Flow Traders Flags Lower 3Q 2026 Earnings Amid Mixed ETF Volumes…

Event summary

Flow Traders expects significantly lower net trading income (NTI) in 3Q 2026 due to decreased ETF volumes and lower volatility.
ETF volumes declined 10% in EMEA and 2% in the US quarter-to-date, while APAC volumes rose 21%, with China up 22%.
Crypto ETF volumes remain under pressure, down 62% year-over-year, but tokenized RWAs market grew to $39bn from $32bn.
Fixed operating expenses remain in line with 2026 guidance of €235-245 million.

The big picture

Flow Traders' 3Q 2026 outlook reflects broader market trends, including geopolitical volatility and regional ETF volume disparities. The firm's ability to navigate these challenges will hinge on its capacity to leverage APAC growth and adapt to shifting digital asset dynamics. With fixed costs guided at €235-245 million, operational efficiency will be key.

What we're watching

Regional Disparities: How APAC's 21% volume growth will offset declines in EMEA and the US.
Crypto Market Dynamics: Whether tokenized RWAs can sustain momentum amid crypto ETF volume declines.
Cost Management: The pace at which Flow Traders can control fixed costs amid lower trading income.