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 second quarter of 2025 was relatively subdued, based on data from the FESE membership, unfolding against a backdrop of slowing economic growth in the euro area and the EU, as shown by Eurostat’s preliminary flash estimate for the quarter. At the same time, elevated geopolitical risks and persistent trade tensions continued to cloud the broader outlook.
Equity: In Q2 2025, market capitalisation and the number of listed companies remained largely unchanged from the first quarter. While new listings fell markedly, returning to levels similar to those in the same quarter of 2024, total investment flows increased. IPO activity also declined during the quarter. Equity trading saw a slight decrease in both the number of trades and turnover compared to Q1 2025.
Derivatives: In the second quarter, both notional turnover and the number of contracts traded declined across all derivative categories, except commodities. While commodities experienced a significant increase in the number of contracts traded compared to Q1, their notional turnover still fell.
Other instruments: Turnover declined across all other instruments, with bonds seeing the sharpest drop compared to the previous quarter. The number of trades also fell for both bonds and ETFs. Additionally, the number of listed investment funds and their market capitalisation were slightly lower than in Q1.