Evolution of trading at the close on the French equity market

European equity markets, and the French market in particular, have experienced a marked increase in the share of trading executed at the close over recent years. In 2019, the AMF published a study highlighting the growing importance of the Euronext Paris closing auction, which already accounted for 41% of turnover in CAC 40 equities in June 2019. This concentration of trading activity at the end of the trading day reflected a broader trend observed across major global equity markets.

The present study updates and extends this analysis by examining how closing trading activity has evolved between 2018 and 2025. Beyond the regulated market, it draws on transaction reports collected by the AMF under MiFIR to provide a consolidated view of trading activity across all execution venues. This broader perspective makes it possible to assess the true weight of the closing phase in French equity trading, analyse the increasing fragmentation of execution, and examine how trading activity is distributed across execution venues and market participants.