Certificate volumes in the first quarter of 2025 were the highest recorded for a single quarter since the historical high in Q4 2023.
Turnover for investment certificates sold on the Italian primary market reached €7 billion (US$8 billion) in the first quarter of 2025, according to the latest figures released by the Italian association for certificates and investment products ( Associazione Italiana Certificati e Prodotti di Investimento – Acepi ). Sales increased by 33% compared to the previous quarter; year-on-year (YoY) volumes were up 8.7% (Q1 2024: €6.5 billion). The number of issued products, at 538, inc