European cash equity trading volumes held up in the volatile first three weeks of 2016, data from Markit shows.

Statistics from the financial services firm suggest total volume across the region is up by 1% on the same period in 2015.

The percentage increase includes volume across major indices such as the FTSE 100, CAC 40 and DAX 30, along with small and mid-cap gauges like AIM and the Stoxx 600 Mid index.

“We’re seeing big volatility events in the market,” Markit analyst Simon Colvin told Global Investor/ISF. “Oil prices, China and the Fed have all been influential so far, creating demand to trade.”

Last year equity trading  snapped back to life after several years in the doldrums, fuelled by investor appetite to gain a piece of the ECB driven rally, which saw equity indices surge early on.

The second half of 2015 was more volatile for equities across the region, particularly for oil firms and miners, but cash equity trading volumes managed to hang onto the strong volume gains seen in the first half.

Overall, aggregate European equities volumes in 2015 jumped by a quarter to €12.3trn ($13.4trn).

Morgan Stanley managed to come out on top of the broker rankings as the bank reported €1.96trn of executed client business over the year.

Although its lead over second-ranked broker Bank of America Merrill Lynch, €77bn, was down by over three quarters from 2014.

Instinet beat Credit Suisse and UBS to third place. Further down the table, JPMorgan switched places with Citigroup in eigth place.

Markit said it sourced the trading data directly from contributing brokers, so that figures represent what was actually traded.

Across the markets, no one sector or country was responsible for the surge in trading volume, although the large cap FTSE 100, CAC 40 and DAX 30 indices provided over half of the €2.5trn increase in trading activity.

Midcap shares as tracked by the Stoxx 600 Mid index also registered a strong year as its constituents saw a €525bn increase in volume traded over the year.

The Stoxx 600 Small cap index saw a 23% rise in volume traded last year.

UK shares which make up the FTSE AIM All Share index saw a fall in volume traded, €39bn in total, €16bn less than the previous year’s total.

ETFs continue to see trading rise

The year proved to be record breaking for ETFs as the asset class registered record inflows in Europe.

The inflows translated into the secondary market with contributing brokers reporting a record €579bn of executed business, 32% more than the previous year’s tally.

This was helped by bond products whose volumes jumped by a better than average 43%.

Societe Generale hung on to the top spot of the broker rankings, Markit said, helped by trading in its Lyxor products.

Fellow French bank BNP overtook Commerzbank to take second place in the league table.