European Firms Post Strong Capital Markets Revenues in 2020 Fuelled by High Market Volatility

European firms continued to show strong growth in capital markets revenues (from Sales & Trading and Investment Banking) in Q4 2020, following the trend seen throughout the year, although revenues were lower than in the previous three quarters, affected by typical Q4 seasonality. 2020 was marked by exceptionally high levels of volatility. This fuelled client activity and boosted capital markets revenues at European Firms through high levels of Fixed-Income Sales & Trading as well as Debt & Equity Underwriting, which benefitted from high levels of corporate issuances.