The European Securities and Markets Authority issued a report on high-frequency trading in EU equity markets. Using two measures—one based on the identification of HFT firms (flag approach), and the other based on statistics including lifetime of orders or order to trade ratio (lifetime of orders)—ESMA estimated that, applying the flag approach, HFT transactions account for 30% of all trades and 58% of all orders, while applying the lifetime of orders approach, 49% of all trades and 76% of all orders. ESMA plans next to evaluate the drivers of high-frequency trading, how HFT contributes to liquidity, and HFT’s potential benefits and risks.