New WFE Data: public markets post strong growth for 2025 despite geopolitical instability

 

PRESS RELEASE

New WFE Data: public markets post strong growth for 2025 despite geopolitical instability

London, 27 February 2026 - New data published by the World Federation of Exchanges (WFE), the global industry group for exchanges and CCPs, shows markets rebounded in the second half of 2025. IPO activity remained robust over the year, pointing to sustained demand for public listings against a challenging global backdrop. 

 

• Global equity market capitalisation increased 18.5% compared to the end of 2024, amounting to USD 151.94 trillion, with double-digit growth in every region.  

  • Over USD 23 trillion was added to stock markets worldwide.  

  • Each region reached its highest market capitalisation in the 5-year period. 

• Trading value rose 36.8% compared to 2024, with double-digit increases in every region.  

  • Each region recorded its highest annual trading value in the period.  

• Non-IPO listings in the Americas region reached their maximum level in 5 years during the period, while the capital raised through already listed companies in EMEA region registered its lowest level.  

• There were 1,471 IPOs globally, representing an 8.7% increase compared to 2024. “ 

  • The Americas saw a double-digit rise (+20.3%), followed by APAC (+7.2%) and the EMEA region (+4.4%).  

• The capital raised through IPOs recorded a significant increase of 42.7% on 2024 with the Americas and APAC regions growing 50.3% and 58.1% respectively, while EMEA region declined 14.1%.   

• The average size of an IPO increased 31.2%, reaching USD 129.5 million/IPO.  

  • While the Americas and APAC regions recorded double-digit increases of 24.9% and 47.5% respectively, the EMEA region registered a double-digit decline of 17.7%.   

  • There were 21 IPOs that raised over USD 1 billion each compared to the 11 listed in the first half of the year. 

• The number of exchange-traded derivatives contracts declined 47.1% compared to 2024, driven by options, which declined 57.1%, while futures increased 4%.  

 

Nandini Sukumar, CEO of the World Federation of Exchanges, said, “In 2025, exchanges truly fulfilled their purpose as engines of investment and growth, while empowering investors with the tools they need to offset exposure and hedge risk. Investors and businesses have flocked to public markets with confidence, seeking growth opportunities from the liquidity, transparency, and efficient price discovery regulated exchanges provide, even during times of global turbulence.” 

Pedro Gurrola-Perez, Head of Research, the World Federation of Exchanges, said, “Going forward, geopolitical turbulence and economic tensions will remain key drivers of capital markets, with uncertainty around the U.S. administration policies continuing to shape business and investor sentiment. Elevated public debt and trade fragmentation also remain important concerns. Global growth in 2026 is expected to hover around 3.1%–3.6%, largely driven by AI investment and more accommodative monetary policies, though questions persist about the long-term sustainability of the AI-investment surge.”

Read the full paper here.

For more information, please contact:

Oonagh Shiel

Communications Manager

[email protected]

+44 7391 204 007

About the World Federation of Exchanges (WFE):

Established in 1961, the WFE is the global industry association for exchanges and clearing houses. Headquartered in London, it represents the providers of over 250 pieces of market infrastructure, including standalone CCPs that are not part of exchange groups. Of our members, 37% are in Asia Pacific, 43% in EMEA and 20% in the Americas region. The WFE’s 87 member CCPs and clearing services collectively ensure that risk takers post some USD 1.1 trillion (equivalent) of resources to back their positions, in the form of initial margin and default fund requirements. The exchanges covered by WFE data are home to over 49,054 listed companies, and the market capitalization of these entities is over USD116.58tr; around USD155tr in trading annually passes through WFE members (at end-2024). 

The WFE is the definitive source for exchange-traded statistics and publishes over 350 market data indicators. Its free statistics database stretches back 50 years and provides information and insight into developments on global exchanges. The WFE works with standard-setters, policy makers, regulators and government organisations around the world to support and promote the development of fair, transparent, stable and efficient markets. The WFE shares regulatory authorities’ goals of ensuring the safety and soundness of the global financial system. 

With extensive experience of developing and enforcing high standards of conduct, the WFE and its members support an orderly, secure, fair and transparent environment for investors; for companies that raise capital; and for all who deal with financial risk. We seek outcomes that maximise the common good, consumer confidence and economic growth. And we engage with policymakers and regulators in an open, collaborative way, reflecting the central, public role that exchanges and CCPs play in a globally integrated financial system. If you have any further questions, or wish to follow-up on our contribution, the WFE remains at your disposal. ^[1] 

Website: www.world-exchanges.org

Twitter: @TheWFE

[1] Our EU Transparency Register number is 973382524675-69

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