not just buying blue chips and holding for the long term. Many are now exploring more sophisticated tools such as leveraged ETFs and equity options as part of more dynamic, diversified strategies. Euronext is actively responding to this evolution in investor behaviour by developing smaller, more accessible contract sizes, such as its newly launched mini options and upcoming mini futures on European government bonds. These allow individual investors to gain exposure to markets or instruments that were previously out of reach.
Emilie Rieupeyroux also pointed to the growing need for education on not only on how to invest, but also on how market infrastructure works. “We are doing a lot of education around trading mechanics, execution venues and transparency,” she said. Euronext's initiatives include online educational resources, participation in retail-focused events.
Fair access and a resilient market
Looking ahead, Emilie Rieupeyroux emphasised the importance of sustaining a market structure that encourages retail participation while safeguarding market resilience. Additionally, she also stressed that tax disincentives such as France’s financial transaction tax continue to create challenges for retail equity trading. Removing these barriers, and introducing more consistent incentives across Europe, could help encourage further participation.
Emilie Rieupeyroux also reiterated the importance of keeping retail trading within the transparent ecosystem, especially during times of market stress. “Retail investors may need to exit quickly in volatile markets, and if their experience of execution is poor or opaque, they may not return,” she said. “Building trust through fair access and quality execution is key to keeping them engaged over the long term. Multilateral and lit trading is definitely the most relevant model for retail.”
Building for a broader, deeper retail ecosystem
As the panel concluded, it was clear that enabling long-term retail participation in Europe is not just about attracting new traders, but is about building trust, reducing friction and offering tools that match the growing sophistication of today’s investors.
With continued innovation in products, a focus on transparent market structure and a commitment to investor education, Euronext is playing a central role in making that vision a reality.
Learn more about how Euronext is enhancing access and participation for retail investors across equity and derivatives markets.