The French Financial Markets Authority (AMF) has published an enriched version of its quarterly dashboard on active retail stock market investors, based on transaction data provided by European financial service providers and with an expanded scope that now includes French investors trading via EU-headquartered firms outside France on instruments under the AMF’s competence. The updated edition shows unprecedented retail activity in 2025, with nearly 2.5 million French individuals executing at least one transaction on equity markets, the highest level recorded since 2020. In 2025, just over 1.9 million French investors traded shares at least once, up 21% year on year, and retail share transactions reached 56 million (41 million in 2024); 26% of these transactions were executed via EU providers outside France, representing 15% of total share trading amounts. ETF participation also accelerated, with more than 1.1 million French investors trading an ETF at least once (up 83% from 607,000 in 2024) and ETF transactions doubling to 14.4 million (6 million in 2024); 47% of ETF transactions were conducted via EU providers outside France, accounting for 20% of total ETF trading amounts. The AMF also reports 780,000 new investors in 2025 (defined as first-time buyers since 1 January 2018), with most new investors using EU providers outside France, and a marked decline in average investor age between fourth-quarter 2024 and fourth-quarter 2025 for both shares and ETFs; the dashboard relies on transaction-reporting data available since MiFID II took effect in January 2018.

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