European Equities Addressable Liquidity Definitions

This business standards document covers definitions of addressable liquidity for European equities. The lack of such standards has been a problem for the industry for many years, and improvements to post-trade transparency driven both by UK/EU regulators and FIX’s own recommendations make it possible to create these.

This document has been updated in December 2025 by the FIX equities consolidated tape working group to align with changes in regulatory requirements and updated input from working group members.