Page 37 - 期貨和衍生品行業監管動態（2025年9月）
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期貨和衍生品行業監管動態
March/April, global uncertainties remain. Any unexpected geopolitical developments
could risk driving sudden market corrections.
Furthermore, the persistent growth and sophistication of cyber and hybrid
threats amid heightened geopolitical tensions is amplifying the risks of operational
disruptions to financial markets.
In this environment retail investors are at risk of making poor trading decisions
due to information overload or misinformation, a phenomenon particularly
pronounced with social media and potential gamification of trading.”
Beyond the general risk drivers, ESMA’s report provides an update on structural
developments and the status of key sectors of financial markets, during the first half
of 2025.
Market monitoring
Markets: EU equity market performance over the last months was characterised
by high volatility, at levels not seen since the COVID-19 related market stress. Equity
valuations saw sharp falls and fast recovery in April related to the US tariff
announcements. Overall, EU market performance as of end-June stood at +11% since
the beginning of the year, amid significant sectoral heterogeneity. In fixed income
markets, escalating trade tensions led to a significant widening of corporate bond
spreads in early April, particularly in the high-yield (HY) segment. Market metrics of
credit quality worsened in April with the geopolitical developments, and Moody’s
downgraded the US to Aa1 in May. Despite a 10% drop in valuation in 1H25, crypto
markets remain near their historical peak volume at EUR 3tn. The US
administration’s approach to crypto-assets has boosted investor sentiment. However,
there are growing concerns that potential conflicts of interest may add to existing
issues related to governance, credibility, and money laundering in these markets.
Asset management: In 1H25, EU funds experienced their highest episode of
23
