European ETF Market Infrastructure White Paper Series: Liquidity, Lending, Collateral, T+1 and Post-Trade Infrastructure
European exchange-traded fund (ETF) markets have reached nearly US$4 trillion in assets. Yet liquidity is frequently underestimated: trading activity spans more than 130 venues and execution protocols, while many eligibility screens and risk systems continue to rely on single-venue data that captures only a portion of actual market activity.
As Europe moves to T+1 settlement in October 2027, these questions become increasingly interconnected. Better liquidity visibility, broader lending participation, more efficient collateral use and settlement readiness can all contribute to a more resilient and efficient European ETF market.
Why it matters
Liquidity, lending, collateral, and settlement are increasingly interconnected for ETFs. Each can influence the effectiveness of the others, and T+1 compresses the margin for operational friction. These papers give every participant in the chain a precise, actionable picture of where the gaps are and what steps are available within existing rules.
What the series covers
- Paper 1: The European ETF Liquidity Paradox
Why European ETF liquidity is deeper than the data suggests, and what it means for issuers, asset managers, and market structure.
Aimed at ETF issuers and product manufacturers, asset managers, trading teams, exchanges and data providers, regulators and industry associations.
- Paper 2: ETFs as Post-Trade Infrastructure
How securities lending, collateral mobility and settlement efficiency can strengthen Europe's ETF market as T+1 approaches.
Aimed at lenders and borrowers, authorized participants and market makers, custodians and agent lenders, collateral receivers, CCPs, Market infrastructure and technology providers, regulators and industry associations.
Key highlights
- Why European ETF liquidity is deeper than single-venue screens suggest
- What the EU consolidated tape could mean for ETF liquidity visibility
- The role of securities lending in supporting liquidity and market efficiency
- How collateral eligibility and mobility can unlock greater ETF utility
- What T+1 means for issuers, asset managers and post-trade participants
- How settlement infrastructure and digitalization could shape the next phase of the European ETF market
- Targeted recommendations for stakeholders across the ETF lifecycle
Credits
Written by WTS Hansuke
Lead sponsors: Clearstream and Deutsche Börse
Sponsors: CACEIS and EquiLend
Join the waitlist
Be among the first to receive this industry research. Complete the form to reserve your copy. You will receive a download link directly in your inbox the moment the papers are officially released.
