Regulatory Alerts2025-06-12
AFM State of the Capital Markets 2025
The Dutch Authority for the Financial Markets (AFM) issued its June 2025 State of the Capital Markets report to analyze current market dynamics and price formation drivers. The document details structural shifts in equity trading, including increased concentration among top firms, the internationalization of liquidity providers, and a significant rise in trading volume during closing auctions. It further examines correlations between ETFs and indices, the divergence between gas and carbon commodity prices, and trends in fixed income repo rates and primary dealer competition.
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