Page 46 - 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

uncertainties are weighing on markets and where market-based corporate financing

remains lacklustre.

Contagion risk is also set to worsen given surging asset prices in a context of

highly interconnected global markets. Crypto markets have recently hit record highs

and continue to illustrate the growing risks from social-media-driven investing for

investors with limited knowledge. More positively, credit risk should ease as lower

interest rates feed through.

ESMA’s report provides an update on structural developments and the status of

key sectors of financial markets, during the second half of 2024.

Structural developments

Market-based finance: The financing of European corporates lost momentum

in 2024. The market environment remains challenging, and equity issuance stayed

weak overall. Corporate bond issuance fell slightly in 2H24 but remained close to

historically high levels. Given the upcoming corporate bond maturity wall from 2025

to 2028, with 47% of debt maturing in this period, debt sustainability remains a risk.

Sustainable finance: Uncertainty linked to the direction of global climate policy

continued to grow in 2H24. A renewed need to consolidate public finances in
advanced economies raised questions on government abilities to finance the transition,

while slower ESG investing momentum signalled a drop in appetite for ‘green’

products. Yet, the strength of the EU green bond market, underpinned by

non-financial corporate issuance, suggests a broader greening of the economy

continues.

Financial innovation: Crypto-asset prices boomed after the US election, with

the new administration’s pro-crypto stance fuelling market optimism. Bitcoin rose

30% and meme coins, including the largest, Dogecoin, saw their values surge. Total

capitalisation of crypto assets rose to EUR 3.3tn by end-2024, 27% above the

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