Blue Chip Indices: Historic Highs
In both Switzerland and Spain, the main stock market indicators of SIX hit new all-time highs in 2025. For the first time, the Swiss Market Index SMI® crossed the 13,000-point threshold in February, culminating at 13,288.7 on 23.12.2025, while the Spanish IBEX35® surpassed 17,000 points in December. At year-end, the SMI reached 13,267.5, a 14.4% increase over the course of the year, while the IBEX35 rose by an even more impressive 49.3% to peak at 17,308 points.
Trading Activity: Double-Digit Growth
Across both exchanges, total trading turnover in 2025 reached CHF 1,627.1 billion (+15.5% compared to 2024). On SIX Swiss Exchange, overall turnover was up 12.8% to reach CHF 1,135.0 billion, with the Equities segments up 10.5% to reach CHF 874.8 billion. With an increase of 47.6%, the Swiss ETF segment reached a turnover of CHF 124.3 billion – almost surpassing the record of 2019 (at CHF 124.7 billion). On BME Exchange, turnover was up 24.3% to reach EUR 525.3 billion. Equities were up 21.2% to reach EUR 384.6 billion, while the largest increase was recorded in the Fixed Income segment with 34.1% to reach a trading turnover of EUR 139.3 billion.
In terms of transactions, SIX saw an increase of 8.9% across both markets to reach a total of 84,803,601. Trading activity in Switzerland was up by 10.3% to reach 52,802,069 trades, while 32,001,532 transactions were carried out in Spain (+6.7%). ETFs in Switzerland (+36.4%) - reaching a new record of 3,369,968 – and Securitized Derivatives in Spain (+32.5%) were the segments with the largest increases over the course of 2025.
Capital Raising: Twenty Successful Listings
In 2025, SIX saw a total of twenty companies complete successful listings across Switzerland and Spain. The IPO season in Switzerland was opened with the listing of BioVersys at SIX Swiss Exchange in February (MCap CHF 216 million at opening price), followed by the listings of Amrize (spin-off from Holcim, MCap CHF 26 billion) and SMG Swiss Marketplace Group (MCap CHF 4.7 billion). At the time in September, SMG was the largest IPO in Europe in terms of transaction size and by year-end it ranked as the second largest European IPO of 2025.
Combined, BioVersys (CHF 80 million) and SMG (CHF 997 million incl. over-allotment) raised over a billion Swiss francs in fresh capital. Furthermore, already listed companies used the Swiss capital market to raise around CHF 2.7 billion via equity capital increases in the past year, 15.6% more than in 2024 (CHF 2.3 billion). In Spain, three companies listed on the BME Main Market in 2025: HBX Group, Izertis and Cirsa Enterprises. Over the course of the year, Spanish listed companies increased their capital by EUR 10.9 billion, 79.7% more than in the same period of 2024.
The growth markets of BME continued to fulfill their role as a corporate financing instrument for smaller companies. While fourteen new companies joined BME Growth and BME Scaleup, the launch of BME Easy Access in 2025 provides an additional innovative IPO mechanism that allows shares to be admitted without the requirement of a minimum share distribution.
With regards to capital raising, the fixed income markets in Switzerland and Spain also report a successful year. On SIX Swiss Exchange, new all-time highs were recorded with 558 bond listings (+18% compared to 2024) and a listed volume of CHF 124 billion (+15%). In Spain, the volume of corporate debt issues increased by 52% to exceed EUR 79 billion in 2025, while the Alternative Fixed-Income Market MARF achieved a new milestone with a total outstanding balance exceeding EUR 10 billion for the first time.
Further Asset Classes: Attractive Distribution Network
In the year of its 25th anniversary, the ETF segment of SIX Swiss Exchange underlined its growth trajectory with seven new issuers joining and 307 new ETFs launched, resulting in a new record of 2,099 listed products available to investors at year end. The number of ETP issuers increased by four and the overall number of ETPs rose to 266, of which 214 are crypto ETPs. Furthermore, three real estate fund providers listed their investment funds on SIX Swiss Exchange.
The listing activity in the structured products segment of SIX Swiss Exchange reached unprecedented heights. Over the course of 2025, 169,099 new products were listed, 52.6% more than the previous year’s record of 110,870. In April, investors had for the first time a choice of over 70,000 structured products available on SIX Swiss Exchange.
The market of securitized derivatives in Spain saw the number of listings rise by 19.6% to reach 7,632. In terms of turnover growth, Stock Options recorded a plus of 50.7% compared to 2024, reaching a turnover of EUR 1.8 billion, while the IBEX35 Futures reached a turnover of EUR 49.0 billion at year-end.