BNP Paribas leap four places to claim the top spot in Extel's 2026 Developed Europe Trading & Execution results, mirroring J.P. Morgan's rise to first place last year. Compatriots Kepler Cheuvreux also performed strongly, climbing into second from outside the top five in 2025.

BNP Paribas were the only firm to appear in the top five across all four core execution channels: electronic, high-touch, portfolio/program, and Delta One/ETF. Sub-category scores covering service quality, execution quality, and access to liquidity were rolled up into the overall table.

UBS held steady in third, aided by a first-place finish in portfolio/program trading. J.P. Morgan took first in electronic trading and finished fourth overall. Jefferies round out the top five — a new entry for 2026.

Other notable channel winners include ODDO BHF for country trading and Jane Street, which retains first place for Delta One/ETF.

All data is based on extensive feedback from buy-side traders active in European equities.