FESE is pleased to share two key publications providing an overview of European capital markets in 2025. The FESE Annual Statistical Report 2025 presents a detailed summary of trading activity throughout the year while the Capital Markets Fact Sheet Q4 2025 highlights market trends and developments from the final quarter.
FESE Annual Statistical Report 2025
Summary of FESE Members’ trading figures are detailed in the FESE Annual Statistical Report, compiling data from FESE members from January to December 2025
In 2025, European capital markets navigated another year shaped by persistent global geopolitical tensions, evolving monetary policy, economic uncertainty and escalating trade conflicts. Market sentiment was tempered by the heightened risk of sudden market corrections. According to ESMA , EU equity markets experienced high volatility during the first four months, at levels not seen since the COVID-19, but demonstrated resilience throughout the first half of the year.
Broader economic analysis suggest that the underlying fundamentals remained relatively supportive Amid these challenges, the annual data submitted by FESE Members reflect how markets managed to navigate the turbulent conditions throughout 2025.
Annual Statistical Report
Capital Markets Fact Sheet Q4 2025
European capital markets ended 2025 on a broadly positive note, despite persistent global trade and political tensions, with conditions supporting modest but steady economic growth. Market activity picked up in Q4 compared with Q3, underpinned by higher capitalisation, stronger investment flows, more listings and some gains across derivatives and other instruments. IPOs were fewer but attracted larger investments, while equity trading remained moderate. Overall, these trends, along with rising investment fund capitalisation, pointed to gradually improving but cautious market sentiment heading into 2026.
Capital Markets Fact Sheet
New listings and total investment flows picked up during Q4 despite fewer IPOs
After two quarters of marked slowdown, bond trading improved in Q4 2025
