European equity execution became harder to navigate in 2025. Liquidity continued to splinter across periodic auctions, conditional venues and systematic internaliser streams, while more of the day’s volume concentrated in the closing auction. Brokers that run a central risk book internalise flow where they can. KCx (Kepler Cheuvreux Execution Services) is an agency-only broker: it runs no principal book and does not internalise. Its proposition rests entirely on finding liquidity for clients across a fragmented market, and in 2025 that proposition delivered a record year.
Global equities revenues rose across every business line: electronic execution by 28%, ETF execution by 23%, programme trading by 20% and high-touch trading by 19%.
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