Page 52 - 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

inflows, which contrasts with the outflows in 2022. Fixed income funds which reduced

their maturity and interest rate sensitivity during the monetary tightening are now

positioned to benefit from higher yields. Fund risks remain high due to prevailing credit,

valuation, liquidity and interest rate risks, especially for funds combining several

vulnerabilities, such as in the real estate fund sector.

Consumers: Investor sentiment remained negative amid lingering uncertainty and

weak expectations on long-term developments. Performance of retail investments

remained subdued, reflecting sustained price pressures in the underlying asset markets.

Infrastructures and services: The first half of 2023 saw renewed growth in

equity trading volumes. Infrastructures under ESMA’s remit proved stable and well-

functioning faced with high volatility linked to the banking sector. After the peak in

2H22, CCP margins relating to commodity products decreased in 1H23, in line with the

drop in energy derivative prices.

Market-based finance: The ability of non-financial corporations to raise funds

through capital markets slightly picked up in 1H23 from the lows observed in 2022.

Corporate bond issuance peaked, with concentration in shorter term maturities given

monetary policy expectations.

Sustainable finance: The EU market for ESG products and sustainable

investments has continued to grow at a robust pace. The demand for funds with a

sustainable investment objective remained strong.

Crypto-assets and financial innovation: Crypto-asset valuations rebounded in

early 1H23 but remained far below their historical peak. Persistently elevated cyber

risks remain an important source of concern for the EU financial sector. Financial

markets have started exploring potential implications of Artificial Intelligence after the

launches of various Generative AI tools in 1H23.

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