Nick Dunbar

Retail investing is structurally underdeveloped in Europe- but that’s starting to shift. With broker platforms offering recurring investment models and exchanges designing app-friendly interfaces and smarter execution routes, a new wave of retail flow is entering the market. But friction remains: from limited incentives and regulatory levers to fragmented infrastructure and internal workflow challenges. This session brings together platforms, policy voices, exchanges, and institutional practitioners to explore what’s needed to modernise Europe’s retail market structure- and how these steady flows are already reshaping liquidity, routing, and execution dynamics.

Pre-trade TCA promises sharper execution decisions, but building a reliable view of liquidity and cost is far from straightforward- especially as more flow moves off-exchange. This shift is prompting trading teams to revisit best execution protocols and adapt analytics frameworks to reflect changing liquidity and trading dynamics. Panellists will explore how firms are sourcing and normalising data, refining metrics for evolving market conditions, and embedding insights into real-time decision-making. Where do current TCA and best execution models fall short, and what’s needed to ensure they remain fit-for-purpose amid the shift towards more bilateral execution models?