Capital Markets Fact Sheet
The Capital Markets Fact Sheet provides quarterly figures of all asset classes traded on FESE Members.
The performance of European capital markets in the third quarter of 2025 continued to be restrained across equities, derivatives and other instruments, though with emerging signs of improvement. Modest growth in market capitalisation, recovering investment flows and the positive momentum in IPO activity pointed to gradually improving sentiment, even as trading volumes stayed moderate.
Equity: In Q3 2025, market capitalisation increased compared to Q2, while the number of listed companies declined. Although IPO activity picked up during the quarter, new listings fell in Q3, but the decline was smaller than that seen in Q2 compared to Q1. Total investment flows continued to recover from the low levels reached in Q1. Meanwhile, equity trading experienced a decline in both the number of trades and turnover relative to Q2.
Derivatives: In the third quarter, both notional turnover and the number of contracts traded declined across all derivative categories compared to Q2.
Other instruments: Turnover declined across all other instruments compared to the previous quarter. The number of trades also fell for both bonds and ETFs. Additionally, while the number of listed investment funds was slightly lower than in Q2, their market capitalisation picked up in Q3.