AFME is pleased to circulate its Equity Primary Markets and Trading quarterly data report for the first quarter of 2026. 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 22% YtD. The turnover ratio (turnover value/market cap) increased significantly to 142.67% in Q1 2026, representing a 9.48% YoY increase since Q1 2025.
- Initial Public Offerings (IPOs) on European exchanges accumulated €5.1bn in proceeds during Q1 2026. This represents a 56% increase YoY from the amount recorded in Q1 2025 (€3.3bn). IPOs have shown momentum particularly in Amsterdam and Frankfurt, with European issuance performing comparatively well in Q1 relative to other regions.
- Secondary offerings were the largest contributor to total capital raised with €41bn issued in Q1 2026, a 36.7% YoY increase from €30bn in Q1 2025. The SIX Swiss Exchange leads the way on follow-ons 2026 YtD.
- Mergers and Acquisitions (M&A) activity rose 36% YtD when measured as announced value and the completed deal value increased by 22% YtD.
- SVC Update: On 14 October, European markets transitioned from the DVC to the new Single Volume Cap (SVC). Under the SVC, the number of instruments suspended at the EU level increased from 217 in December 2025 to 228 at the end of March 2026.