AFME is pleased to circulate its Equity Primary Markets and Trading quarterly data report for the full year of 2024. The report provides detailed data and analysis on the issuance and performance for the equity markets.

Among the main findings of this report:

• Equity underwriting on European exchanges rose 14% in 2024 compared to 2023.
• Initial Public Offerings (IPOs) saw a large percentage increase of 122% in 2024, generating €15bn in deal value and marking a recovery from the previous year's lows (€7bn), although still below the European annual average of c€40bn. The European issued amount was lower than that observed on US exchanges (€38.5bn) and in India (€19.5bn), but exceeded the levels recorded in China (€8bn), Japan (€5.9bn), and Australia (€2.3bn).
• Mergers and Acquisitions (M&A) in 2024 rose by 22% when measured as announced value, and by 10% when measured as completed value.
• Average daily equity trading on European main markets and MTFs increased by 14% in 2024. Turnover ratio, calculated as annualised turnover value relative to market capitalisation, increased to 122% in Q4 2024 after a record low of 100% observed in the second half of 2023. Turnover ratio remains significantly below 2018 levels (c.150%) indicating a continued deterioration in market liquidity.
• DVC Update: The Double Volume Cap (DVC) mechanism seeks to limit equity trading under the reference price waiver and the negotiated transaction waiver on EU venues. According to ESMA, the number of instruments suspended under the DVC has marginally declined since February 2024, with 206 suspended instruments (168 at EU Level and 38 at TV level) as of January 2025.