Nasdaq Newsroom
2025 marked a year of heightened volatility, with global markets navigating geopolitical shifts, rapid transformations in the technology sector and a broad secular rotation of equities.
Amid this evolution, Nasdaq Europe strengthened its role at the heart of Europe’s financial ecosystem.
By acting as a vital engine of growth, driving resilient capital formation, and providing trusted connectivity within the markets, Nasdaq Europe helped to empower companies, investors, and markets alike.
"2025 was a landmark year for Nasdaq Europe. Across seven exchanges in the Nordics and Baltics, we reinforced our role as the trusted fabric of Europe’s financial markets." Roland Chai, EVP and President of European Market Services.
These accomplishments reflect Nasdaq’s strategic commitment to shaping sustainable markets, fostering innovation, and driving confidence in the financial economies across the region.
More than half of all European IPO capital was raised on Nasdaq exchanges in 2025. Trading volumes in cash equities and equity derivatives were up 11% and 5% respectively year-on-year across its Nordic and Baltic platforms, and money raised across the Nasdaq Nordic corporate bond market alone hit €1.2 trillion, a new record. Retail investor activity also continued to outpace other European centers, exceeding 12% in 2025, demonstrating the depth and diversity of its markets across the region.
Against a context of fragmented markets and rising security imperatives, Nasdaq extended its Nordic labelled bond model to defense: our new Defense Bond segment sets explicit transparency and process requirements, enabling issuers that support EU or NATO member security to access capital while giving investors mandate‑aligned choices across armament, cybersecurity, and critical infrastructure.
The year also marked major anniversaries that reflect the evolution of Nasdaq's European presence, including 25 years of ETFs in Europe, four decades of Nasdaq Iceland and the 40th anniversary of options trading on Nasdaq Stockholm.
Stockholm's Outsized Performance
While the global IPO markets remained selective amid geopolitical uncertainty, Stockholm demonstrated impressive resilience thanks to the depth and sophistication of its investor base.
"What happened this year is a testament to the strength of the Swedish market,” said Adam Kostyál, Senior Vice President and Head of European Listings at Nasdaq. "We've become famous for the ability to list small and medium-sized companies with strong institutional ownership, but this year, we've shown that we’re also a great market for strong, larger companies," said Kostyál.
The Verisure IPO marked a defining moment for European capital markets. By raising €3.7billion, Verisure not only delivered the largest European IPO since 2022 but also set a record as the continent’s biggest private equity-backed listing. The company’s strong debut—driven by a 21% share price increase and €560 million in turnover, accounted for roughly a quarter of Nasdaq Stockholm’s trading that day—underscoring investor confidence and market resilience.
With 60,000 retail investors now shareholders, this milestone reinforces our commitment to inclusive growth and broad market participation, positioning Nasdaq as the platform of choice for transformative listings.
Stockholm separates itself from competitors by supporting companies of all sizes along their growth journeys. Historically, Kostyál noted, about 30% of Nordic private equity-backed companies have transitioned to public markets, compared with 7 to 8% across broader Europe.
“What distinguishes our market is the ability to list small and medium-sized companies with strong institutional ownership and strong engagement from investors — everything from retail to institutions,” Kostyál noted.
Innovation & Infrastructure
The listings success rested on continued investment in Europe’s underlying market infrastructure — from new derivatives products and bond frameworks to technology upgrades and anti-financial crime tools.
Nasdaq launched Europe's first defense bond framework in 2025, in response to shifting geopolitical realities and financing needs across the continent. It welcomed its first issuer, Lithuanian state-owned Valstybės Investicinis Kapitalas, in October.
“There is a clear and growing need for financing solutions that address Europe’s security challenges. Demonstrating leadership in how we structure and manage these offerings – and ensuring investors understand the underlying themes – is critical. Safety and security extend beyond cyber resilience; they encompass creating a trusted environment where our customers can operate confidently and thrive.” said Chai.
The listed derivatives business overall posted a record year for Nordic single stock options in traded notional value and open interest, with Danish single stock options trading up 209% year over year and Norwegian options up 55%. Custom basket futures trading commenced for the first time, pushing forward Nasdaq's European derivatives offering in thematic index products.
"Trading both in cash equities and derivatives was very strong, and we also see very strong growth in new products and services across the board,” said Chai.
In 2025, Nasdaq was also the number one trading venue in Nordic equities.
The fixed income market maintained its impressive growth trajectory. Outstanding corporate bond volume in the Nordic region grew 12.3% from January through November and welcomed a record number of new issuers. The sustainable bond market marked its tenth anniversary with more than €80 billion in listed volume, while total bond listings across Nordic markets exceeded €1.2 trillion.
Nasdaq also signed its first proof of concept with a Tier 1 European bank for anti-financial crime technology and published its European Financial Crime Report, additional signs of the exchange’s efforts to improve market integrity.
"On the trading side, we're continually maintaining very high market share and developing new innovations in both lit and dark liquidity solutions for our clients,” said Chai. “We are constantly leveraging our technology platforms to deliver the best risk management solutions in a fragmented market.”
The ETF & ETP business added 57 new products in 2025 including 42 crypto exchange-traded products–with five new issuers joining the platform. Crypto ETN trades surged more than 271% year over year.
"ETFs are definitely a growth area," Chai said. "We see growth in structured products. We see growth in crypto ETPs and passive ETFs in general, and we do think that's a growing trend in Europe and the Nordics."
Outlook for 2026
Nasdaq anticipates continued momentum heading into the new year, though expect markets to remain selective. The IPO pipeline is building, and broader European capital markets reforms under the EU's Savings and Investment Union initiative could provide tailwinds.
"The markets will be selective, but I think there will be an appetite for certain riskier investments, in terms of companies that are at an earlier stage," Kostyál said. "We will probably see a gravitation towards smaller companies within high-growth segments such as healthcare. And of course, we have a segment which has become dominant: the defense sector."
Chai pointed to pro-growth trends as a potential catalyst. "The Nordics and Sweden offer models that Brussels and the rest of Europe want to emulate," he said. "I think that's a priority both politically and economically across the EU."
The Verisure listing may have opened doors for additional non-Nordic European companies to consider Stockholm. Kostyál noted that following the IPO, he’s had more conversations with international issuers evaluating the market as a new venue.
Geopolitical uncertainty remains the wild card. Defense spending, energy infrastructure investment and broader economic stimulus across Europe could support increased valuations and corporate activity. But executives acknowledge that the environment requires careful navigation.
"In 2025 Nasdaq Europe has proven the ability to run resilient markets in the face of real macro volatility and uncertainty," Chai said. "2026 will be about building on the strength of the Nordic markets and scaling our platform to enhance the strength of European financial markets.”
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