Flow Traders 3Q 2025 Pre-Close Call

Core Viewpoint - Flow Traders is preparing to release its 3Q 2025 results on October 30, 2025, following a pre-close call that highlights market trends and their impact on the business [2]. Market Environment - Market trading volumes and volatility in Q3 2025 were relatively flat to slightly higher year-on-year but significantly lower compared to Q2 2025 across most asset classes [3]. - In Equity, trading volumes were flat to slightly up year-on-year but saw meaningful declines quarter-on-quarter, with average volatility also declining [4][5]. - Fixed Income trading volumes experienced flat to slight increases year-on-year but significant declines compared to Q2 2025, with average volatility decreasing [7]. - Digital Assets saw an increase in trading volumes year-on-year and quarter-on-quarter, but volatility declined significantly [8]. Asset Class and Regional Analysis - Equity: - European exchanges like Euronext and Deutsche Börse reported flat to slightly higher trading volumes year-on-year but significant declines quarter-on-quarter [4]. - In the Americas, both Nasdaq and NYSE saw year-on-year increases but declines quarter-on-quarter [5]. - APAC showed mixed trends, with Hong Kong and Shanghai exchanges increasing while Tokyo saw declines [6]. - Fixed Income: - Similar trends to Equity, with flat to slight increases year-on-year but significant declines quarter-on-quarter [7]. - Digital Assets: - Bitcoin trading volumes increased both year-on-year and quarter-on-quarter, but volatility decreased significantly [8]. ETP Market Volumes - On and Off Exchange Value Traded increased by 9% in EMEA, 23% in the Americas, 125% in APAC, and 36% globally year-on-year [9]. - Compared to Q2 2025, On and Off Exchange Value Traded decreased by 27% in EMEA, 14% in the Americas, increased by 48% in APAC, and decreased by 6% globally [10]. Impact on Flow Traders - The decline in market trading volumes and volatility negatively impacted Flow Traders' Net Trading Income (NTI) across all regions compared to both the same period last year and Q2 2025 [12].