AFME is pleased to circulate its Equity Primary Markets and Trading quarterly data report for the third quarter of 2025. The report provides detailed data and analysis on the issuance and performance for the equity markets.
Among the main findings of this report:
- Average daily equity trading on European main markets and MTFs increased by 21.19% YtD (as of Q3 2025). Turnover ratio (turnover value/market cap) stood at 116.64% in Q3 2025, a decline from earlier in 2025 but still representing a 19.25% YoY improvement versus Q3 2024. Market spreads tightened through Q3 following tariff-driven volatility spikes in April.
- Initial Public Offerings (IPOs) raised €3.1bn in Q3 2025, a sharp rebound from the exceptionally low base of €0.1bn in Q3 2024. However, cumulative IPO proceeds for Q3 remained 34% lower YtD, reflecting ongoing challenges in the European listing environment.
- Secondary offerings were the largest contributor to total capital raised with €22.3bn issued in Q3 2025, a 81.3% annual increase from Q3 2024. The SIX Swiss Exchange leads the way on follow-ons 2025 YtD.
- Mergers and Acquisitions (M&A) activity rose 13% YtD when measured as announced value and the completed deal value increased by 11% YtD.
- DVC/SVC Update: As of September 2025, 290 instruments were suspended under the Double Volume Cap (233 at EU level and 57 at trading-venue level). On 14 October, European markets transitioned from the DVC to the new Single Volume Cap (SVC). Under the SVC, 355 instruments were suspended, an increase of 122 compared to EU-level suspensions under the DVC. Early evidence points to changes in the scale of dark trading suspensions, though further monitoring is required to assess the full impact of the new regime.
