The European Securities and Markets Authority (ESMA) has today published its Risk Assessment Work Programme, setting out its priorities in assessing risks for securities markets for 2018. This Risk Assessment Work Programme provides an overview of the analytical, research, data and statistical activities by ESMA.
As market data collected under the AIFMD, MiFID and EMIR mandates and others are becoming available, ESMA is – in close cooperation with the National Competent Authorities – completing the necessary technical infrastructure for their processing, programming routines for their management, and making them available for the relevant analytical evaluation.
ESMA will further enhance its risk monitoring capacities, generating market descriptive statistics as well as sophisticated risk indicators and metrics on the basis of new proprietary data. Most importantly for 2018, ESMA is planning to complement its ongoing market monitoring through our semi-annual Report on Trends, Risks and Vulnerabilities and our quarterly Risk Dashboards by launching an annual report series on EU derivatives markets, based on EMIR data, as well as an annual report series on EU alternative investment funds, drawing on AIFMD data.
In addition, ESMA will continue to pursue in-depth analyses around key topics, including market and fund liquidity, fund leverage, and the impact of innovation especially in the areas of market infrastructures and investment advice.
The 2018 Risk Assessment Work Programme complements ESMA’s other activity reporting documents, most importantly the Single Programming Document, the Regulatory Work Programme, the Supervisory Work Programme and the Supervisory Convergence Work Programme.