23.01.2024

2023 ECMI Statistical Package - Key findings

Published in: 
Research Reports
Author(s): 
Apostolos Thomadakis

Offering a comprehensive collection of the most relevant data on various segments of European and global capital markets, the ECMI Statistical Package enables users to trace trends so as to highlight the ongoing transformation of capital markets, including the structural changes brought about by competitive forces, innovation and regulation. It represents an important step towards overcoming the existing data fragmentation on the evolution of European capital markets by offering a ‘one-stop-shop’ for market participants, regulators, academics and students. The 2023 version contains data on equity markets, debt securities, securitisation, covered bonds, exchange-traded and over-the-counter derivatives, asset management, mutual funds, insurance companies and pension funds, and global comparative data.

Highlights:

Equity market

  • The market capitalisation of listed companies in the EU-27 decreased by 16 % in 2022.
  • The capital raised through initial public offerings decreased fourfold in 2022 to EUR 14 billion.
  • The number of listed exchange-traded funds (ETFs) in the EU-27 rose by 3 % to 9 541, but the total value of ETF trading declined marginally by 1 % to EUR 484 billion.

Debt securities

  • The global amount of outstanding debt securities saw an increase in 2022, totalling EUR 117 trillion.
  • Notional amounts of outstanding debt in the EU-27 fell in terms of value (-10 %) and GDP (standing at 133 % of GDP, down 28 percentage points).
  • The issuance of securitised products fell 13 % to EUR 203 billion in the EU-27, while in the US it fell by 42 % to EUR 2 trillion.

Exchange-traded derivatives

  • The trading of interest rate derivatives (IRDs) in Europe rose (23 %) to EUR 553 trillion in 2022.
  • Global trading in commodity derivatives increased (15 %) to EUR 182 trillion, while the number of contracts agreed also rose by 8 % to 8.3 billion.

Over-the-counter derivatives

  • The notional amount of over-the-counter traded derivatives increased by 9.6 % in 2022 and the gross market value by 77 %.
  • Euro-denominated IRDs rose 26 % to EUR 142 trillion, representing 31 % of all contracts.
  • At the end of 2022, 77 % of IRDs were cleared with central clearing counterparties, a decrease of two percentage points.

Investment funds

  • The number of undertakings for collective investment in transferable securities (UCITS) funds increased by 2 % (+585 UCITS) to 29 642, while the number of non-UCITS funds remained almost stable at 27 521 (+10 non-UCITS).
  • The net assets of UCITS funds totalled EUR 10 trillion (-13 %), while those of non-UCITS reached EUR 6 trillion (-11 %).
  • Equity and bond funds represented 30 % and 21 % respectively of the total EU-27 investment fund market in terms of net assets.

Apostolos Thomadakis, Ph.D., is Head of Research at ECMI and Research Fellow at the Financial Markets and Institutions Unit at CEPS.The author gratefully acknowledges Niloofar Adel, an intern at ECMI, who was responsible for the compilation of the 2023 ECMI Statistical Package.

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