10.12.2025

2025 ECMI Statistical Package - Key findings

Published in: 
In-Depth Analysis
Author(s): 
Apostolos Thomadakis, Felipe Calvo de Freitas

Offering a comprehensive collection of the most relevant data on various segments of European and global capital markets, the ECMI Statistical Package enables users to trace trends so as to highlight the ongoing transformation of capital markets, including the structural changes brought about by competitive forces, innovation and regulation. It represents an important step towards overcoming the existing data fragmentation on the evolution of European capital markets by offering a ‘one-stop-shop’ for market participants, regulators, academics and students. The 2025 version contains data on equity markets, debt securities, securitisation, covered bonds, exchange-traded and over-the-counter derivatives, asset management, mutual funds, insurance companies and pension funds, and global comparative data.

Highlights:

Equity market

  • The market capitalisation of listed companies in the EU-27 decreased by 2 % in 2024.
  • The capital raised through initial public offerings experienced a substantial increase in 2024 to EUR 14 451 billion (or +172 % compared to 2023).
  • The number of listed exchange-traded funds (ETFs) in the EU-27 decreased by 12 % to 8 779 and the total value of ETF trading declined 9 %, reaching EUR 433 billion in 2024.

Debt securities

  • The global amount of outstanding debt securities saw an increase in 2024, totalling EUR 134 trillion.
  • Notional amounts of outstanding debt in the EU-27 in 2024 grew in terms of value (EUR 25 trillion, +4 % to 2023) but fell marginally in terms of GDP (140 %, -1 percentage point to 2023).
  • The issuance of securitised products grew 15 % to EUR 245 billion in the EU-27, while in the US it increased by 21 % to EUR 1.5 trillion.

Exchange-traded derivatives

  • The turnover of interest rate derivatives (IRDs) in Europe rose by 41 % to EUR 825 trillion in 2024.
  • Global trading in commodity derivatives fell (by 35 %) to EUR 185 trillion, while the number of contracts agreed also fell by 30 % to 7 billion.

Over-the-counter derivatives

  • The notional amount of outstanding OTC derivatives increased by 11.5 % in 2024, reaching EUR 672 trillion, while the gross market value rose marginally by 3 % at EUR 16.9 trillion.
  • Euro-denominated IRDs rose 6 % to EUR 181 trillion, representing 34 % of all contracts.
  • The share of IRDs cleared with central clearing counterparties remained stable at 76 %.

Investment funds

  • The number of undertakings for collective investment in transferable securities (UCITS) funds slightly increased to 30 066, while non-UCITS funds remained almost stable at 27 573.
  • The net assets of UCITS funds totalled EUR 12.6 trillion (+16 %), while those of non-UCITS reached EUR 7.2 trillion (+7.8 %).
  • The total assets of EU insurance companies reached a record of EUR 10 trillion (or 55.6 % of GDP), while those of pension funds EUR 5 trillion (or 28.2% of GDP).

The statistical package is available free of charge for ECMI members, while non-members can purchase it by contacting ECMI at [email protected]. For further information, please contact Alice Orlandini ([email protected]). 

Apostolos Thomadakis is Research Fellow and Head of the Financial Markets and Institutions Unit at CEPS, and Head of Research at ECMI. The author gratefully acknowledges Felipe Calvo de Freitas, intern at ECMI, who was responsible for the compilation of the 2025 ECMI Statistical Package.

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