The performance of European capital markets in the third quarter of 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.

Equity market capitalisation increased compared to Q2,

while the number of listed companies declined

 Both notional turnover and the number of contracts traded declined across all derivative categories compared to Q2

Turnover declined across all other instruments, while the market capitalisation of listed investment funds picked up in Q3