More than 10 million EU retail investors traded derivatives or structured products between 2022 and 2025, with rising turbo-certificate activity potentially pointing to a shift away from CFDs.
More than 10 million EU retail investors bought or sold derivatives or structured products between 2022 and 2025, highlighting the significant role of complex products in retail trading across the bloc, according to the European Securities and Markets Authority (Esma). Almost all derivatives and structured products are classified as complex under MiFIR, unlike shares, bonds and Ucits products The investors represented 2.6% of the EU adult population and 18% of all active retail investors, Es