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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
20/09/2013 2013/1138 Trends, Risks, Vulnerabilities No. 2, 2013 Final Report PDF
2.92 MB
20/09/2013 2013/1139 ESMA Risk Dashboard No.3, 2013 Final Report PDF
891.55 KB
11/01/2013 2013/12 Principles for Benchmarks-Setting Processes in the EU Consultation Paper PDF
259.33 KB
11/01/2013 2013/13 ESMA and the EBA take action to strengthen Euribor and benchmark rate-setting processes , Press Release PDF
207.75 KB
20/09/2013 2013/1324 ESMA TRV: market conditions improve, as systemic risks persist Press Release PDF
149.46 KB
The European Securities and Markets Authority (ESMA) published today its Trends, Risks, Vulnerabilities (TRV) Report and a Risk Dashboard for the second quarter of 2013. The TRV examines the performance of securities markets in the first half of 2013, assessing both trends and risks in order to develop a comprehensive picture of systemic and macro-prudential risks in the EU, to assist both national and EU bodies in their risk assessments. ESMA’s TRV contributes to promoting financial stability and enhancing consumer protection by regularly looking into cross-border and cross-sector trends, risks and vulnerabilities, both at the wholesale and retail level. The TRV finds that EU securities markets and investment conditions in the EU have improved for a second quarter in a row since the 4th quarter of 2012, although systemic risk persisted at medium to high levels. Amongst other risk factors, uncertainty remained high due to concerns over funding sources, low interest rates and recent market fluctuations, resulting in increased market risk, while liquidity, credit and contagion risk continue to be significant. Steven Maijoor, ESMA Chair, said: “While the easing of stress in financial markets is a positive sign, systemic risks in the EU remain high and uncertainty in the international market environment has risen. Valuations in securities markets, volatility in fund flows, and continuity issues around financial benchmarks remain a matter of concern. Faced with these issues regulators and market participants should remain vigilant. “ESMA’s work on identifying those risks facing Europe’s securities markets is an important component in the European System of Financial Supervision’s efforts to foster recovery in its markets and promote financial stability.” The TRV identifies the following key trends for the first half of 2013 in EU securities markets: • Securities markets: market conditions improved moderately while issuance was subdued with equity prices declining and inter-bank lending increasing. The second quarter saw an increase in sovereign borrowing costs, and corporate bonds; covered bonds and securitised products were subdued; • Collective investments: asset managers benefited from improved market conditions, mainly driven by bond, equity or alternative funds whereas money market fund assets decreased. Overall, leverage remained moderate but capital inflows were volatile reflecting a decline in investor sentiment; and • Market infrastructures: trading on EU venues increased in early 2013. Central clearing of interest rate swaps continued to grow. Potential continuity issues around financial benchmarks give rise to concerns. Key risks identified in the Report, and published separately in the Risk Dashboard, include: • Liquidity risk: even though policy action helped to reduce liquidity risks in main market segments, others rose, leaving the overall liquidity risk at high levels; • Credit risk: securities markets in the EU saw a reduction in issuance volumes, mainly in asset classes with higher risk and longer maturities. Despite recent debt refinancing, overall credit risk remains high; • Market risk: equity and bond markets risks increased driven by rising concerns over the valuation of assets; and • Contagion risk: the risk of contagion between market segments remained unchanged, while the level of credit default swap exposures declined. In addition, the TRV presents in-depth analyses on four specific topics: • First evidence on the impact of the Short-Selling Regulation on securities markets; • Contagion risks and the network structure of EU CDS exposures; • Overview of the EU UCITS industry; and • Overview of bail-in and contingent capital securities. Next steps As part of its on-going market surveillance, ESMA publishes its TRV semi-annually, complemented by its quarterly risk dashboard.
15/11/2013 2013/1454 ESMA Risk Dashboard No.4, 2013 Final Report PDF
1.12 MB
The European Securities and Markets Authority (ESMA) is publishing its Risk Dashboard No.4 for 2013. The Risk Dashboard provides a snapshot of risk issues in the third quarter of 2013 and covers the following areas: Economic environment and securities markets conditions; Liquidity Risk; Market Risk; Contagion Risk; and Credit Risk.
14/02/2013 2013/212 Trends, Risks and Vulnerabilities report Final Report PDF
2.03 MB
14/02/2013 2013/213 ESMA Risk Dashboard No.1, 2013 Final Report PDF
717.92 KB
14/02/2013 2013/215 ESMA issues first risk report on EU securities markets , Press Release PDF
99.25 KB
03/07/2013 2013/326 Retailisation in the EU Final Report PDF
976.31 KB
06/06/2013 2013/658 Final Report- ESMA-EBA Principles for Benchmark-Setting Processes in the EU Final Report PDF
620.19 KB
06/06/2013 2013/684 ESMA and the EBA publish final principles on benchmarks , , Press Release PDF
125.48 KB
10/06/2013 2013/712 ESMA Risk Dashboard No.2, 2013 Final Report PDF
806.84 KB
14/11/2014 2014/1341 ESMA Risk Dashboard No. 4, 2014 Final Report PDF
766.77 KB
The European Securities and Markets Authority (ESMA) has today published its Risk dashboard for the third quarter of 2014. ESMA’s Risk Dashboard assess the risks associated to European financial markets looking into liquidity, market, contagion and credit risks. The Dashboard finds that in 3Q14 EU systemic stress indicators increased, after experiencing a calm 2Q14. Contagion risk augmented and liquidity and market risk remained on high levels, with potential for further increases ahead. Credit risk receded though remaining at a high level. Overall, market sentiment continued to be at odds with sluggish economic fundamentals and guarded expectations. An environment of ultra-low interest rates supported markets and preserved the current hunt-for-yield behaviour of investors. However, markets recognised resulting new balance sheet risks, as risk spreads increased, equity valuation moderated and expectations for future short-term interest rates fanned out. Due to these offsetting forces liquidity risk and market risk remained stable, preserving the risk of critical market corrections for the future. The systemic impact of such corrections could be exacerbated by liquidity bottlenecks, such as might arise from structural factors such as thin dealer markets or rising collateral requirements.
12/03/2014 2014/188 Trends, Risks, Vulnerabilities No. 1, 2014 Final Report PDF
2.33 MB
12/03/2014 2014/197 ESMA Risk Dashboard No.1, 2014 Final Report PDF
743.09 KB
28/02/2014 2014/205 Call for expressions of interest: Group of Economic Advisers for ESMA’s Committee for Economic and Markets Analysis Reference PDF
158.95 KB
The European Securities and Markets Authority (ESMA) is seeking to appoint new members to its Group of Economic Advisors (GEA) for the Committee for Economic and Markets Analysis (CEMA). This follows the expiry of the term of the current GEA. CEMA has established the GEA in order to benefit from the expertise of stakeholders specialised in the topics of financial stability and general economic research related to financial markets. CEMA looks to this group to provide it with advice regarding our work related to financial stability and economic background analysis for the regulatory and supervisory tasks of ESMA. The closing date for application is 25 April 2014.  Application form
16/05/2014 2014/536 ESMA Risk Dashboard No.2, 2014 Final Report PDF
782.65 KB
03/09/2014 2014/883 ESMA Risk Dashboard No. 3, 2014 Final Report PDF
763.54 KB
03/09/2014 2014/884 Report on Trends Risks Vulnerabilities No. 2, 2014 Final Report PDF
2.5 MB

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