Page 45 - 期货和衍生品行业监管动态（2025年2月刊）

期货和衍生品行业监管动态

弱，当前市场情绪达到两年来的低点。在高利率环境下，消费者继续增加对债券

的直接和间接敞口。2024 年，散户投资的平均表现也有所改善，股票、债券、

另类投资和混合基金均表现积极。

基础设施和服务：在地缘政治紧张局势下，网络风险继续增加。2024 年下

半年，股票交易量保持高位（同比增长 23%）。结算违规率下降，延续了自 2022

年《中央证券存管机构条例》（CSDR）实施以来的积极趋势。信用评级数量略

有下降，这与金融债券（尤其是担保债券）评级的下调有关。

Geopolitical and Macroeconomic Developments Driving Market Uncertainty

(2025/2/13)

The European Securities and Markets Authority (ESMA), the EU’s financial

markets regulator and supervisor, today publishes its first risk monitoring report of

2025, setting out the key risk drivers currently facing EU financial markets. ESMA

finds that overall risks in EU securities markets are high, and market participants

should be wary of potential market corrections.

Verena Ross, ESMA’s Chair, said:

“Financial markets remain optimistic, but recent events show that confidence is

fragile, including in Europe. The evolution of economic growth, global monetary

policy and geopolitics remains uncertain, and this gives rise to key risk drivers.

Market participants need to keep their eyes firmly on growing risks, from

possible corrections in surging markets such as cryptos, to the threat of disruption

from increasingly sophisticated and frequent cyber-attacks.

The difficult funding environment, particularly for equity financing, in Europe

identified in the report also shows just how important it is to strengthen European

capital markets.”

As global financial markets continue to soar, downside risks are mounting. This

is especially visible from an EU perspective where economic and political

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