Page 36 - 期貨和衍生品行業(yè)監(jiān)管動(dòng)態(tài)（2025年9月）
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期貨和衍生品行業(yè)監(jiān)管動(dòng)態(tài)
可持續(xù)金融：盡管政策觀念有所變化，但創(chuàng)紀(jì)錄的極端氣候事件正給全球低
碳轉(zhuǎn)型增添壓力。雖然歐盟 ESG 基金在 2025 年第一季度出現(xiàn)少量?jī)袅鞒觯珜?duì)
ESG 固定收益策略的需求仍然強(qiáng)勁。ESG 債券市場(chǎng)的持續(xù)增長(zhǎng)和穩(wěn)健的綠色債
券發(fā)行反映了投資者的持續(xù)需求。同時(shí)，ESMA 關(guān)于 ESG 基金命名的新指南正
推動(dòng)基金名稱與投資策略更緊密結(jié)合，有助于提升市場(chǎng)誠信度并降低漂綠
（greenwashing）風(fēng)險(xiǎn)。
金融創(chuàng)新：資產(chǎn)代幣化目前應(yīng)用有限，但代幣化基金近期獲得一定關(guān)注。代
幣化對(duì)市場(chǎng)的影響和風(fēng)險(xiǎn)仍需全面評(píng)估。資產(chǎn)管理機(jī)構(gòu)對(duì)人工智能主題的投資延
續(xù)至上半年，新推出了多只人工智能領(lǐng)域投資基金。盡管應(yīng)用仍有限，代理型人
工智能（agentic AI）在問責(zé)制、可解釋性、目標(biāo)偏差和系統(tǒng)性風(fēng)險(xiǎn)方面帶來了
監(jiān)管挑戰(zhàn)，社交媒體和多智能體交互加劇了這些挑戰(zhàn)。
Heightened Geopolitical uncertainties Drive Risks (2025/9/9)
The European Securities and Markets Authority (ESMA), the EU’s financial
markets regulator and supervisor, today publishes its second risk monitoring report of
2025, setting out the key risk drivers currently facing EU financial markets.
Geopolitical events continue to have a strong impact on the evolution of financial
markets. In the first half of 2025 securities markets experienced pronounced volatility
as global uncertainties intensified, notably with escalating trade conflicts. Investor
risks have also risen in crypto-asset markets, where exuberance has been fuelled by
political developments in the US and the emergence of new, high-risk business
models. Overall, ESMA sees high or very high risks in the markets within its remit,
and retail and institutional investors should remain alert to potential sharp market
corrections, and to the liquidity strains they could entail.
Verena Ross, ESMA’s Chair, said:
“We have recently seen strong volatility in most global markets, including for
equities, bonds and crypto-assets. Whilst the situation has stabilised since
22
