Eric Böss

Europe’s equity derivatives market is mature and highly regulated- but it is also evolving. From ESG-linked products to growing retail participation, new sources of demand and innovation are beginning to reshape the landscape. This session explores how Europe can accelerate that momentum: where genuine opportunities for product innovation exist, how liquidity can be grown sustainably, and what different investor groups- retail and institutional- actually want.

Panellists will discuss how exchanges and market makers can design products that generate tradable liquidity, how fiscal and tax differences shape participation across Europe, and what market structure and policy shifts could support the next phase of growth. Bringing together exchanges, market makers, and buy-side voices, the conversation will focus on practical levers for unlocking new liquidity while maintaining transparency and stability.

The session will open with James Baugh, Managing Director and Head of European Market Structure at TD Securities, setting the scene with a short introduction exploring the drivers of 24/5 trading, tokenisation, and retail participation- and what these trends could mean for Europe’s market structure, liquidity formation, and regulatory coordination.

Following this, the debate will weigh the competitive, structural, and regulatory arguments on both sides of the 24/5 question. Advocates argue that extended trading hours would align Europe with global markets, reduce overnight risk, and provide greater flexibility for both institutional and retail participants. Critics counter that liquidity would be diluted, operational costs would rise, and Europe’s concentrated price discovery could be undermined.

This session will explore whether staffing implications, clearing and venue infrastructure, and regulatory alignment make such a shift a bold step forward- or an unnecessary burden for the market.