Trading Insights: The rise in European trading volumes

Jun 17, 2025

Chris Andrew, the Head of Market Structure and Regulatory Change in EMEA, brings his expertise in European capital markets to the discussion. He and Eloise Goulder explore the impressive 38% surge in European trading volumes, driven by geopolitical shifts and sector dynamics. They highlight the potential for European equities to outperform the US market. The conversation also dives into the urgent need for reforms to integrate capital markets across Europe and the challenges of creating a savings and investments union to enhance security and funding.

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INSIGHT

Significant Rise in EU Trading Volumes

European equity market volumes rose by 38% from 2024 to 2025, showing a clear upward trend since mid-February 2025.
This increase is genuine, persisting even after adjusting for currency effects and elevated volatility.

INSIGHT

Country and Sector Volume Drivers

Germany led the volume surge with a 65% increase, alongside strong rises in Italy, France, and Austria.
Defense, industrial, banking, consumer discretionary, and telecom sectors drove significant volume growth.

INSIGHT

Policy and Diversification Impact on Volumes

European fiscal and defense policy coordination, especially Germany's increased spending, boosted GDP growth expectations.
Investor demand has shifted partly to diversify from US equities amid US political volatility and trade tensions.

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In this episode, Eloise Goulder, head of the Data Assets and Alpha Group at J.P. Morgan, is joined by Chris Andrew, head of Market Structure and Regulatory Change in EMEA. Together, they explore the recent pick-up in European equity volumes and turnover ratios, discussing factors including geopolitical shifts, fiscal policy changes and the evolving landscape of European capital markets. Finally, Eloise and Chris delve into the potential for sustained outperformance, and the implications and challenges of achieving greater capital market integration via the Savings and Investments Union across Europe.

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This episode was recorded on May 22, 2025.

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