Equity underlyings continued to dominate the structured products landscape in Europe during the first quarter of 2025.

Products linked to equity underlyings represented 76.3% in Europe and accounted for approximately 72% of the traded volumes in Europe ex-Switzerland in Q1 2025, according to SRP data.   A year-on-year (YoY) comparison with Q1 2024 shows several key changes. Interest rate-linked products market share has fallen from 32% in Q1 2024 to 21% in the current quarter under review. Single index-linked products have increased their market share from 24% to 32%, with volumes essentially flat. Share