FESE Capital Markets Fact Sheet 2025 Q3.pdf

FESE Capital Markets Fact Sheet 2025 Q3

1. Capital Markets
Fact Sheet
Q3 2025

2. OVERVIEW
2 Capital Markets Fact Sheet –Q3 2025
Equity
Derivatives
Other instruments
General overview
The performance of European
capital markets in Q3 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.
•In the third quarter of 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.
•In the third quarter, both notional turnover and the number
of contracts traded declined across all derivative categories
compared to Q2.
•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.

3. 3
Equity Derivatives Other instruments
INDEX
Listed companies
Market capitalisation
New listings
Investment flows
IPOs
SME markets
Trades
Turnover
Options
Futures
Stock/Index derivatives
Bond derivatives
Commodities derivatives
Foreign exchange derivatives
Securitised derivatives
ETFs
Investment funds
Bonds
Capital Markets Fact Sheet –Q3 2025

4. Equity
Data from FESE members

5. LISTED COMPANIES AND MARKET CAPITALISATION
5 Capital Markets Fact Sheet –Q3 2025
0
2
4
6
8
10
12
14
16
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Listed companies Market capitalisation (EUR trillion, right axis)
Note:
The declines since Q3 2022 are largely due to the delisting of collective investment schemes as a result of regulatory changes in the Spanish market
As of January 2024, data includes Bratislava Stock Exchange (this applies to all the tables in the Fact Sheet)

6. NEW LISTINGS AND INVESTMENT FLOWS
6 Capital Markets Fact Sheet –Q3 2025
0
10
20
30
40
50
60
70
0
50
100
150
200
250
300
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
New listings Total investment flows (EUR billion, right axis)

7. IPOs
7 Capital Markets Fact Sheet –Q3 2025
0
5
10
15
20
25
0
20
40
60
80
100
120
140
160
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
IPOs Investment flows (EUR billion, right axis)

8. SME MARKETS
8 Capital Markets Fact Sheet –Q3 2025
0
20
40
60
80
100
120
140
160
0
200
400
600
800
1,000
1,200
1,400
1,600
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Listed companies Market capitalisation (EUR billion, right axis)

9. EQUITY TRADING
9 Capital Markets Fact Sheet –Q3 2025
0
0.5
1
1.5
2
2.5
0
50
100
150
200
250
300
350
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Trades (million) Turnover (EUR trillion, right axis)

10. Derivatives
Data from FESE members
2

11. AGGREGATED OPTIONS AND FUTURES
11 Capital Markets Fact Sheet –Q3 2025
0
20
40
60
80
100
120
140
160
180
0
100
200
300
400
500
600
700
800
900
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Options contracts traded (million) Futures contracts traded (million)
Options notional turnover (EUR trillion, right axis)Futures notional turnover (EUR trillion, right axis)

12. STOCK/INDEX DERIVATIVES
12 Capital Markets Fact Sheet –Q3 2025
0
2
4
6
8
10
12
14
16
18
20
0
100
200
300
400
500
600
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Contracts traded (million) Open interest (million) Notional turnover (EUR trillion, right axis)

13. BOND DERIVATIVES
13 Capital Markets Fact Sheet –Q3 2025
0
20
40
60
80
100
120
140
160
180
200
0
50
100
150
200
250
300
350
400
450
500
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Contracts traded (million) Open interest (million) Notional turnover (EUR trillion, right axis)

14. COMMODITIES DERIVATIVES
14 Capital Markets Fact Sheet –Q3 2025
0
2
4
6
8
10
12
14
0
50
100
150
200
250
300
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Contracts traded (million) Open interest (million) Notional turnover (EUR trillion, right axis)

15. FOREIGN EXCHANGE DERIVATIVES
15 Capital Markets Fact Sheet –Q3 2025
0
10
20
30
40
50
60
70
0
1
2
3
4
5
6
7
8
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3
2018 2019 2020 2021 2022 2023 2024 2025
Contracts traded (million) Open Interest (million) Notional turnover (EUR billion, right axis)

16. Other instruments
Data from FESE members
3

17. SECURITISED DERIVATIVES
17 Capital Markets Fact Sheet –Q3 2025
0
10
20
30
40
50
60
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Listed (million) Turnover (EUR billion, right axis)

18. ETFs
18 Capital Markets Fact Sheet –Q3 2025
0
50
100
150
200
250
0
2
4
6
8
10
12
14
16
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Trades (million) Turnover (EUR billion, right axis)

19. INVESTMENT FUNDS
19 Capital Markets Fact Sheet –Q3 2025
0
20
40
60
80
100
120
140
160
180
0
5
10
15
20
25
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Listed Market capitalisation (EUR billion, right axis)

20. BONDS
20 Capital Markets Fact Sheet –Q3 2025
0
1
2
3
0
1
2
3
4
5
6
7
8
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Trades (million) Turnover (EUR trillion, right axis)