Page 51 - 期货和衍生品行业监管动态（2023年9月刊）

期货和衍生品行业监管动态

remit. Markets are set to remain very sensitive to potential deteriorations in economic

fundamentals or risks in the financial sector.

Verena Ross, Chair, said:

“Financial market sentiment improved in the first half of the year, despite the

market stress originating from the US banking sector. Nonetheless, the economic

outlook remains fragile and uncertainties continue to drive markets. ESMA is therefore

keeping the overall risk assessment across its remit at the highest level.

There is a high risk of corrections in a context of fragile market liquidity in equity

and bond markets, with short-term risks for consumers due to volatility and the impact

of inflation on real investment returns.

Maintaining an environment of trust is of a particular concern to ESMA. In this

context, attention must be paid to the risk of greenwashing, as the EU market for

sustainable products continues to grow at a robust pace.”

Financial markets rebounded in the first half of 2023 against the background of

lower energy prices and expectations of a slower pace of monetary tightening. However,

this improvement remains fragile. The downside risks have increased while there

remains a high degree of market and investor nervousness.

Main findings:

Securities markets: Equity markets rose in 1H23, even though the market stress

related to US banks led to increased volatility and bid-ask spreads in March and April.

Credit risk indicators showed mixed signals, with early signs of deterioration such as

increasing corporate high-yield defaults and sovereign downgrades but limited

movements on sovereign credit spreads.

Asset management: The EU fund sector partly recovered after the historical

decline experienced in 2022, primarily due to valuation effects. Bond funds received

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