Page 38 - 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
volatility since the COVID-19 outbreak but exhibited positive performance amid
muted flows. While funds have been overall resilient, leverage and liquidity risks
persist in parts of the sector. In the real-estate fund sector, market prices seem to have
bottomed out, but real-estate funds continued to experience sustained outflows in
some jurisdictions. In this context, ESMA and the IMF performed a stress test
showing the resilience of funds to a market shock but potential spillovers to the
underlying bond markets.
Consumers: Confidence around future market conditions rebounded following a
sharp dip in April, supported by the continued improvement of household finances. In
1H25, consumers maintained a strong demand for bond funds, alongside a marked
increase in purchases of equities and ETFs. The demographic profile of consumers
suggests that older investors have a higher share of fixed income investments in their
portfolios. Overall, consumer complaint levels remained steady.
Infrastructures and services: Cyber risks continued to rise globally amid
ongoing geopolitical tensions. In addition, operational vulnerabilities were exposed
through recent incidents, such as the blackout in the Iberian Peninsula and the T2S
outage in 1Q25, even though they did not lead to systemic impacts. Equity-trading
volumes increased significantly in 1H25 (+23% year-on-year), with March seeing
record-high activity.
Structural developments
Market-based finance: The financing of European corporates via equity
markets slowed toward the end of 2024 and remained muted in 1H25. Despite
expectations of a recovery in 2025, the EU initial public offering (IPO) activity has
remained subdued. Corporate bond issuance remained stable at historically high levels,
with significant amounts of debt due to mature over the next five years. Corporate
debt sustainability remains a concern, as highlighted by the recent widening of
spreads particularly in the HY segment.
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