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17 December 2018

Recent Developments in European Capital Markets: Key findings from the 2018 ECMI Statistical Package

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This paper provides an overview of the key findings observed in the 2018 ECMI Statistical Package, a comprehensive and annually updated database on the dynamics of European and global capital markets (covering the US, Japan, China and other relevant markets).

Key Highlights


European market capitalisation increased by 11.3% in 2017.

Number of listed companies on European exchanges displayed positive growth for the first time in seven years and IPO investment flows grew by 37.9%.

Number of ETF listings on European exchanges grew in 2017 but the value of ETF trading declined by 12.8%.

Debt securities

Notional amounts of outstanding debt in EU28 grew both in terms of value and share of GDP.

Notional amounts of debt issued by non-financial corporations continued to grow, signalling a change in financing strategies among EU28 businesses.

Outstanding volumes of covered bonds continued to decline, predominantly driven by declining amounts of public sector bonds.

Usage of CDOs as collateral for securitisation issuance grew in 2017 while aggregate issuance declined.

Exchange-traded derivatives

European markets exhibited overall growth with turnover on interest rate futures being up by 29.9% in 2017.

Global trading in commodity derivatives, unlike interest rate derivatives, saw its first year-on-year decline since 2011.

Strong growth in trading of equity derivatives in emerging markets.

Over-the-counter derivatives

Strong appetite for short-term instruments and interest rate derivatives (IRD) contracts in global over-the-counter (OTC) trading.

Gross market value of dollar-denominated IRD contracts declined to lowest level since the financial crisis.

Central clearing continues to make inroads for IRD contracts.

Investment and mutual funds

Net assets of European investment funds reached an all-time high of €14.9 trillion in 2017.

Net assets of alternative investment funds (AIF) saw its ninth consecutive year of growth.

Growth for UK investment funds recovered following the aftermath of the 2016 referendum.

Full publication


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