European Platforms: July-26: Expected Seasonal Summer Slowdown in Trading Activity

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European Platforms: July-26: Expected Seasonal Summer Slowdown in Trading Activity

Powered by Lab Global31 JulyResearch2026ab Evidence UBS YES

European Platforms Equities

Europe including UKJuly-26: Expected Seasonal Summer Slowdown

in Trading Activity Financial

Amit Jagadeesh

Analyst

amit.jagadeesh@ubs.com

Web traffic, mobile app usage and download data for European platforms +44-20-7567 9705

Using UBS Evidence Lab web traffic, mobile app usage and download data, we analyse Haley Tam

trading activity and customer growth across European platforms. We incorporate these Analyst

inputs into multivariate regression models and observe statistically significant haley.tam@ubs.com

correlations (R-squares of 60-80%) with reported trading volumes, brokerage revenues +44-20-7567 6176

and account openings. As such, we believe these datasets provide a timely and robust Adele Palama

leading indicator of activity trends ahead of monthly stats/earnings results. Analyst

adele.palama@ubs.com

July-26 activity data suggests seasonal weakness in retail trading activity +34-91-436 9023

Ahead of the July-26 monthly trading updates (on 5 August) for Avanza (AZA), Nordnet Johan Ekblom, CFA

(SAVE) and flatexDEGIRO (FTK), July-26 activity reflects the typical seasonal summer Analyst

slowdown, with activity declining 13% YoY for AZA, 6% YoY for SAVE and 3% YoY for johan.ekblom@ubs.com

FTK. Compared with the strong momentum seen through H1:26, the July data suggests +44-20-7568 3580

activity is beginning to normalise from elevated levels, with early signs of trading fatigue Michael Werner

emerging across the platforms. On a sequential basis, activity softened across all Analyst

platforms, with MoM declines of 15% for AZA, 17% for SAVE and 27% for FTK, michael.werner@ubs.com