Certificate volumes in the second quarter of 2025 were the highest on record.
Turnover for investment certificates sold on the Italian primary market reached €9.4 billion (US$11 billion) in the second 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 34% compared to the previous quarter; year-on-year (YoY) volumes were up 47% (Q2 2024: €6.4 billion). The number of issued products, at 624,