The World Federation of Exchanges published its H1 2025 market data showing weaker global primary market activity and a sharp drop in exchange-traded derivatives volumes. IPO counts fell 20.9% versus H2 2024 to 570 deals and IPO proceeds fell 15.7% to USD 66.41 billion, while total exchange-traded derivatives contracts traded declined 51.6% to 43.92 billion. Regionally, IPO issuance fell most in Asia-Pacific, where listings dropped 31.7% and capital raised fell 29.8% versus H2 2024, despite five IPOs above USD 1 billion and a USD 5.23 billion listing by Contemporary Amperex Technology Co on Hong Kong Exchanges and Clearing. The Americas recorded 113 IPOs (+10.8%) raising USD 16.71 billion (+14.7%), led by Venture Global Inc’s USD 1.75 billion NYSE listing, while EMEA saw 101 IPOs (+3.1%) raising USD 9.49 billion (+35.9%), including a USD 1.09 billion Flynas Co listing on Saudi Exchange. In derivatives, options volumes fell 61.3% versus H2 2024 and futures rose 2.8% to 14.18 billion contracts. Volumes increased in the Americas (+6.5%) and EMEA (+17%), but declined 67.6% in Asia-Pacific, which the WFE attributed largely to regulatory changes in India.
World Federation of Exchanges 2025-08-14
World Federation of Exchanges reports H1 2025 IPO activity fell while exchange-traded derivatives volumes halved
The World Federation of Exchanges reported a decline in global primary market activity and exchange-traded derivatives volumes in H1 2025, with IPO counts dropping 20.9% to 570 deals and proceeds falling 15.7% to USD 66.41 billion. Asia-Pacific saw the largest decrease in IPO issuance, while the Americas and EMEA experienced increases in IPO numbers and capital raised; derivatives volumes fell 61.3% for options but rose 2.8% for futures, with notable declines in Asia-Pacific due to regulatory changes in India.