Page 41 - 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)
call for increased vigilance and urge financial entities to maintain adequate provisions
in today’s tense and unpredictable environment.
The ESAs caution that sudden structural changes in global trade and security
have led to a deterioration in the economic outlook in the first half of 2025. Despite
the initial moderate impact of the US–EU preliminary trade agreement, risks to
financial stability and the risk of further corrections remain.
The European financial system has demonstrated its resilience. Banks continue
to generate solid profits, insurers hold strong solvency positions, and pension funds
remain well-funded. Market infrastructures and money market funds have also proven
robust in the face of volatility.
Growing transatlantic tensions, however, are reshaping the risk landscape. Tariffs
and currency shifts are impacting commodities and foreign exchange markets and
create new channels through which risks can spread to financial institutions. Strong
interlinkages with US financial markets deepen undertakings’ sensitivity to these
risks.
Against this background, the ESAs advise national supervisors, financial
institutions and market participants to:
? continue embedding geopolitical risks in their day-to-day business
operations and risk assessments, including their dependencies on non-EU
markets and service providers,
? prepare for short- and medium-term challenges amid high uncertainties,
such as market corrections, by maintaining adequate provisions and stress
testing their liquidity positions,
? strengthen vigilance against cyber risks and their potential impact on
operational and financial stability, also via third-party service providers,
? monitor contagion risks from crypto assets as the market expands and
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