The World Federation of Exchanges (WFE) published new market data indicating that public markets strengthened in the second half of 2025, with broad-based increases in equity market size and trading activity and continued demand for IPOs despite geopolitical instability. Global equity market capitalisation rose 18.5% from end-2024 to USD 151.94 trillion, adding over USD 23 trillion and reaching the highest level in the five-year period in every region. Total trading value increased 36.8% versus 2024, also setting five-year highs across regions. IPO activity totalled 1,471 listings globally (+8.7% year-on-year), with IPO proceeds up 42.7%; proceeds rose in the Americas (+50.3%) and APAC (+58.1%) but fell in EMEA (-14.1%). The average IPO size increased 31.2% to USD 129.5 million, with declines in EMEA (-17.7%) offset by growth in the Americas (+24.9%) and APAC (+47.5%). Exchange-traded derivatives volumes fell 47.1% year-on-year as options declined 57.1%, while futures increased 4%. In WFE commentary accompanying the release, its research head flagged ongoing geopolitical and economic tensions, uncertainty around US administration policies, and concerns around elevated public debt and trade fragmentation, while citing expectations for 2026 global growth of around 3.1%–3.6% driven by AI investment and more accommodative monetary policies.
World Federation of Exchanges2026-02-27
World Federation of Exchanges data show 2025 global equity market capitalisation up 18.5% to USD 151.94tn and IPO fundraising up 42.7%
The World Federation of Exchanges reported a robust performance in public markets in H2 2025, with global equity market capitalisation rising 18.5% to USD 151.94 trillion and trading value increasing 36.8% year-on-year. IPO activity saw 1,471 listings globally, with proceeds up 42.7%, despite a decline in EMEA. Exchange-traded derivatives volumes fell 47.1%, driven by a 57.1% drop in options, while futures rose 4%.