Total derivative volumes across Eurex were -4% behind last year in March with only Index product volumes in the black. March US options trading volumes remained essentially flat (1% m/m, -8% y/y). Volatility returned to unfavourable (low) levels after a more turbulent start to the year.
Primary activity: deceleration in April
After a strong March, activity showed significant slowdown in all three areas: completed M&A -52%, total ECM -46% and total DCM -31% m/m. Announced M&A was the only sweet spot with an 11% m/m increase. Grossed up Q2 15 figures show somewhat smaller but significant declines compared to last year’s exceptionally strong Q2 and also versus Q1 15. We continue to expect strong M&A activity in the coming quarters.