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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
14/04/2021 ESMA71-99-1637 Retail clients continue to lose out due to high investment products costs , Press Release PDF
105.12 KB
06/09/2018 ESMA71-99-1027 Press release- Volatility spikes underline fragilities and risks to EU securities markets and investors , Press Release PDF
237.66 KB
11/03/2015 2015/562 Press release- ESMA sees continued tense securities market conditions , Press Release PDF
141.95 KB
04/10/2016 2016/1432 Press release- ESMA reports on shadow banking, leverage and pro-cyclicality , , Press Release PDF
151.69 KB
20/03/2017 ESMA71-99-371 Press release TRV No. 1, 2017 , Press Release PDF
226.09 KB
16/11/2020 ESMA71-99-1436 EU derivative clearing showed strong growth in 2019 Press Release PDF
94.57 KB
10/09/2019 ESMA71-99-1207 ESMA – Investors face increasing risks amid renewed market volatility , Press Release PDF
175.95 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.
27/08/2020 ESMA71-99-1374 ESMA selects Chair and Independent Members for its CCP Supervisory Committee , Press Release PDF
113.45 KB
12/09/2017 ESMA71-99-577 ESMA sees valuation risk at highest levels due to financial weakness and geopolitical uncertainty , Press Release PDF
131.39 KB

The European Securities and Markets Authority (ESMA)’s latest report on Trends, Risks and Vulnerabilities No. 2, 2017 (TRV) identifies high asset price valuations as the major risk for European financial markets in the second half of 2017. The main risk drivers are uncertainties around geo-political developments, the resilience of economic growth as well as debt sustainability. Market and credit risks, as a result of geopolitical, growth and debt concerns, continued to be very high, while liquidity and contagion risks remained stable but high. Operational risk remains elevated but the outlook is now negative due to heightened concerns around cyber security. Overall, ESMA’s risk assessment for the second half of 2017 remains unchanged from 1H17.

30/08/2016 2016/1283 ESMA sees risk outlook deteriorate for EU securities markets , Press Release PDF
146.14 KB
01/09/2021 ESMA71-99-1720 ESMA sees risk of market corrections in uneven recovery , Press Release PDF
91.28 KB
02/09/2020 ESMA71-99-1375 ESMA sees high risk of decoupling of financial market performance and underlying economic activity Press Release PDF
127.82 KB
17/03/2021 ESMA71-99-1579 ESMA sees high risk for investors in non-regulated crypto assets Press Release PDF
98.02 KB
12/02/2013 2013/214 ESMA seeks feedback for review of the Short Selling Regulation , Press Release PDF
75.26 KB
16/03/2020 ESMA71-99-1291 ESMA requires net short position holders to report positions of 0.1% and above , , , Press Release PDF
82.58 KB
10/01/2020 ESMA71-99-1270 ESMA report values EU Alternative Investment Funds at €5.8 trillion , , Press Release PDF
149.02 KB
07/03/2019 ESMA71-99-1111 ESMA report values EU Alternative Investment Funds at €4.9 trillion , Press Release PDF
257.55 KB
06/04/2020 ESMA71-99-1301 ESMA report stresses impact of costs on retail investor benefits , , Press Release PDF
109.54 KB
14/09/2015 2015/1379 ESMA raises its market risk indicator to highest level , Press Release PDF
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