February 18, 2026 - The pool of commissions paid to brokers by institutional investors for European equity trades increased 15% last year.
That growth brought commissions on trades of European equities to about $2.65 billion in 2025, a total roughly in line with 2021 bull-market levels, according to new data from Crisil Coalition Greenwich.
Although growth in the commission pool is welcome news, competition for commission revenues remains fierce among brokers. “Counterparty concentration” remains a structural feature of the European equity market, with the typical institution’s top broker capturing about 20% of its trade flows, and the top five brokers capturing close to 60%.
Trades of U.K. equities made up a majority of commissions last year, accounting for roughly 60% of the total, a share in line with historic levels. But it appears momentum could be shifting.
“Buy-side traders increasingly expect flow to tilt toward continental Europe on an improving risk-reward equation and a push for diversification within institutional portfolios,” says Jesse Forster, Senior Analyst in Market Structure & Technology at Crisil Coalition Greenwich and author of European market trends 2025: Service still wins in European equities.
Cautiously Optimistic, Not Euphoric
Looking ahead, Jesse Forster described the tone on European equity trading desks as “cautiously optimistic, not euphoric.”
Across the region, buy-side trading desks are focused on adapting to a new normal that includes harnessing efficiency gains from new workflow technology and automation.
The electronification of equity markets and trade execution continued last year, with buy-side traders reporting that they now execute about 35% of overall trading volume through algorithmic trading strategies. Approximately 47% of U.K. desks and 40% of buy-side desks on the Continent are using algo wheels, a share that Crisil Coalition Greenwich projects will rise, especially among smaller teams with thin coverage.
However, there are signs that the electrification trend could be reaching at least a temporary plateau. Buy-side compliance teams and desk leadership remain cautious about pushing much further. This hesitancy is an important reminder that high-touch trading still matters.
As Jesse Forster concludes, “Despite low-touch growth, many desks will still pay up for high-touch service to source natural liquidity, manage complexity and simply create breathing room amid tight resourcing.”
European market trends 2025: Service still wins in European equities presents the results of the 2025 European Equity Trading Study, for which the firm interviewed buy-side equity traders across continental Europe and the United Kingdom. The report analyzes trends in overall commission volumes, trade execution channel (electronic, algo, high touch, etc.), and counterparty selection.