Flow Traders Reports Lower ETF Volumes and Higher Tokenized RWA Market in 3Q 2026
News related to:Flow Traders Ltd · 2 min read
Flow Traders, a leading global ETF and digital asset liquidity provider, held its 3Q 2026 pre-close call on the market close of September 24, 2026. The company highlighted key market trends and their impact on its business during the quarter.
The market environment saw a mixed picture. ETF volumes decreased across most regions, with the exception of Asia-Pacific (APAC). Geopolitical tensions in the Middle East and their macro-economic consequences continued, but volatility saw a reduction. The VIX, a measure of market volatility, decreased by 13% on a quarter-to-date basis.
In the traditional markets, Europe (EMEA) experienced a downturn in ETF volumes, with a 10% decrease compared to the second quarter of 2026. The on and off-exchange value traded in EMEA was 10% lower than in the previous quarter. In contrast, APAC saw a 21% increase in ETF volumes, with China reporting a 22% rise. This reinforces the strong growth trajectory in the region.
In the United States, ETF volumes were slightly lower, down 2% compared to the second quarter of 2026. The on and off-exchange value traded in the US was 2% lower than in the previous quarter.
The digital asset market showed significant differences. Since October 10, 2025, the bitcoin and altcoin markets have experienced a decline, with the market being flat compared to the second quarter of 2026 but down 62% compared to the third quarter of 2025. The EMEA crypto market ETF volumes increased by 3% compared to the same period in the second quarter of 2026, while volumes were down 62% compared to the third quarter of 2025.
Tokenized Real World Assets (RWAs) continued to show strong momentum. The market size for tokenized RWAs increased to approximately USD 39 billion in the third quarter of 2026, compared to USD 32 billion in the second quarter of 2026. This illustrates the continued strength in the tokenized RWA market.
Flow Traders’ third quarter performance was affected by the decreased market trading volumes and lower volatility. The company expected significantly lower Net Trading Income (NTI) compared to the second quarter. Fixed operating expenses for the quarter remained in line with the cost guidance for 2026, which is €235-245 million.
Founded in 2004, Flow Traders has built its business by providing liquidity across more than 25,000 products in ETFs, equities, fixed income, commodities, foreign exchange, and digital assets, on over 150 venues globally. With more than EUR 7 trillion in annual value traded and over 1,600 active counterparties, Flow Traders plays a central role in ensuring market resilience and transparency. The company brings together over 600 professionals representing more than 60 nationalities.